NOTICE OF INTENTION TO ISSUE CITY OF SPRINGTOWN, TEXAS CERTIFICATES OF OBLIGATION
- July 14, 2021
NOTICE OF INTENTION TO ISSUE CITY OF
SPRINGTOWN, TEXAS CERTIFICATES OF OBLIGATION
TAKE NOTICE that the City Council of the City of Springtown, Texas, shall convene at 7:00 o’clock P.M. on August 26, 2021, at Springtown Municipal Annex Building, 200 N. Main Street, Springtown, Texas, and, during such meeting, the City Council will consider the passage of an ordinance authorizing the issuance of certificates of obligation in one or more series in an amount not to exceed $5,100,000 for the purpose of paying contractual obligations to be incurred for (i) constructing, acquiring, purchasing, renovating, enlarging, equipping, and improving water and sewer system properties and facilities and the acquisition of land, rights-of-way and equipment therefor, and (ii) professional services rendered in connection with such projects and purposes and the financing thereof; such certificates to be payable from ad valorem taxes and a limited pledge of the net revenues of the City’s combined Waterworks and Sewer System. In accordance with Texas Local Government Code Section 271.049, (i) the current principal amount of all of the City’s outstanding public securities secured by and payable from ad valorem taxes is $14,205,000; (ii) the current combined principal and interest required to pay all of the City’s outstanding public securities secured by and payable from ad valorem taxes on time and in full is $19,426,787; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $7,647,661; (iv) the maximum interest rate for the certificates may not exceed the maximum legal interest rate; and (v) the maximum maturity date of the certificates to be authorized is August 15, 2047. The certificates are to be issued, and this notice is given, under and pursuant to the provisions of Texas Local Government Code, Subchapter C of Chapter 271, as amended.
City of Springtown, Texas