Notice of Intention to Issue Certificates of Obligation
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
OF THE CITY OF STEPHENVILLE, TEXAS
NOTICE IS HEREBY GIVEN that the City Council of the City of Stephenville, Texas (the "City"), at its meeting to commence at 5:30 p.m. on April 5, 2022, at the Stephenville City Hall Council Chambers, 298 W. Washington Street in Stephenville, Texas, tentatively proposes to adopt one or more ordinances authorizing the issuance of certificates of obligation, in one or more series, in an amount not to exceed $22,000,000 for the purpose of paying all or a portion of the City's contractual obligations incurred in connection with: (1) acquiring, constructing, installing and equipping additions, improvements, extensions and equipment for the City’s waterworks and sewer system (the "System") including necessary street reconstruction related to the extension of water and sewer lines; (2) constructing, improving, extending, expanding, upgrading and developing parks and recreation facilities, including fields, trails (but excluding any construction or improvements for the Bosque River Trail), and utility relocation, landscaping, sidewalks and operational improvements, installation of lighting, the purchase of any necessary rights-of-way, drainage and other related costs; and (3) paying legal, fiscal, engineering and architectural fees in connection with such projects.
In accordance with the provisions of Texas Local Government Code, Subchapter C of Chapter 271, as amended (“Chapter 271”), the following information has been provided by the City: (i) the principal amount of all outstanding debt obligations of the City is $2,415,000; (ii) the current combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $2,802,525 (clauses (i) and (ii) exclude debt service for $34,645,000 principal amount of outstanding debt obligations the City has designated as self-supporting and which the City reasonably expects to pay from revenue sources other than ad valorem taxes; provided, however, that in the event such self-supporting revenue sources are insufficient to pay debt service, the City is obligated to levy ad valorem taxes to pay such debt obligations); (iii) the maximum principal amount of the certificates of obligation to be authorized is $22,000,000; (iv) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $34,843,957; (v) the maximum interest rate for the certificates may not exceed the maximum legal interest rate; and (vi) the maximum maturity date of the certificates of obligation to be authorized is February 15, 2047. The certificates of obligation are to be issued, and this notice is given, under and pursuant to the provisions of Chapter 271.
CITY OF STEPHENVILLE, TEXAS
