Ord 2017-006/Calling Bond Election

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In accordance with the provisions of Section 3.009(b), Texas Election Code, it is hereby found and determined that: (a) The proposition language that will appear on the ballot is set forth in Section 10 hereof. (b) The purpose for which the bonds are to be authorized is set forth in Section 9 hereof. (c) The principal amount of the bonds to be authorized is set forth in Sections 9 and 10 hereof (d) As set forth in Sections 9 and 10 hereof, if the bonds are approved by the voters, the City Council will be authorized to impose and levy annual ad valorem taxes, on all taxable property in the City, sufficient, without limit as to rate or amount, to pay the principal of and interest on the bonds. (e) Based upon the bond market conditions at the date of adoption of this Ordinance, the maximum interest rate for any series of the bonds is estimated to be 6% per annum as calculated in accordance with applicable law. Such estimate is based on advice received from the City's financial advisor, which advice takes into account a number of factors, including the issuance schedule, maturity schedule and the expected bond ratings of the proposed bonds. Such estimated maximum interest rate is provided as a matter of information, but is not a limitation on the interest rate at which the bonds, or any series thereof, may be sold. (f) As set forth in Section 9 hereof, if the bonds are approved, they may be issued in one or more series, to mature over a period not to exceed 30 years. (g) The aggregate amount of the outstanding principal of the City's debt secured by ad valorem taxes as of the beginning of the City's 2016-17 fiscal year was $265,805,000. (h) The aggregate amount of the outstanding interest on the City's debt secured by ad valorem taxes as of the beginning of the City's 2016-17 fiscal year was $88,669,770.52. (i) The ad valorem debt service tax rate for the City for the 2016-17 fiscal year is $0.2117 per$100 of taxable assessed valuation. (j) Of the outstanding principal amount totaling $265,805,000 mentioned in item (g) above, only $75,000,000 is programmed to be paid directly from ad valorem property taxes. The remaining $190,805,000 is programmed to be paid for from other revenue sources such as reimbursements from the water/wastewater revenues, electric revenues, drainage revenues, hotel/ motel taxes and external entities such as the State of Texas and Embassy Suites Hotel. (k) Of the outstanding principal amount totaling $88,669,770.52 mentioned in item (h) above, only $23,897,668.60 is programmed to be paid directly from ad valorem property taxes. The remaining $64,772,101.92 is programmed to be paid for from other revenue sources such as reimbursements from the water/wastewater revenues, electric revenues, drainage revenues, hotel/ motel taxes and external entities such as the State of Texas and Embassy Suites Hotel.