Public Notice- City of Alton

 NOTICE OF INTENTION TO ISSUE

CITY OF ALTON, TEXAS CERTIFICATES OF OBLIGATION 

NOTICE IS HEREBY GIVEN that the City Commission of the City of Alton, Texas (the “City”) will convene at its regular meeting place at the Alton City Hall Commission Chambers, 509 South Alton Blvd., in Alton, Texas at 7:30 o’clock p.m., Alton, Texas time on July 25, 2023, and, during such meeting, the City Commission will consider the passage of an ordinance and take such other actions as may be deemed necessary to authorize the issuance of one or more series of certificates of obligation in an aggregate principal amount not to exceed $5,500,000 for the purpose or purposes of paying contractual obligations of the City to be incurred for making permanent public improvements and for other public purposes within the City’s Tax Increment Reinvestment Zone, to-wit:

(1) improvement and equipment of city parks and buildings, and purchase of land for park purposes, (2) acquisition of public safety and security equipment, (3) construction, equipment and improvements to the City’s water and wastewater system, (4) construction, repair and improvements to City streets (including drainage improvements, street lighting, sidewalks, purchase of land, right of way acquisitions, and equipment), and other amenities incident thereof, and (5) the payment of professional services related to the construction, design, engineering, and financing of the aforementioned projects

The certificates of obligation (the “Certificates”) will be payable from the levy of an annual ad valorem tax, within the limitations prescribed by law, upon all taxable property within the City and from a lien on and limited pledge of revenues derived by the City from the City’s Tax Increment Reinvestment Zone Revenues. The Certificates are to be issued, and this notice is given, under and pursuant to the provisions of the Certificate of Obligation Act of 1971 as amended, Local Government Code Section 271.041 through Section 271.063, and Chapter 1502, as amended, Texas Government Code. The current principal of all outstanding debt obligations of the City is $16,379,000. The combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $19,576,817. The estimated combined principal and interest required to pay the Certificates is $6,987,000. The estimated interest rate for the Certificates is 5.000%. The maximum interest rate for the Certificates may not exceed the maximum legal interest rate. The maximum maturity date of the Certificates is August 15, 2038.