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NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION
NOTICE is hereby given that it is the intention of the City Council (the “City Council”) of the City of Presidio, Texas (the “City”) to adopt an Ordinance providing for the issuance of interest-bearing obligations of the City presently contemplated to be designated and known as the “CITY OF PRESIDIO, TEXAS CERTIFICATES OF OBLIGATION, SERIES 2020” (the “Certificates of Obligation”) for the purpose of providing for the payment of contractual obligations to be incurred in connection with the design, planning, purchasing, acquisition, construction, equipping, expansion, repair, renovation, and/or rehabilitation of certain City-owned public property, including (i) providing for the payment of contractual obligations to be incurred in connection with the design, planning, acquisition, construction, equipping, expansion, repair, renovation, and/or rehabilitation of certain City-owned public property, specifically improvements to the City’s waterworks and sewer system including new transmission lines, water storage tanks, and a booster station; and (ii) payment of contractual obligations for professional services in connection therewith (to wit: consulting, engineering, financial advisory, and legal). The City Council tentatively proposes to authorize the issuance of the Certificates of Obligation at its regular meeting place at City Hall, 507 West O’Reilly Street, Presidio, Texas, at a meeting of the City Council to be commenced at 6:00 p.m. on October 28, 2020, in an amount expected not to exceed $1,500,000.00. The City Council proposes to provide for payment of the Certificates of Obligation from a pledge of an annual ad valorem tax, as well as an additional limited pledge of $1,000 of the surplus revenues of the City’s waterworks and sewer system.
The current principal of all outstanding debt obligations of the City is $1,238,000.00, the combined principal and interest required to pay all currently outstanding debt obligations of the City on time and in full is $1,356,871.75, the estimated combined principal and interest required to pay the Certificates of Obligation on time and in full is $2,326,765.00, the estimated interest rate for the Certificates of Obligation is 3.700%, and the maximum maturity date of the Certificates of Obligation is March 1, 2045. 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 of Obligation.
John Ferguson, City of Presidio Mayor
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All City services will return to regular hours on Monday, December 2nd 2019.
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