CITY OF RIESEL

Consideration of adoption of the ordinance authorizing issuance of the Certificates of Obligation described below has been postponed until the City Council’s MAY 11, 2021 meeting, which will convene at 6:30 P.m. at the location identified in the Notice (below). 

NOTICE OF INTENTION TO ISSUE
CITY OF RIESEL, TEXAS, CERTIFICATES OF OBLIGATION

TAKE NOTICE that the City Council of the City of Riesel, Texas, shall convene at 6:30 p.m. on Tuesday, April 13, 2021, at its regular meeting place in the City Hall, 104 N. Hwy 6, Riesel, Texas and, during such meeting, the City Council will consider the passage of an ordinance authorizing the issuance of not to exceed $5,360,000 total principal amount of certificates of obligation, in one or more series (collectively, the “Certificates”), bearing interest at any rate or rates not to exceed the maximum interest rate authorized by law, as shall be determined within the discretion of the City Council at the time of issuance of the Certificates, and maturing over a period of not to exceed forty (40) years from their date of issuance, for the purpose of paying contractual obligations to be incurred for (i) acquisition, purchase, construction, improvement, renovation, expansion and equipping of property, buildings, structures, facilities and related infrastructure for the City’s water and wastewater system, including one or more new water wells and related pump stations; and (ii) related professional services, including legal, fiscal, engineering and design fees, and costs of issuance, and such Certificates are to be payable from ad valorem taxes and surplus net revenues of the City’s water and wastewater system.  The estimated combined principal and interest required to pay the Certificates on time and in full is $5,360,000.  Such estimate is provided for illustrative purposes only and is based on an assumed interest rate of 0.00%.  As of the date of this notice, the aggregate principal amount of outstanding public securities of the City secured by and payable from ad valorem taxes (excluding public securities secured by an ad valorem tax but designated by the City as self-supporting) is $508,000, and based on the City’s expectations, as of the date of this notice the combined principal and interest required to pay all of the outstanding public securities of the City secured by and payable from ad valorem taxes (excluding public securities secured by an ad valorem tax but designated by the City as self-supporting) on time and in full is $712,978.  The Certificates are to be issued, and this notice is given, under and pursuant to the provisions of Subchapter C of Chapter 271, Texas Local Government Code, as amended. 

                                                                  
City Secretary
City of Riesel, Texas

click here to view the original Resolution adopted by Council on 2/9/2021

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