NOTICE OF INTENTION TO ISSUE CERTIFICATES
NOTICE IS HEREBY GIVEN that the City Council of the City of Creedmoor, Texas (the “City”) will meet at its regular meeting place at 5008 Hartung Lane, Creedmoor, Texas 78610 (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 20th day of August, 2020, 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) subordinate pledge of certain revenues derived from operation of the City’s community center, in the maximum aggregate principal amount of $500,000, 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) to pay contractual obligations to be incurred for improvements to the City-owned park, street and bridge repairs, parking lots and related costs and (2) for the payment of contractual obligations 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 $672,157. Such estimate is provided for illustrative purposes only and is based on an assumed interest rate of 3%. 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 outstanding of tax-supported debt obligations of the City is $0, 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 $672,157.
City of Creedmoor, Texas