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Posted on: March 24, 2020

NOTICE OF INTENTION TO ISSUE TOWN OF SUNNYVALE, TEXAS, CERTIFICATES OF OBLIGATION

Public_Notice

NOTICE OF INTENTION TO ISSUE TOWN OF
SUNNYVALE, TEXAS, CERTIFICATES OF OBLIGATION

TAKE NOTICE that the Town Council of the Town of Sunnyvale, Texas, shall convene at 7:00 o’clock P.M. on the 11th day of May, 2020, at the Sunnyvale Town Hall, 127 North Collins Road, Sunnyvale, Texas, and, during such meeting, the Town Council will consider the passage and adoption of one or more ordinances authorizing the issuance of certificates of obligation, in one or more series, in a principal amount not to exceed $11,000,000 for the purpose of paying contractual obligations to be incurred for (1) the construction of public works, to wit: (a) acquiring, designing, constructing, improving, expanding and equipping one or more fire stations and the acquisition of necessary rights-of-way and land in connection therewith, (b) acquiring, designing, constructing, improving and maintaining one or more streets and bridges within the Town, including permanent bank stabilization, armoring, landscaping, curbs, gutters, sidewalks and necessary utility line replacement and/or relocation, and the acquisition of necessary rights-of-way and land in connection therewith, and (c) acquiring, designing, constructing, improving, expanding, renovating, and equipping the Town’s water and sewer system properties and facilities, including replacement of water and sewer lines, manholes, and alley pavement related thereto; and (2) professional services rendered in connection with such projects and the financing thereof, and such certificates shall be payable from ad valorem taxes and a limited pledge of the net revenues of the Town’s combined Waterworks and Sewer System. In accordance with Texas Local Government Code Section 271.049 (but excluding $1,657,400 principal amount of outstanding debt obligations which the Town reasonably expects to pay from revenue sources other than ad valorem taxes; provided, however, that in the event such self-supporting revenue sources are insufficient to pay debt service, the Town is obligated to levy ad valorem taxes to pay such debt obligations; information regarding the calculation of such self-supporting debt is available from the Town’s Director of Finance), (i) the current principal amount of all of the Town’s outstanding public securities secured by and payable from ad valorem taxes is $17,950,000; (ii) the current combined principal and interest required to pay all of the Town’s outstanding public securities secured by and payable from ad valorem taxes on time and in full is $24,113,421; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $15,282,408; (iv) the maximum interest rate for the certificates may not exceed the maximum legal interest rate; and (v) the maximum maturity date of the certificates to be authorized is February 15, 2040.  The certificates are to be issued, and this notice is given, under and pursuant to the provisions of Texas Local Government Code, Subchapter C of Chapter 271.

Rachel Ramsey
Town Secretary
Town of Sunnyvale, Texas

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