City of Stephenville issued the following announcement.
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 March 3, 2020, 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 $13,000,000 for the purpose of paying all or a portion of the City’s contractual obligations incurred in connection with the following public improvements in the City: (1) constructing, improving, extending, expanding, upgrading Harbin Drive in the City, including related storm water drainage improvements, utility relocations, landscaping, sidewalks, traffic safety and operational improvements and the purchase of any necessary right-of-way and other related costs, and upon the completion of the Harbin Drive improvements, to make such improvements and upgrades to other streets and roads in the City with any remaining moneys; (2) constructing and improving other public improvements along U.S. Highway 377 in the western part of the City, including landscaping, sidewalks, drainage improvements, public parking, installation of lighting, expansion of utility lines and utility relocations, the acquisition of any necessary land and interests in land associated with these improvements and other related costs; and (3) paying legal, fiscal, engineering and architectural fees in connection with such projects.
The maximum interest rate for the certificates will not exceed the maximum legal interest rate.
The maximum maturity date for the certificates is February 15, 2040. The estimated combined principal and interest required to pay the certificates to be authorized on time and in full is $17,552,609. The City currently has outstanding debt obligations (not including self-supporting debt obligations) equal to $2,785,000 in principal amount and $543,675 in combined principal and interest required to pay such outstanding debt obligations on time and in full.
The City proposes to provide for the payment of such certificates of obligation from the levy and collection of ad valorem taxes in the City as provided by law and from a pledge of surplus revenues of the City’s waterworks and sewer system (the “System”) that remain after payment of all operation and maintenance expenses thereof, and after all debt service, reserve and other requirements in connection with all revenue bonds or other obligations (now or hereafter outstanding) of the City have been met, to the extent that such obligations are payable from all or any part of the net revenues of the System.
The certificates of obligation are to be issued, and this notice is given, under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271.
Original source can be found here.
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