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Notice of Intention to Issue Combination Tax & Revenue Certificates of Obligation

CITY OF MORGAN’S POINT, TEXAS

NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION

            The City Council of the City of Morgan’s Point, Texas (the “City”) does hereby give notice of intention to issue one or more series of City of Morgan’s Point, Texas Combination Tax and Revenue Certificates of Obligation in the maximum aggregate principal amount not to exceed $6,775,000 for the purpose of paying, in whole or in part, contractual obligations to construct and equip (i) a street improvement project generally known as the “Eastside Renewal Project,” including widening existing streets and constructing and installing new streets, sidewalks, decorative pedestrian lighting, traffic signals, landscaping, and drainage improvements, and (ii) various park improvements including bathrooms, an amphitheater, a pavilion, playground equipment and fall surface, a splash pad and other water features, landscaping, sidewalk construction, ADA accessibility, and drainage improvements (collectively, the “Projects”), and for paying all or a portion of the legal, fiscal and engineering fees in connection with the Projects and the costs of issuance related to such Certificates of Obligation.  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 lien on and pledge of “Surplus Revenues,” if any, received by the City from the ownership and operation of the City’s waterworks and sewer system.  The current principal of all currently outstanding debt obligations of the City is $4,950,000, the combined principal and interest required to pay all currently outstanding debt obligations of the City on time and in full is $6,328,038, the estimated combined principal and interest required to pay the proposed Certificates on time and in full is $9,990,273, the estimated interest rate for the proposed Certificates is 3.50%, and the maximum maturity date of the proposed Certificates is August 15, 2040.  The prior statements regarding currently outstanding debt obligations of the City do not include debt that the City has designated as self-supporting and payable from revenues other than ad valorem taxes, if any.  The City Council proposes to authorize the issuance of such Certificates of Obligation at 6:00 p.m. on Tuesday, July 28, 2020, at a Special Meeting, at the City Hall, Morgan’s Point, Texas.  (Note: The original date to approve the issuance of the Certificates of Obligation (Tuesday, July 14, 2020), which was stated in similar Notices published in the Bay Area Observer on May 21st and 28th, 2020, has been postponed to July 28, 2020.)

 

     /s/ Michel J. Bechtel                        

Mayor, City of Morgan’s Point, Texas

 

 

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