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in Carthage, TX 75633, US

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Location: Carthage, TX 75633, US
Category: Announcement/Legals - Legal Notices
Posted: 08/03/2022

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NOTICE OF INTENT TO ISSUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that the City Commission of the City of Carthage, Texas (the “City”) will meet at its regular meeting place at City Hall, 812 W. Panola St., Carthage, Texas at 5:00 p.m. on September 26, 2022, which is the time and place tentatively set for the passage of an ordinance authorizing the issuance of the City’s certificates of obligation (the “Certificates”) in a principal amount not to exceed $10,000,000 to pay all or any part of contractual obligations to be incurred for (i) the planning, design, acquisition, construction, installation, and equipment of improvements to the City’s water and sewer system, (ii) the cost of professional services rendered in connection therewith, and (iii) the costs of issuance of the Certificates. The Certificates shall bear 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 Commission at the time of issuance and shall mature over a period of years not to exceed thirty (30) years from their date. The Certificates shall be payable from ad valorem taxes and a limited pledge of surplus net revenues of the City’s water and sewer system. It is estimated that the combined principal and interest required to pay the Certificates on time and in full is $14,601,485. Such estimate is provided for illustrative purposes only and is based on an assumed interest rate of approximately 3.90%. Such amounts are derived from projections obtained from the City’s financial advisor based upon current market conditions and are provided by the City without assurance that such projections will be realized. The City cannot guarantee that such conditions will continue through the date of the sale of the Certificates. As of the date of this notice, the aggregate principal amount outstanding of tax-supported debt obligations of the City is $4,974,100, and, based on the City’s expectations, as of the date of this notice the combined principal and interest required to pay all of the outstanding tax-supported debt obligations of the City on time and in full is $5,504,658 (in each case excluding public securities secured by an ad valorem tax but designated by the City as self-supporting pursuant to a resolution adopted by the City Commission on July 25, 2022, which resolution is available from the City upon request). CITY OF CARTHAGE, TEXAS OLIN JOFFRION, MAYOR
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