Public Notice- City of Palmhurst/ NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
NOTICE is hereby given that it is the intention of the City Council of Palmhurst, Texas (the “City”) to issue interest-bearing Certificates of Obligation of the City to be designated and known as the “CITY OF PALMHURST, TEXAS CERTIFICATES OF OBLIGATION, SERIES 2025” (the “Certificates”) for the purpose of providing for the payment of contractual obligations to be incurred for the design, planning, acquisition, equipping, construction, and renovation of public property, and designated infrastructure and for other public purposes specifically being (i) construction of a City Hall / Public Safety / Municipal Court Building, and (ii) the payment of contractual obligations for professional services in connection with such projects (including, but not limited to, financial advisory, legal, architectural, and engineering). The City Council tentatively proposes to authorize the issuance of the Certificates at its regular meeting place at 4417 North Shary Road, Palmhurst, Texas, at a Special Meeting of the City Council to be commenced at 5:00 p.m., on the 14th day of January, 2025, in an amount not to exceed $5,175,000. The City Council proposes to provide for payment of the Certificates of Obligation from a pledge of an annual ad valorem tax, as well as an additional limited pledge of $1,000 from the solid waste collection department.
In accordance with the provisions of Subchapter C of Chapter 271, Texas Local Government Code, as amended (“Chapter 271”), the following information has been provided by the City. The current principal of all outstanding debt obligations of the City is $0, the combined principal and interest required to pay all currently outstanding debt obligations of the City on time and in full is $0, the estimated combined principal and interest required to pay the Certificates of Obligation on time and in full is $7,635,459.38, the estimated interest rate for the Certificates of Obligation is 5.5% and the maximum maturity date of the Certificates of Obligation will not exceed the maximum allowed by law. 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 of Obligation. The resolution designating certain outstanding debt obligations of the City as self-supporting for purposes of Chapter 271 is available upon request sent to the City at the address noted above.
/s/ Fred del Barrio Mayor, City of Palmhurst, Texas