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Notice of Intent to Issue Certificates of Obligation


NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION

NOTICE IS HEREBY GIVEN that the City Council of the City of Port Neches, Texas (the “City”), will meet at 1005 Merriman Street, Port Neches, Texas, 77651 at 4:00 p.m. on the 5th day of May, 2022, which is the time and place tentatively set for the final passage of an ordinance authorizing the issuance of the City of Port Neches, Texas, Certificates of Obligation, Series 2022 (the “Certificates”) and such other action as may be deemed necessary to authorize the issuance of the Certificates, in the maximum aggregate principal amount not to exceed $7,000,000 payable from ad valorem taxes and from a limited pledge of a subordinate lien on the net revenues of the City’s waterworks and sanitary sewer system, bearing interest at any rate or rates not to exceed the maximum interest rate authorized by law, as shall be determined within the discretion of the City Council of the City at the time of issuance of the Certificates, and maturing over a period not to exceed forty (40) years from the date of issuance, for the purposes of evidencing the indebtedness of the City for all or any part of the costs associated with the (i) construction of improvements to and the equipment of the City’s waterworks and sanitary sewer system, (ii) construction of improvements to and the equipment of streets, roads, sidewalks and related infrastructure, (iii) construction of improvements to and the equipment of the City’s library and police station, (iv) the construction of improvements to and the equipment of a City boat ramp and related parking facilities; and (v) costs of professional services related thereto. The estimated combined principal and interest required to pay the Certificates on time and in full is approximately $8,403,775.  Such estimate is provided for illustrative purposes only, and is based on an assumed interest rate of 2.250%.  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 $15,395,000. 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 $17,307,125.50.  

WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this 10th day of March, 2022.


Holly Alexander
City Secretary
City of Port Neches, Texas

 

 

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