NOTICE OF INTENT TO ISSUE
CITY OF ALTON, TEXAS
CERTIFICATES OF OBLIGATION, SERIES 2021
TAKE NOTICE that the City Commission (the City Commission) of the City of Alton, Texas (the City), shall tentatively convene at 7:30 p.m. on the 14th day of September 2021, at its regular meeting place in the City Commission Chambers at 509 S. Alton Blvd., Alton, Texas 78573 and during such meeting, the City Commission will consider the passage of an ordinance authorizing the issuance of certificates of obligation in an amount not to exceed $5,525,000 for the following purposes: to pay for planning, acquisition, design and construction of drainage project improvements and to pay the costs of issuance of the certificates of obligation. The certificates of obligation will be payable from a combination of the City’s ad valorem tax within the limits authorized by law on all taxable property of the City, and a pledge of the surplus net revenues from the operation of the City’s water and sewer system.
The certificates of obligation are to be issued, and this notice is given, under and pursuant to the provisions of the Certificates of Obligation Act of 1971, as amended, Local Government Code Section 271.049. In connection therewith, the City of Alton discloses the following information:
1. The estimated amount of combined principal and interest required to pay the certificates on time and in full is $5,525,000.
2. The outstanding principal of all currently outstanding debt obligations of the City is the following: $12,410,000.
3. The outstanding combined principal and interest required to pay all of the outstanding debt obligations of the City on time and in full is the following: $16,383,483.
4. The maximum principal amount of the certificates to be authorized under this notice is $5,525,000.
5. The estimated interest rate for the certificates to be authorized is 0% and will not exceed the maximum legal interest rate; and
6. The maximum maturity date of the certificates to be authorized is August 15, 2051.
Salvador Vela, Mayor
City of Alton, Texas