NOTICE OF INTENTION TO ISSUE CITY OF TERRELL, TEXAS SERIES 2023C CERTIFICATES OF OBLIGATION TAKE NOTICE that the City Council of the City of Terrell, Texas, shall convene at 6:00 o'clock P.M. on August 22, 2023, at the City Hall, 201 East Nash Street, Terrell, Texas, and, during such meeting, the City Council will consider the passage of one or more ordinances authorizing the issuance of certificates of obligation, in one or more series, in a principal amount not to exceed $27,500,000 for the purpose of paying contractual obligations to be incurred for (i) constructing, maintaining and improving streets, including drainage, landscaping, curbs, gutters, sidewalks, signage, traffic signalization and utilities relocation incidental thereto and the acquisition of land and rights-of-way therefor, (ii) constructing, improving and equipping public safety facilities, towit: Terrell Fire Station #3, including training, administration and emergency response facilities and the acquisition of land, easements and rights-of-way therefor, (iii) renovating, improving and equipping existing City administrative offices including police and fire stations and animal control facilities, (iv) acquiring land for park purposes including easements and rights-of-way therefor, (v) acquiring land for flood control and drainage projects including easements and rights-of-way therefor and (vi) professional services rendered in connection therewith, and such certificates shall 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 $91,015,000; (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 $129,520,666; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $52,070,000; (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 August 15, 2053. The above information includes $61,304,369 in principal amount of outstanding debt obligations the City has designated as self-supporting and which the City reasonably expects to pay from revenue sources other than City-wide ad valorem taxes. In the event these self-supporting revenue sources are insufficient to pay debt service, the City is obligated to levy ad valorem taxes to pay such debt obligations. 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.
City Secretary City of Terrell, Texas