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Posted on: February 3, 2021

Notice of Intention to Issue City of Pilot Point, Texas Certificates of Obligation

NOTICE OF INTENTION TO ISSUE CITY OF
 PILOT POINT, TEXAS CERTIFICATES OF OBLIGATION

TAKE NOTICE that the City Council of the City of Pilot Point, Texas, shall convene at 6:30 o'clock P.M. on the 25th day of March, 2021, at the City Hall, 102 E. Main Street, Pilot Point, Texas, and, during such meeting, the City Council will consider the passage of one or more ordinances authorizing the issuance of one or more series of certificates of obligation in an amount not to exceed $3,100,000 for the purpose of paying contractual obligations to be incurred for (i) the construction of public works, to wit: constructing, acquiring, purchasing, renovating, enlarging, equipping, and improving water and sewer system properties and facilities, including the acquisition of land and rights of way therefor and (ii) professional services rendered in relation to such projects and the financing thereof; such certificates to be payable from ad valorem taxes and a limited pledge of the net revenues of the City’s combined Waterworks and Sewer System.  In accordance with Texas Local Government Code Section 271.049, (i) the current principal amount of all of the City's outstanding public securities secured by and payable from ad valorem taxes is $16,267,921; (ii) the current combined principal and interest required to pay all of the City's outstanding public securities secured by and payable from ad valorem taxes on time and in full is $22,929,261; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $4,190,000; (iv) the maximum interest rate for the certificates may not exceed the maximum legal interest rate; and (v) the maximum maturity date of the certificates to be authorized is February 15, 2041. The certificates are to be issued, and this notice is given, under and pursuant to the provisions of Texas Local Government Code, Subchapter C of Chapter 271.

                                                                                    Lenette Cox
                                                                                    City Secretary
                                                                                    City of Pilot Point, Texas

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