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Posted on: September 11, 2019

NOTICE OF INTENTION TO ISSUE CITY OF TEXARKANA, TEXAS CERTIFICATES OF OBLIGATION

NOTICE OF INTENTION TO ISSUE CITY OF
TEXARKANA, TEXAS CERTIFICATES OF OBLIGATION

TAKE NOTICE  the City Council of the City of Texarkana, Texas, shall convene at 6:00 o’clock P.M. on October 28, 2019, at its regular meeting place in the City Hall, 3rd and Texas Avenue, Texarkana, 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 a principal amount not to exceed $7,200,000 for the purpose of paying contractual obligations to be incurred for (i) constructing, improving and equipping public safety facilities, (ii) street and bridge improvements, including landscaping, drainage, curbs, gutters, medians, sidewalks, signage, lighting and traffic signalization incidental thereto, the relocation of utilities affected by such street improvements and the acquisition of land and rights-of-way therefor (collectively, the “Projects”) and (iii) professional services rendered in relation to such projects and the financing thereof; and such certificates are to be payable from ad valorem taxes and a limited pledge of the surplus 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 $43,820,000; (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 $54,325,415.20; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $8,710,000; (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, 2039.  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.

City Secretary
City of Texarkana, Texas

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