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The original item was published from 3/9/2022 11:37:00 AM to 3/9/2022 11:43:53 AM.
Posted on: March 9, 2022
[ARCHIVED] Notice of Intention to Issue Combination Tax & Revenue Certificates of Obligation
The City Council of the City of Castle Hills, Texas (the "City") does hereby give notice of intention to issue one or more series of City of Castle Hills, Texas Combination Tax and Revenue Certificates of Obligation (the "Certificates") in the maximum aggregate principal amount not to exceed $7,000,000 for the purpose of paying, in whole or in part, contractual obligations to (i) construct drainage improvements at various locations within the City; and (ii) construct street, curb, and sidewalk improvements at various locations in the City, together with utility relocation and/or drainage improvements related or incidental thereto (collectively, the "Projects"), and (iii) pay all or a portion of the legal, fiscal, and engineering fees in connection with the Projects and costs of issuance related to such Certificates. The City proposes to provide for the payment of such 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 drainage utility system. The current principal of all currently outstanding debt obligations of the City is $7,255,000.00, the combined principal and interest required to pay all currently outstanding debt obligations of the City on time and in full is $8,737,587.50, the estimated combined principal and interest required to pay the proposed Certificates on time and in full is $9,730,000, the estimated interest rate for the proposed Certificates is 3.5%, and the maximum maturity date of the proposed Certificates is February 1, 2043. The City Council proposes to authorize the issuance of such Certificates at 6:30 p.m. on Tuesday, May 17, 2022, at a Regular Meeting at the City Hall, City of Castle Hills, Texas.
Mayor, City of Castle Hills, Texas