City Of Cedar Park: Notice Of Intention To Issue

Press release from the City of Cedar Park:

06/10/2021 9:22 am

NOTICE OF INTENTION TO ISSUE 
CITY OF CEDAR PARK, TEXAS 
COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, 
SERIES 2021

 
NOTICE is hereby given that it is the intention of the City Council of the City of Cedar Park, Texas to issue Certificates of Obligation (the "Certificates") of the City in one or more series for the purpose of providing funds for paying contractual obligations incurred or to be incurred for: (i) constructing, improving, equipping, renovating and/or expanding City library facilities, including the acquisition of land, and (ii) payment of  professional services in connection therewith including legal, engineering, architectural and fiscal fees and the costs of issuing the Certificates. The City Council tentatively proposes to authorize the issuance of the Certificates at its regular meeting place in the City Hall, 450 Cypress Creek Road, Cedar Park, Texas to be commenced at 6:00 p.m., on the 12th day of August, 2021.  The City Council presently proposes to provide for the security and payment of the Certificates by a pledge of ad valorem taxes upon all taxable property within the City within the limits allowed by law and from a limited pledge of the City’s surplus water and sewer system revenues not to exceed $1,000.

Due to the ongoing public health concerns regarding the COVID 19 virus, and as may be authorized by Executive Order of the Governor of Texas, such meeting on August 12, 2021 may be conducted via a free public video conference or other lawful electronic means.  In such event, information regarding how to access the meeting and public participation in the meeting will be available on the City's website and in the agenda posted no less than 72 hours before the August 12, 2021 meeting at the following internet address: https://www.cedarparktexas.gov/meetings.

The following information is required pursuant to Texas Local Government Code, Section 271.049(b)(4) to be provided by the City (excludes $41,960,000 in principal amount of outstanding debt obligations that the City has designated as self-supporting and which the City reasonably expects to pay from revenues sources other than ad valorem taxes; provided, however, that in the event that such self-supporting revenue sources are insufficient to pay debt service, the City is obligated to levy ad valorem taxes to pay such debt obligations):  As of June 10, 2021 principal of all outstanding debt obligations of the City is $169,720,000.  As of June 10, 2021 combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $219,411,648.74.  The maximum principal amount of the Certificates to be authorized is $8,000,000.  The estimated combined principal and interest required to pay the Certificates to be authorized on time and in full is $10,624,900.  The estimated interest rate for the Certificates to be authorized is 3.00%.  Such estimates take into account a number of factors, including the issuance schedule, maturity schedule and the expected ratings of the proposed Certificates.  Such estimated maximum interest rates is provided as a matter of information, but is not a limitation on the interest rate at which the Certificates, or any series thereof, may be sold.  The maximum maturity date of the Certificates to be authorized is February 15, 2041.  More information on the specific debt obligations that the City has designated as self-supporting is available upon request to the City at the address noted above. 

CEDAR PARK CTRCOs2021:  NOTICE.RES 

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This press release was produced by the City of Cedar Park. The views expressed are the author's own.