TAKE NOTICE that the City Council of the City of The Colony, Texas, shall convene at 6:30 p.m. on June 15, 2021, at its regular meeting place in City Hall located at 6800 Main Street, The Colony, Texas.
During such meeting, the City Council will consider the passage of an ordinance authorizing the issuance of certificates of obligation, in one or more series, in an amount not to exceed NINE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS ($9,250,000) for the purpose of paying contractual obligations to be incurred for (i) constructing, improving and renovating streets, alleys, culverts and bridges, including drainage and erosion control, landscaping, screening walls, curbs, gutters, sidewalks, lighting, signage and traffic signalization incidental thereto and the acquisition of land and rights-of-way therefor, (ii) constructing, improving and equipping the City’s waterworks and sewer system and the acquisition of rights-of-way therefor, (iii) constructing drainage improvements and the acquisition of equipment and rights-of-way therefor, (iv) renovating, improving and equipping existing municipal buildings and (v) professional services rendered in connection therewith, such certificates to be payable from ad valorem taxes and a limited pledge of the surplus net revenues of the City’s waterworks and sewer system.
In accordance with Texas Local Government Code Section 271.049, (i) the current principal amount of all of the City’s outstanding public securities secured by and payable from ad valorem taxes is $116,380,000; (ii) the current combined principal and interest required to pay all of the City’s outstanding public securities secured by and payable from ad valorem taxes on time and in full is $149,696,553.55; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $12,900,000; (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 August 15, 2041.
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, as amended.
-Tina Stewart, City Secretary City of The Colony, Texas