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Posted on: September 29, 2020

NOTICE OF INTENTION TO ISSUE CERTIFICATES


 

            NOTICE IS HEREBY GIVEN that the City Council of the City of Reno, Texas (the “City”) will hold a meeting at its regular meeting place at City Hall, 160 Blackburn Street, Reno, Texas (or if the City is still subject to a stay-at-home order via teleconference and video conference in compliance with an advisory issued by the Office of the Governor) at 6:00 p.m. on the 14th day of December, 2020, which is the time and place tentatively set for the passage of an ordinance and such other action as may be deemed necessary to authorize the issuance of the City’s certificates of obligation, payable from an annual ad valorem taxation, as well as a limited (in an amount not to exceed $1,000) pledge of certain revenues of the waterworks and sewer system of the City, in the maximum aggregate principal amount of $350,000, bearing interest at any rate or rates not to exceed the maximum interest rate now or hereafter authorized by law, as shall be determined within the discretion of the City Council at the time of issuance and maturing over a period of years not to exceed forty (40) years from the date thereof, for the purpose of evidencing the indebtedness of the City (1) for water system repairs and improvements and (2) for professional services pursuant to Subchapter C of Chapter 271, Texas Local Government Code, as amended.  The estimated combined principal and interest required to pay the Certificates on time and in full is $419,413.78.  Such estimate is provided for illustrative purposes only and is based on an assumed interest rate of 2.35%.  Market conditions affecting interest rates vary based on a number of factors beyond the control of the City, and the City cannot and does not guarantee a particular interest rate associated with the Certificates. As of the date of this notice, the aggregate principal amount outstanding of tax-supported debt obligations of the City is $1,651,000, 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 tax-supported debt obligations of the City on time and in full is $2,254,106.08.

 

                                                                                    City Secretary

                                                                                    City of Reno, Texas

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