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NOTICE OF INTENTION TO ISSUE CERTIFICATES
03/02/2021
NOTICE OF INTENTION TO ISSUE CERTIFICATES

            NOTICE IS HEREBY GIVEN that the City Council of the City of Sanger, Texas (the “City”) will hold a meeting at its regular meeting place at the Historic Church Building, 402 N. 7th Street, Sanger, Texas (or if the City is still subject to a stay-at-home order via teleconference and video conference in compliance with an advisory issued by the Office of the Governor) at 7:00 p.m. on the 19th day of April, 2021, which is the time and place tentatively set for the passage of an ordinance and such other action as may be deemed necessary to authorize the issuance of the City’s certificates of obligation, payable from an annual ad valorem taxation, as well as a limited (in an amount not to exceed $1,000) pledge of certain revenues of the water and sewer system, in the maximum aggregate principal amount of $20,000,000.00, 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 at the time of issuance and maturing over a period of years not to exceed forty (40) years from the date thereof, for the purpose of evidencing the indebtedness of the City (1) for water and sewer system expansion and improvements, electric utility system renovations and line relocations, and city wide street repairs and improvements and (2) for professional services pursuant to Subchapter C of Chapter 271, Texas Local Government Code, as amended. The estimated combined principal and interest required to pay the Certificates on time and in full is $28,386,038.75.  Such estimate is provided for illustrative purposes only and is based on an assumed interest rate of 2.22%. Market conditions affecting interest rates vary based on a number of factors beyond the control of the City, and the City cannot and does not guarantee a particular interest rate associated with the Certificates. As of the date of this notice, the aggregate principal amount of public securities of the City secured by and payable from ad valorem taxes (excluding public securities secured by an ad valorem tax but designated by the City as self-supporting) is $2,368,500.00 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 secured by and payable from ad valorem taxes (excluding public securities secured by an ad valorem tax but designated by the City as self-supporting) on time and in full is $2,729,358.00

 

                                                                                    Deputy City Secretary

                                                                                    City of Sanger, Texas 

 


Sanger, Texas City Hall
502 Elm St.
PO BOX 1729
Sanger, TX 76266
Phone: 940-458-7930

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