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Posted on: September 25, 2020

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NOTICE OF INTENTION TO ISSUE

COMBINATION TAX AND LIMITED PLEDGE REVENUE

CERTIFICATES OF OBLIGATION

 

NOTICE IS HEREBY GIVEN that the City Council of the City of Marble Falls, Texas, will convene at the Lakeside Pavilion, 307 Buena Vista, Marble Falls, Texas at 6:00 p.m. on Tuesday, November 3, 2020, and, during such meeting, the City Council will consider passage of an ordinance and take such other actions as may be deemed necessary to authorize the issuance of combination tax and limited pledge revenue certificates of obligation in an aggregate principal amount not to exceed $5,925,000 for the purpose of paying contractual obligations of the City to be incurred for (1) water utility system improvements; (2) street reconstruction; (3) emergency water protection stream bank stabilization; (4) covered parking structure for the Police Department Building; (5) public safety vehicles and dump truck; and (6) the payment of professional services and costs of issuance related thereto.  The combination tax and limited pledge revenue certificates of obligation will be payable from the levy of an annual ad valorem tax, within the limitations prescribed by law, upon all taxable property within the City and a limited pledge (not to exceed $1,000) of the surplus revenues of the City’s Water and Sewer System.  The combination tax and limited pledge revenue certificates of obligation are to be issued, and this notice is given, under and pursuant to the provisions of the Certificate of Obligation Act of 1971, as amended, Local Government Code, Section 271.041, et seq. 

 

As further required by Local Government Code Section 271.049(b)(4), the following additional information is provided:

 

  1. The current principal of all outstanding debt obligations of the City is $50,320,000.
  2. The current combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $60,016,210.
  3. The maximum principal amount of the certificates to be authorized is $5,925,000.
  4. The estimated combined principal and interest required to pay the certificates to be authorized on time and in full is approximately $7,337,719.
  5. The estimated interest rate for the certificates to be authorized is 2.5%. 
  6. The maximum maturity date of the certificates to be authorized is August 1, 2040.

 Pursuant to Texas Local Government Code Section 271.049(c), an election on the question of the issuance of the certificates will be called if before the time tentatively set for the authorization and issuance or if before the authorization of the certificates, the City Secretary receives a petition signed by at least five percent of the qualified voters of the City protesting the issuance of the certificates, the City may not issue the certificates unless the issuance is approved at an election ordered, held and conducted in the manner provided for bond elections under Chapter 1251, Government Code.  

 

 /s/ John Packer                                
Mayor, City of Marble Falls, Texas



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