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The original item was published from 7/23/2020 8:52:39 AM to 9/24/2020 12:00:01 AM.

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Cibolo City News

Posted on: July 23, 2020

[ARCHIVED] CITY OF CIBOLO, TEXAS NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIG

Picture of a road

CITY OF CIBOLO, TEXAS NOTICE OF INTENTION TO ISSUE

COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION

 

The City Council of the City of Cibolo, Texas (the “City”) does hereby give notice of intention to issue one or more series of City of Cibolo, Texas Combination Tax and Revenue Certificates of Obligation (the “Certificates”) in the maximum aggregate principal amount not to exceed $7,500,000 for the purpose of paying, in whole or in part, contractual obligations to design, develop, construct, equip and improve City streets, being improvements to Cibolo Valley Drive (collectively, the “Projects”), and for paying all or a portion of the legal, financial and engineering fees in connection with the Projects and the costs of issuance related to such Certificates. The City 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 lien on and pledge of certain revenues received by the City from the ownership and operation of the City’s utility system. The current principal of all currently outstanding debt obligations of the City is $47,115,075, the combined principal and interest required to pay all currently outstanding debt obligations of the City on time and in full is $59,189,682, the estimated combined principal and interest required to pay the proposed Certificates on time and in full is $8,146,450, the estimated interest rate for the Certificates is 1.4% per annum, and the maximum maturity date of the proposed Certificates is February 1, 2030.  (The prior statements regarding currently outstanding debt obligations of the City do not include debt that the City has designated as self-supporting and payable from revenues other than ad valorem taxes. For more information regarding the debt designated as self-supporting, please contact the City’s Finance Director.)  The City Council proposes to authorize the issuance of such Certificates at 6:30 p.m. on Tuesday, September 8, 2020, at a Regular Meeting to be held at City Hall located at 200 S. Main Street, Cibolo, Texas.  The Certificates are to be issued, and this notice is given, under and pursuant to the provisions of the Certificate of Obligation Act of 1971 (Sections 271.041 through 271.064, as amended Texas Local Government Code), Chapter 1502, as amended, Texas Government Code, and the City’s Home Rule Charter.


 /s/ Peggy Cimics                                 

City Secretary
City of Cibolo, Texas


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