Notice of Intent to Issue Certificates of Obligation
TAKE NOTICE that the City Council of the City of Cedar Hill, Texas, shall convene at 7:00 p.m. on March 24, 2020, at its regular meeting place in the City Hall located at 285 Uptown Blvd, Cedar Hill, 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 EIGHT MILLION SIX HUNDRED FIFTEEN THOUSAND DOLLARS for the purpose of paying contractual obligations to be incurred for (i) construction and improvement of streets, sidewalks, and related improvements, including drainage, landscaping, streetscaping, pedestrian seating, lighting, signage and traffic signalization incidental thereto, and the acquisition of land and rights-of-way therefor, (ii) constructing and improving the City’s Water and Wastewater System, including the acquisition of land therefor, (iii) improving, repairing and equipping existing municipal buildings, (iv) acquiring improvements to the City’s information technology system, including financial system software upgrades, (v) acquisition of public safety equipment and (vi) professional services rendered in connection therewith; such certificates to be payable from ad valorem taxes and a limited pledge of the net revenues derived from the operation 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 $42,840,000; (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 $51,485,958; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $ 11,626,021; (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 February 15, 2040. 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, as amended.
City of Cedar Hill, Texas