NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the City Council of the City of Mission, Texas (the “City”) will meet at its regular meeting place at City Hall, 1201 East 8th Street, Mission, Texas 78572 at 4:30 p.m. on the 22nd day of March, 2021, which is the time and place tentatively set for the passage of an ordinance and such other action as may be deemed necessary to authorize the issuance of the City’s certificates of obligation in one or more series (the “Certificates”), payable from an annual ad valorem tax, as well as a limited pledge of $1,000 of the surplus revenues of the City’s water and sewer system, in the maximum aggregate principal amount of $22,000,000, bearing interest at any rate or rates, not to exceed the maximum interest rate authorized by law, as shall be determined within the discretion of the City Council at the time of issuance and maturing over a period of years not to exceed forty (40) years from the date thereof, for the purposes of evidencing the indebtedness of the City for all or any part of the costs associated with (i) street and drainage improvements, utility system improvements, parks improvements, facilities improvements, and land acquisition and (ii) cost of professional services incurred in connection therewith. The estimated combined principal and interest required to pay the Certificates on time and in full is $28,990,323. Such estimate is provided for illustrative purposes only and is based on an assumed interest rate of 2.80%. Market conditions affecting interest rates vary based on a number of factors beyond the control of the City, and the City cannot and does not guarantee a particular interest rate associated with the Certificates. As of the date of this notice, the aggregate principal amount outstanding of tax-supported debt obligations of the City (excluding public securities secured by an ad valorem tax but designated by the City as self-supporting) is $25,976,995, and based on the City’s expectations, as of the date of this notice the combined principal and interest required to pay all of the outstanding tax-supported debt obligations of the City (excluding public securities secured by an ad valorem tax but designated by the City as self-supporting) on time and in full is $32,356,852.
WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this 25th day of January 2021.
City of Mission