NOTICE IS HEREBY GIVEN that the City Council of the City of Tolar, Texas (the "City") will hold a meeting at its regular meeting place City Hall, 8712 W. Hwy 377, Tolar, Texas76476, at 6:00 p.m. on the 21st day of November, 2022, which is the time and place tentatively set for the passage of an ordinance and such other action as may be deemed necessary to authorize the issuance of the City's certificates of obligation, payable from an annual ad valorem taxation, as well as a limited (in an amount not to exceed $1,000) subordinate pledge of certain revenues of the water and wastewater system of the City, in the maximum aggregate principal amount of $10,000,000.00, bearing interest at any rate or rates not to exceed the maximum interest rate now or hereafter authorized by law, as shall be determined within the discretion of the City Council at the time of issuance and maturing over a period of years not to exceed forty (40) years from the date thereof, for the purpose of evidencing the indebtedness of the City (1) for a new wastewater treatment facility, including a 44,000 gallon storage tank and well and (2) for professional services pursuant to Subchapter C of Chapter 271, Texas Local Government Code, as amended. The estimated combined principal and interest required to pay the Certificates on time and in full is $19,186,874. Such estimate is provided for illustrative purposes only and is based on an assumed interest rate of 4.444%. Market conditions affecting interest rates vary based on a number of factors beyond the control of the City, and the City cannot and does not guarantee a particular interest rate associated with the Certificates. As of the date of this notice, the aggregate principal amount of public securities of the City secured by and payable from ad valorem taxes (excluding public securities secured by an ad valorem tax but designated by the City as self-supporting) is $915,000 and based on the City's expectations, as of the date of this notice the combined principal and interest required to pay all of the outstanding tax supported debt obligations of the City secured by and payable from ad valorem taxes (excluding public securities secured by an ad valorem tax but designated by the City as self-supporting) on time and in full is $1,116,664.05.
City Secretary
City of Tolar, Texas
↧
