Public Notices

NOTICE IS HEREBY GIVEN that it is the intention of the City Council of the City of Temple, Texas, to issue one or more series of interest bearing certificates of obligation of the City entitled "City of Temple, Texas Combination Tax and Revenue Certificates of Obligation" (the "Certificates") for the purpose of paying contractual obligations incurred or to be incurred by the City for: (1) constructing, improving, extending, expanding, upgrading and/or developing streets, roads, bridges, trails, sidewalks, intersections, traffic signalization and other transportation improvement projects and costs including related water, wastewater and drainage improvements, utility relocation, signage, landscaping, irrigation, purchasing any necessary rights-of-way including Azalea Drive, Kegley Road, Lavendusky Drive, Poison Oak Road, Avenue D and Sanders Farm Road, and funding for a mobility Master Plan; (2) constructing, improving, renovating, expanding and upgrading drainage improvements including for the Westgate and Thompson Additions and the Pepper Creek Tributary III; (3) improving, renovating, expanding, and upgrading existing City facilities including the Service Center, Clarence Martin Gym, City Hall, the City's municipal library, City public safety facilities, Solid Waste Administration and Recycling Center,12th Street Shop and Health Building and the acquisition of land at 102 W. Barton Ave., Temple, Texas 76501; and (4) professional services including fiscal, engineering, architectural and legal fees and other such costs incurred in connection therewith including the costs of issuing the Certificates.  The City Council tentatively proposes to consider for first and final reading at a meeting to commence at 5:00 p.m. on the 6th day of August, 2020 at Council Chambers, 2 North Main Street, Temple, Texas, 76501, the passage of an ordinance authorizing the issuance of the Certificates.  The maximum amount of the Certificates that may be authorized for such purpose is $21,950,000.  The City Council presently 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 the surplus revenues of the City's utility system in an amount not to exceed $10,000, 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 utility system. The following information is required pursuant to Texas Local Government Code, Section 271.049(b)(4):  As of May 21, 2020, principal of all outstanding debt obligations of the City is $243,400,000.  As of May 21, 2020, combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $313,107,464.38.  The maximum principal amount of the Certificates to be authorized is $21,950,000.  The estimated combined principal and interest required to pay the Certificates to be authorized on time and in full is $29,286,954.16.  The estimated interest rate for the Certificates to be authorized is 3.0%.  Such estimate takes into account a number of factors, including the issuance schedule, maturity schedule and the expected bond ratings of the proposed bonds.  Such estimated maximum interest rate is provided as a matter of information, but is not a limitation on the interest rate at which the bonds, of any series thereof, may be sold.  The maximum maturity date of the Certificates to be authorized is August 1, 2040.