Notice of intention to issue city of
sherman, texas certificates of obligation
TAKE NOTICE that the City Council of the City of Sherman, Texas, shall convene at 5:00 o'clock P.M. on the 19th day of April, 2021, at the Sherman Municipal Ballroom, 405 N. Rusk St., Sherman, Texas, and, during such meeting, the City Council will consider the passage of one or more ordinances authorizing the issuance of one or more series of certificates of obligation in an amount not to exceed $30,000,000 for the purpose of paying contractual obligations to be incurred for (i) the construction of public works, to wit: (a) acquiring, constructing, designing, improving, expanding, renovating, and equipping a new Police Department Headquarters, (b) designing, constructing, renovating, improving, reconstructing, restructuring and extending streets, roads, thoroughfares, alleys, sidewalks, bridges, and intersections, including drainage, utility line relocations, entryways, landscaping, lighting, curbs, gutters, traffic signalization, and the acquisition of land and rights-of-way therefor, and (c) acquiring, constructing, improving and equipping parks and park facilities, and the acquisition of land and rights-of-way therefor; and (ii) professional services rendered in relation to such projects and the financing thereof; such certificates to be payable from ad valorem taxes and a limited pledge of the net revenues of the City’s combined Waterworks and Sewer System. In accordance with Texas Local Government Code Section 271.049, (i) the current principal amount of all of the City's outstanding public securities secured by and payable from ad valorem taxes is $71,985,000; (ii) the current combined principal and interest required to pay all of the City's outstanding public securities secured by and payable from ad valorem taxes on time and in full is $100,128,657; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $41,059,371; (iv) the maximum interest rate for the certificates may not exceed the maximum legal interest rate; and (v) the maximum maturity date of the certificates to be authorized is August 15, 2051. The certificates are to be issued, and this notice is given, under and pursuant to the provisions of Texas Local Government Code, Subchapter C of Chapter 271.