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Posted on: November 14, 2019

NOTICE OF INTENT TO ISSUE CERTIFICATES OF OBLIGATION

NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION

NOTICE IS HEREBY GIVEN that the City Council of the City of Jacksonville, Texas (the “City”), will meet at 315 S. Ragsdale Street, Jacksonville, Texas 75766 at 6:00 p.m. on the 14th day of January, 2020, which is the time and place tentatively set for the final passage of an Ordinance Authorizing the Issuance and Sale of the City of Jacksonville, Texas, Combination Tax and Revenue Certificates of Obligation, Series 2020 (the “Ordinance”) and such other action as may be deemed necessary to authorize the issuance of the City’s certificates of obligation (the “Certificates”), in the maximum aggregate principal amount not to exceed $10,000,000 payable from ad valorem taxes and from a limited pledge of a subordinate lien on the surplus  revenues of the City’s waterworks and sewer system, 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 of the City at the time of issuance of the Certificates, and maturing over a period not to exceed forty (40) years from the date of issuance, for the purposes of evidencing the indebtedness of the City for all or any part of the costs associated with (i) the acquisition, construction, design, development, and equipment of a public safety complex; (ii) the acquisition, construction, design, development, and equipment of City streets and drainage facilities; (iii) the acquisition, construction design, development, and equipment of parks and recreational facilities; and (iv) the cost of professional services incurred in connection therewith. The estimated combined principal and interest required to pay the Certificates on time and in full is $14,150,000. Such estimate is provided for illustrative purposes only, and is based on an assumed interest rate of 3.75%. 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 of outstanding tax-supported debt obligations of the City (excluding public securities secured by an ad valorem tax but designated as self-supporting in Resolution No. 11-2019-02, dated November 12, 2019, which resolution is available from the City upon request), is $5,450,000, 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 (excluding public securities secured by an ad valorem tax but designated by the City as self-supporting) on time and in full is $5,887,212.

WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this 12th day of November, 2019.


Greg Lowe
City Secretary
City of Jacksonville, Texas

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