PUBLIC NOTICE: NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION

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Note: This entry was last modified on September 22, 2023: 1:51 am and may be out of date.

NOTICE IS HEREBY GIVEN that the City Council of the City of Heath, Texas, at its meeting to commence at 6:30 p.m. on December 12, 2023, at its regular meeting place at City Hall, 200 Laurence Drive, Heath, Texas, tentatively proposes to authorize the issuance of interest bearing certificates of obligation of the City, in one or more series, in an aggregate principal amount not to exceed $31,000,000, for the purpose of paying all or a portion of the City’s contractual obligations incurred in connection with (i) acquiring, constructing, installing and equipping municipal park improvements, including renovations and improvements for Towne Center park; (ii) acquiring, constructing, installing and equipping a public works facility; (iii) acquiring, constructing, installing and equipping a public safety facility for the police and fire departments; (iv) acquisition of a fire truck; (v) acquiring, constructing, installing and equipping additions, extensions and improvements to the City’s waterworks and sewer system; (vi) acquiring land and interests in land necessary for such projects; and (vii) legal, fiscal, design and engineering fees in connection with these projects.  The City proposes to provide for the payment of said series (one or more) of such certificates of obligation from a pledge of ad valorem taxes levied and collected 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.  In the event that the City Council will be unable to meet at City Hall on December 12, 2023, the City will post on its website, heathtx.com, information for persons to attend the meeting by telephone, teleconference or other electronic means.

The estimated interest rate for the certificates of obligation is 4.55% per annum, the maximum maturity date for the certificates is September 30, 2043, and the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $50,649,823.  The City currently has outstanding debt obligations secured by and payable from ad valorem taxes equal to $35,407,000 in principal amount and $44,752,529 in combined principal and interest required to pay such outstanding debt obligations on time and in full.

The certificates of obligation 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 OF HEATH, TEXAS