NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION FOR THE CITY OF MCGREGOR, TEXAS
The City Council of the City of McGregor, Texas, shall convene a meeting at 6:30 P.M. on February 13, 2023, at City Hall, 302 S. Madison; McGregor, Texas 76657 and during such meeting, the City Council will consider the passage of an ordinance or ordinances authorizing the issuance of one or more series of interest bearing certificates of obligation in the aggregate principal amount not to exceed $7,000,000, for paying all or a portion of the City's contractual obligations to be incurred in connection with (1) constructing and improving streets and roads including related drainage, landscaping, signalization, lighting, pedestrian improvements, curbs, signage and relocation of utility lines related thereto and (2) paying legal, fiscal, engineering, architectural and other professional services in connection with these projects and fees for legal, fiscal, engineering, architectural and other professional services in connection with these projects. Such certificates are to be made payable from ad valorem taxes and a lien on and limited pledge of surplus revenues of the City's waterworks and sewer system, not to exceed $1,000 in any year. The certificates are to be issued, and this notice is given, under and pursuant to the provisions of Texas Local Government Code, Chapter 271, Subchapter C.
The following information is provided to follow Tex. H.B. 477, 86 Leg., R.S. (2019). The current principal of all outstanding debt obligations of the City is $33,385,000. The current combined principal and interest on all outstanding debt obligations of the City, paid on time and in full, is $40,480,159. The maximum principal amount of the certificates to be authorized is $7,000,000 and the estimated combined principal and interest required to pay the certificates to be authorized on time and in full is $10,597,586. The maximum interest rate for the certificates may not exceed the maximum legal interest rate. The maximum maturity date of the certificates to be authorized is August 15, 2043. The above information does not exclude any outstanding obligations the City has designated as self-supporting. Information regarding these items may be obtained during business hours from the City Manager, 302 S. Madison; McGregor, Texas 76657, Phone: (254) 840-2806, www.cityofmcgregor.com.
(Published in the McGregor Mirror on Dec. 8, 2022 and Dec. 15, 2022)
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