City Of Pflugerville: Notice Of Intention To Issue Combination Tax And Limited Revenue Certificates Of Obligation And Notice Of Public H ...

Press release from the City of Pflugerville:

06/30/2021

NOTICE OF INTENTION TO ISSUE CITY OF PFLUGERVILLE, TEXAS

COMBINATION TAX AND LIMITED REVENUE CERTIFICATES OF OBLIGATION AND NOTICE OF PUBLIC HEARING

          NOTICE IS HEREBY GIVEN that it is the intention of the City Council of the City of Pflugerville, Texas, to issue interest bearing Certificates of Obligation of the City in one or more series (the "Certificates") for the purpose of paying contractual obligations incurred or to be incurred by the City for: (1) constructing, acquiring, improving, renovating and/or equipping a new Emergency Medical Services facility and (2) professional services including fiscal, engineering, architectural and legal fees and other such costs incurred in connection therewith including the costs of issuing the Certificates. The City Council tentatively proposes to consider for first and final reading at a meeting to commence at 7:00 p.m., on the 24th day of August, 2021 at City Hall, 100 E. Main Street, Suite 500, Pflugerville, Texas 78660, the passage of an ordinance authorizing the Certificates.  The maximum amount of the Certificates that may be authorized for such purpose is $5,000,000. The City Council presently proposes to provide for the payment of such Certificates from the levy and collection of ad valorem taxes in the City as provided by law and from a limited pledge of the surplus revenues derived from the operation of the City's combined waterworks and sewer system, after payment of all operation and maintenance expenses 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 revenues of the City's combined waterworks and sewer system, which amount shall not exceed $5,000. 

In accordance with the City's home rule charter, the City also intends to hold a public hearing prior to adoption of the ordinance authorizing the issuance of the Certificates at its regular meeting place in the City Hall, 100 E. Main Street, Suite 500, Pflugerville, Texas 78660 at a meeting to commence at 7:00 p.m. on the 24th day of August, 2021. 

Due to the ongoing public health concerns regarding the COVID 19 virus, and as may be authorized by Executive Order of the Governor of Texas, such meeting and public hearing regarding the Certificates to be held on August 24, 2021 may be conducted via a free public video conference or other lawful electronic means.  In such event, information regarding how to access the meeting and public participation in the meeting will be available on the City's website and in the agenda posted no less than 72 hours before the August 24, 2021 meeting at the following internet address:  https://www.pflugervilletx.gov/ 

The following information is required pursuant to Texas Local Government Code, Section 271.049:  As of June 29, 2021, the aggregate principal amount of all outstanding debt obligations of the City secured by and payable from ad valorem taxes is $308,395,000. As of June 29, 2021, the combined principal and interest required to pay all outstanding debt obligations of the City secured by and payable from ad valorem taxes on time and in full is $458,388,109. The estimated combined principal and interest required to pay the Certificates on time and in full is $7,409,168.  The estimated interest rate for the Certificates is 2.75%.  Such estimates take into account a number of factors, including the issuance schedule, maturity schedule and the expected ratings of the proposed Certificates.  Such estimated interest rate is provided as a matter of information, but is not a limitation on the interest rate at which the Certificates may be sold.  The maximum maturity date of the Certificates is August 1, 2051. 

CITY OF PFLUGERVILLE, TEXAS

This press release was produced by the City of Pflugerville. The views expressed here are the author’s own.