Nov 092020


NOTICE IS HEREBY GIVEN that the City Council of the City of Cranfills Gap, Texas, at its meeting to commence at 7:00 p.m. on November 8, 2021, at its regular meeting place at the Cranfills Gap Community Center, 310 N. Third Street, Cranfills Gap, 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 $430,000 for paying all or a portion of the City’s contractual obligations incurred in connection with: (i) acquiring, constructing, installing, and equipping additions, improvements, extensions, and equipment for the City’s sewer system, including wastewater treatment plant, lift stations, sewer lines, manholes, valves, cleanouts, service line transfers and related infrastructure improvements; and (ii) paying legal, fiscal and engineering fees in connection with such projects. The estimated interest rate for the certificates is 0.00% per annum, the maximum maturity date for the certificates is September 30, 2041, and the estimated combined principal and interest required to pay the certificates to be authorized on time and in full is $430,000. The current principal of all outstanding debt obligations of the City is $0. The current combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $0. 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 surplus revenues of the City’s waterworks and sewer system (the “System”) that remain after payment of all operation and maintenance expenses thereof, and after all debt service, reserve, and other requirements in connection with all revenue bonds or other obligations (now or hereafter outstanding) of the City have been met, to the extent that such obligations are payable from all or any part of the net revenues of the 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. CITY OF CRANFILLS GAP, TEXAS