City of Paducah
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CITY OF PADUCAH TEXAS
NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION TO PROVIDE FUNDS FOR WATER SYSTEM IMPROVEMENT PROJECTS
NOTICE IS HEREBY GIVEN that the City Council of the City of Paducah, Texas, at its meeting to commence at 5:30 P.M. on April 21, 2020, at the City Hall, 804 10th Street, Paducah, Texas, tentatively proposes to adopt an ordinance authorizing the issuance of interest bearing certificates of obligation, in one or more series, in an amount not to exceed $1,715,000 for paying all or a portion of the City's contractual obligations incurred in connection with (i) acquiring, constructing, and installing additions, improvements, extensions, and equipment for the City’s water system, including repairing and replacing water lines, wells, sand traps, water storage facilities, and related infrastructure; and (ii) legal, fiscal and engineering fees in connection with such projects. The ordinance may authorize an authorized officer of the City to effect the sale and delivery of the certificates of obligation on a date subsequent to the adoption of the ordinance. The estimated interest rate for the certificates is 0.00% per annum, the maximum maturity date for the certificates is February 15, 2050, and the estimated combined principal and interest required to pay the certificates to be authorized on time and in full is $1,715,000. The current principal of all outstanding debt obligations of the City is $735,000. The current combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $1,124,670. The City proposes to provide for the payment of such certificates of obligation from the levy and collection of ad valor-em taxes in the City as provided by law and from a limited pledge of surplus revenues of the City's waterworks and sewer system, remaining after payment of all operation and maintenance expenses thereof, and all debt service, reserve, and other requirements in connection with all of the City's revenue bonds or other obligations (now or hereafter outstanding), which are payable from all or any part of the net revenues of the City's waterworks and sewer system. The certificates of obligation are to be issued, and this notice is given, under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271.
CITY OF PADUCAH, TEXAS