NOTICE IS HEREBY GIVEN that the City Council of the City of Early, Texas, at its meeting to commence at 6:00 p.m. on February 14, 2023, at its regular meeting place in the City Hall, 960 Early Boulevard, Early, Texas, tentatively proposes to adopt an ordinance authorizing the issuance of interest bearing certificates of obligation, in one or more series, in an amount not to exceed $4,000,000 for paying all or a portion of the City’s contractual obligations incurred in connection with: (i) acquiring, constructing, installing and equipping additions, extensions, renovations and improvements to the City's waterworks and sewer system; (ii) constructing, reconstructing and improving streets, roads, sidewalks and alleys, including bridges and intersections, street overlay, landscaping, lighting, signalization, traffic safety and operational improvements, culverts and related storm drainage and utility relocation; (iii) acquiring, designing, constructing, and equipping parks and recreation facilities, including without limitation land acquisition, feasibility studies, park improvements, recreation and sports facilities, landscaping, irrigation, drainage, lighting, benches, pavilions, trails, walking paths, public restrooms, recreation centers, baseball fields, soccer fields, municipal golf course, parking facilities and related infrastructure; and (iv) paying legal, fiscal and engineering fees in connection with such projects. The maximum interest rate for the certificates may not exceed the maximum legal interest rate. The maximum maturity date for the certificates is February 15, 2044. The estimated combined principal and interest required to pay the certificates to be authorized on time and in full is $7,347,544.44. The current principal of all outstanding debt obligations of the City is $14,070,000. The current combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $18,502,327.50. The City proposes to provide for the payment of such certificates of obligation from the levy and collection of ad valorem taxes in the City as provided by law and from a pledge of surplus revenues of the City's waterworks and sewer system, remaining after payment of all operation and maintenance expenses thereof, and all debt service, reserve, and other requirements in connection with all of the City's revenue bonds or other obligations (now or hereafter outstanding), which are payable from all or any part of the net revenues of the City's waterworks and sewer system. The certificates of obligation are to be issued, and this notice is given, under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271.
CITY OF EARLY, TEXAS