Res 2021-108/Notice of intention to issue certificates of obligation $72,670,000

Home Browse Search

NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that the City Council of the City of San Marcos, Texas (the "City"), at its meeting to commence at 6:00 P.M. on August 3, 2021 (the "meeting"), at its regular meeting place in the City Hall, 630 East Hopkins, San Marcos, Texas, tentatively proposes to authorize the issuance of one or more series of interest bearing certificates of obligation of the City, in the total aggregate principal amount not to exceed $73,670,000, for the public purpose of paying contractual obligations incurred or to be incurred for constructing, improving, designing, acquiring and equipping the City's (1) water and waste water system; (2) electric utility system; (3) streets including related drainage, sidewalks, traffic improvements and lighting, including acquisition of right-of-way; (4) municipal buildings to include HVAC improvements, roof replacements and security improvements; (5) stormwater management and flood control facilities, including acquisition of land; (6) airport; (7) public safety facilities to include police and fire improvements and technology equipment upgrades; (8) network and fiber optic infrastructure equipment; (9) recreational facilities including parks and sports fields; (10) a new Public Services Facility, including acquisition of land; (11) parking facilities; and (12) the payment of professional services in connection therewith including legal, fiscal and engineering fees and the costs of issuing the certificates of obligation and other matters related thereto. The City presently proposes to provide for the payment of the certificates of obligation by the levy of ad valorem taxes, within the limits prescribed by law. The certificates of obligation will be additionally payable from a limited pledge of surplus revenues of the City's water and waste water system not to exceed $1,000. Due to the ongoing public health concerns regarding the COVID 19 virus, and as may be authorized by Executive Order of the Governor of Texas, such meeting on August 3, 2021 may be conducted via a free public video conference or other lawful electronic means. In such event, information regarding how to access the meeting and public participation in the meeting will be available on the City's website and in the agenda posted no less than 72 hours before the August 3, 2021 meeting at the following internet address: https://www.saiimarcostx.gov/AgendaCenter The following information is required pursuant to Texas Local Government Code, Section 271.049(b)(4): As of June 1, 2021, principal of all outstanding debt obligations of the City is $344,755,000.00. As of June 1, 2021, combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $447,806,696.04. The maximum principal amount of the Certificates to be authorized is $73,670,000.00. The estimated combined principal and interest required to pay the Certificates to be authorized on time and in full is $100,548,608.33. The maximum interest rate for the Certificates may not exceed the maximum legal interest rate. The maximum maturity date of the Certificates to be authorized is August 15, 2046. ane Hughsor�- Mayor, City of San Marcos, Texas SanMarcosCTRCO2021.1ntent Resolution