City of Liberty, TX - Notice of Intention to Issue Combination Tax and Revenue Certificates of Obligation

CITY OF LIBERTY, TEXAS
NOTICE OF INTENTION TO ISSUE
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION
 

The City Council of the City of Liberty, Texas (the "City") does hereby give notice of intention to issue one or more series of City of Liberty, Texas Combination Tax and Revenue Certificates of Obligation (the "Certificates") in the maximum aggregate principal amount not to exceed $10,000,000 for the purpose of paying, in whole or in part, contractual obligations to: (i) construct, acquire, and equip improvements to the City’s combined waterworks and sewer system (the "Project"), and for paying all or a portion of the legal, fiscal and engineering fees in connection with the Project and the costs of issuance related to the Certificates. The City proposes to provide for the payment of the Certificates from the levy and collection of ad valorem taxes in the City as provided by law and from a lien on and pledge of "Surplus Revenues," if any, received by the City from the ownership and operation of the City's combined waterworks and sewer system. The current principal of all currently outstanding debt obligations of the City is $12,315,000, the combined principal and interest required to pay all currently outstanding debt obligations of the City on time and in full is $14,072,700, the estimated combined principal and interest required to pay the proposed Certificates on time and in full is $13,890,333, the estimated interest rate for the proposed Certificates is 4.50% per annum, and the maximum maturity date of the proposed Certificates is March 1, 2044. The City Council proposes to authorize the issuance of the Certificates at 6:00 p.m. on Tuesday, July 12, 2022, at a Regular Meeting to be held at the City Hall, located at 1829 Sam Houston St., Liberty, Texas 77575.

     /s/ Carl Pickett                   
Mayor, City of Liberty, Texas