Notice of Intent to Issue Certificates of Obligation
City Council approved, Ordinance No. 1166, on October 7, 2019 authorizing publication of the below notice.
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the City Council of the City of Lake Worth, Texas (the "City"), will meet in the Lake Worth City Hall, 3805 Adam Grubb Drive, Lake Worth, Texas 76135 at 6:30 p.m. on the 11th day of February, 2020, to adopt an Ordinance and take such other action as may be deemed necessary to authorize the issuance of the City of Lake Worth, Texas Certificates of Obligation, payable from City ad valorem taxes and surplus net revenues of the waterworks and sewer system of the City, in the maximum aggregate principal amount of $5,750,000, bearing interest at any rate or rates, not to exceed the maximum interest rate now or hereafter authorized by law, as shall be determined within the discretion of the City Council, and maturing over a period of years not to exceed twenty-five (25) years from the date thereof, for the purpose of evidencing the indebtedness of the City for all or any part of the cost of water and sewer line replacements, purchase of one or more fire trucks, water meter replacements, street improvements, remodeling and additions to the City’s public works facility, remodeling of a part of city hall; and the cost of professional services incurred in connection therewith.
The public is further hereby notified as follows:
- As of the date of this notice, the current principal balance of all outstanding debt obligations of the City is $10,710,000.
- As of the date of his notice, the combined principal and interest required to pay all outstanding debt obligations of the City on time and in full (which is based on the City’s expectations related to the interest due on any variable rate debt of the City) is
- $12,505,450.09.
- The maximum principal amount of Certificates of Obligation to be issued is
- $5,750,000.
- The estimated combined principal and interest required to pay the Certificates of Obligation to be authorized on time and in full is $7,766,502.
- The estimated interest rate for the Certificates of Obligation to be issued is 3.500%. Such interest rate may vary based on market conditions but will not exceed the maximum legal interest rate.
- The maximum maturity date of the Certificates of Obligation to be authorized is August 15, 2040.
WITNESS MY HAND, the 7th day of October 2019
/s/Walter Bowen
Walter Bowen, Mayor
City of Lake Worth, Texas