NOTICE OF INTENTION TO ISSUE
CITY OF TAYLOR, TEXAS
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION,
SERIES 2023A
NOTICE is hereby given that it is the intention of the City Council of the City of Taylor, Texas to issue Certificates of Obligation of the City in one or more series for the purpose of providing funds for paying contractual obligations incurred or to be incurred for: (i) a new municipal complex including space for public safety facilities to include a police station, police facilities, emergency call center dispatch, police evidence center, municipal court facilities and general administrative offices, council chambers and related street, drainage, water, wastewater and other utility improvements and acquisition of easements and right-of-way; (ii) renovating existing City buildings or facilities, to be limited to facilities that will have all or some of their functions relocated to the new municipal complex and Fire Station No. 1, including related street, drainage, water, wastewater and other utility improvements; and, (iii) payment of professional services in connection therewith including legal, engineering, architectural and fiscal fees and the costs of issuing the Certificates. The City Council tentatively proposes to authorize the issuance of the Certificates of Obligation at its regular meeting place in the City Hall, 400 Porter Street, Taylor, Texas to be commenced at 6:00 p.m., on the 27th day of July, 2023. The maximum amount of Certificates of Obligation that may be authorized for the above listed purposes is $53,935,000. The City Council presently proposes to provide for payment of the Certificates of Obligation by a pledge of ad valorem taxes upon all taxable property within the City within the limits allowed by law. The Certificates of Obligation will be additionally payable from a limited pledge of the City’s surplus water and sewer system revenues not to exceed $1,000.
The following information is required pursuant to Texas Local Government Code, Section 271.049(b)(4): As of May 25, 2023 principal of all outstanding debt obligations of the City is $74,335,000. As of May 25, 2023 combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $94,170,814. The maximum principal amount of the Certificates to be authorized is $53,935,000. The estimated combined principal and interest required to pay the Certificates to be authorized on time and in full is $106,544,268. The estimated interest rate for the Certificates to be authorized is 5.0%. 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, or any series thereof, may be sold. The maximum maturity date of the Certificates to be authorized is August 15, 2053.