Notice of Intention to Issue Certificates of Obligation


NOTICE IS HEREBY GIVEN that the City Council of the City of Van Alstyne, Texas, at its meeting to commence at 6:30 P.M. on October 10, 2023, at the City Hall, 152 N. Main Drive, Van Alstyne, 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 $15,400,000 for paying all or a portion of the City’s contractual obligations incurred in connection with (i) acquiring, constructing, and equipping a municipal complex, including a police station, fire station and other public safety facilities; (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) the construction of improvements and extensions to the City’s water and wastewater system; (iv) acquiring, constructing and equipping public parks, including landscaping, irrigation, drainage, lighting, benches, pavilions, walking paths, public restrooms, soccer fields, parking facilities and related infrastructure; and (v) paying legal, fiscal, architectural and engineering fees in connection with these projects.  The estimated interest rate for the certificates is 4.58% per annum, the maximum maturity date for the certificates is February 15, 2053, and the estimated combined principal and interest required to pay the certificates to be authorized on time and in full is $29,515,357.  The current principal of all outstanding debt obligations of the City is $39,045,000.  The current combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $63,859,610.  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 certain 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.