Details for Notice of Intention to Issue Certificates of Obligation

Updated

LEGAL NOTICE NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that the City Council of the City of Moody, Texas, will meet in the Council Chambers Moody City Hall at 6:00PM on the 14th day of January, 2020, to adopt an Ordinance and take such other action as may be deemed necessary to authorize the issuance of the Moody, Texas Certificates of Obligation, payable from City of Moody ad valorem taxes and net revenues of the waterworks and sewer system of the City of Moody, in the maximum aggregate principal amount of $310,000, 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 date thereof, for the purpose of evidencing the indebtedness of the City for all or any part of the cost of a waterline replacement/relocation project; and the cost of professional services incurred in connection therewith. The public is further hereby notified as follows: (a) As of the date of this notice the current principal balance of all outstanding debt obligations of the City of Moody is $153,859.00. (b) As of the date of this notice the combined principal and interest required to pay all outstanding debt obligations of the City of Moody on time and in full (which is based on the Council's expectations related to the interest due on any variable rate debt of the City of Moody) is $161,552.00. (c) The maximum principal amount of Certificates of Obligation to be issued is $310,000.00. (d) The estimated combined principal and interest required to pay the Certificates of Obligation to be authorized on time and in full is $325,500.00. (e) The estimated interest rate for the Certificates of Obligation to be issued is 4.25%. Such interest rate may vary based on market conditions but will not exceed the maximum legal interest rate. (f) The maximum maturity date of the Certificates of Obligation to be authorized is February 15, 2030. WITNESS MY HAND, this 30th day of October, 2019. Tina Eaton Mayor - City of Moody, Texas

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