Details for NOTICE OF INTENTION TO ISSUE CITY OF BEEVILLE, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES
NOTICE OF INTENTION
CITY OF BEEVILLE, TEXAS COMBINATION TAX AND
REVENUE CERTIFICATES OF OBLIGATION, SERIES 2019
The City of Beeville (the "City") does hereby give notice of intention to issue Combination Tax and Revenue Certificates of Obligation, Series 2019, (the Certificates), in one or more series, in the maximum principal amount not to exceed $3,000,000, for paying all or a portion of the City's contractual obligations incurred for the purpose of (a) constructing, installing and acquiring additions, extensions and improvements to the City's Waterworks and Sewer System; (b) acquiring municipal equipment and vehicles for various City departments, including the public works department, parks and recreation department, the municipal golf course and the City garage; (c) constructing, renovating and improving city-owned buildings, including the City Hall, the municipal golf course garage and pro-shop and the John C. Fulghum Event Center; (d) software upgrades; and (e) paying fiscal and engineering fees in connection with such projects. The City proposes to provide for the payment of such Certificates of Obligation 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 waterworks and sanitary sewer system. The current principal of all outstanding debt obligations of the City is $5,227,000, the combined principal and interest required to pay all currently outstanding debt obligations of the City on time and in full is $6,302,211, the estimated combined principal and interest required to pay the Certificates on time and in full is $3,468,000, the estimated interest rate for the Certificates is 3.00%, and the maximum maturity date of the Certificates is August 15, 2029. The prior statements regarding 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 City Council intends to consider for passage an Ordinance authorizing the issuance of City of Beeville, Texas Combination Tax and Revenue Certificates of Obligation, Series 2019, at a Regular Meeting to be held at 6:00 p.m. on November 26, 2019, at the John C. Fulghum Beeville Event Center located at 111 E. Corpus Christi St. Beeville, Texas 78102.
Francisco Dominguez Jr.