Notice of Intention to Issue City of Ferris, Texas Certificates of Obligation

February 19, 2020

NOTICE OF INTENTION TO ISSUE CITY OF
FERRIS, TEXAS CERTIFICATES OF OBLIGATION

 

TAKE NOTICE the City Council of the City of Ferris, Texas, shall convene at 6:00 o’clock P.M. on April 6, 2020, at its regular meeting place in the City Council Chambers, 215 W. 5th, Ferris, Texas, and, during such meeting, the City Council will consider the passage of an ordinance authorizing the issuance of certificates of obligation, in one or more series, in a principal amount not to exceed $3,300,000 for the purpose of paying contractual obligations to be incurred for (i) improving and extending the City’s water system and wastewater system and (ii) professional services rendered in relation to such projects and the financing thereof; and such certificates are to be payable from ad valorem taxes and a pledge of the net revenues of the City’s combined Waterworks and Sewer System.  In accordance with Texas Local Government Code Section 271.049, the certificates have been designated by the City as self-supporting, (i) the current principal amount of all of the City’s outstanding public securities not designated as self-supporting but secured by and payable from ad valorem taxes is $1,200,000; (ii) the current combined principal and interest required to pay all of the City’s outstanding public securities not designated as self-supporting but secured by and payable from ad valorem taxes on time and in full is $1,391,303; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $4,224,510; (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 March 1, 2040.  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 Ferris, Texas

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