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Posted on: May 6, 2022

CITY OF EDNA, TEXAS NOTICE OF INTENTION TO ISSUE

CITY OF EDNA, TEXAS NOTICE OF INTENTION TO ISSUE

COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION

 The City Council of the City of Edna, Texas (the "City") does hereby give notice of intention to issue one or more series of City of Edna, Texas Combination Tax and Revenue Certificates of Obligation (the "Certificates") in the maximum aggregate principal amount not to exceed $2,400,000 for the purpose of paying, in whole or in part, contractual obligations to: (i) acquisition, construction and equipping of waterworks and sewer system improvements, including the replacement of water meters, and (ii) acquisition and installation of software upgrades (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 the Certificates. The City proposes to provide for the payment of the Certificates 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 municipal waterworks and sewer system. The current principal of all currently outstanding debt obligations of the City is $781,000.00, the combined principal and interest required to pay all currently outstanding debt obligations of the City on time and in full is$848,753.91, the estimated combined principal and interest required to pay the proposed Certificates on time and in full is $3,771,300.00, the estimated interest rate for the proposed Certificates is 4.50% per annum, and the maximum maturity date of the proposed Certificates is September 15, 2044. 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. The resolution pursuant to which the City Council designated such self-supporting debt is available upon request. For more information regarding the debt designated as self-supporting, please contact the City's Finance Director. The City Council proposes to authorize the issuance of the Certificates at 6:00 p.m. on Thursday, July 7, 2022, at a Regular Meeting to be held at the City Hall, located at 126 W. Main St., Edna, Texas 77957.

 

     /s/ Lance Smiga                                     

Mayor, City of Edna, Texas

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