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Cibolo City News

Posted on: November 16, 2022

NOTICE OF INTENTION

NOTICE OF INTENTION

CITY OF CIBOLO, TEXAS NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND LIMITED PLEDGE REVENUE CERTIFICATES OF OBLIGATION

NOTICE IS HEREBY GIVEN that the City Council of the City of Cibolo, Texas will convene at its regular meeting place in the City's Municipal Building at 200 S. Main, Cibolo, Texas 78108 at 6:30 P.M., Cibolo, Texas time, on January 24, 2023 (in the event the City Council will be unable to meet at the City Council Chambers, City Hall, the City will post information on its website for attending the meeting by telephone, teleconference, or other electronic means as well as any additional information regarding the meeting should the time, date, or location change), and during such meeting, the City Council will consider the passage of a Resolution and take such actions as may be deemed necessary to authorize the issuance of one or more series of certificates of obligation (the interest on which may or may not be included in the gross income of the holders thereof for purposes of federal income taxation) in an aggregate principal amount not to exceed $4,800,000 for the purpose or purposes of paying contractual obligations of the City to be incurred for making permanent public improvements and for the public purposes, to wit: (1) designing, acquiring, constructing, renovating, improving, equipping, repairing, enlarging, and/or extending the City's facilities, including public works and public safety facilities, as well as necessary capital maintenance and utilities relocation, drainage, and landscaping necessary or incidental thereto, (2) acquiring public works and public safety vehicles, (3) purchasing real property, materials, supplies, equipment, information technology, machinery, landscaping, land, and rights of way for authorized needs and purposes related to the aforementioned capital improveents, and (4) the payment of professional services related to the acquisition, design, construction, project management, and financing of the aforementioned projects (collectively, the "Projects"), and for paying all or portion of the legal, financial and engineering fees in connection with the Projects and the costs of issuance related to such hereinafter defined Certificates.  Each series of certificates (together, the "Certificates") will be payable from the levy of an annual ad valorem tax, within the limitations prescribed by law, upon all taxable property within the City and, additionally, from a pledge of and lien on certain revenues derived from the operation of the City's municipally owned combined utility system.  In accordance with Section 271.049, as amended, Texas Local Government Code, (i) the current principal amount of all of the city's outstanding public security secured by and payable from ad valorem taxes is $54,020,000.00; (ii) the current combined principal and interest required to pay all of the City's outstanding public securities secured by and payable from ad valorem taxes on time and in full is $65,204,275.25; (iii) the estimated combined principal and interest required to pay the Certificates to be authorized on time and in full is $7,528,500.00; (iv) the maximum interest rate for the Certificates may not exceed the maximum legal interest rate; and (v) the maximum maturity date of the Certificates to be authorized is August 1, 2043.  The Certificates are to be issued, and this notice is given, under the pursuant to the provisions of the Certificate of Obligation Act of 1971, as amended, Texas Local Government Code Section 271.041 through Section 271.064, and Chapter 1502, Texas Government Code, as amended, and the City's Home Rule Charter.

/s/ Peggy Cimics

City Secretary

City of Cibolo, Texas

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