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NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION
OF THE TOWN OF SHADY SHORES, TEXAS
NOTICE IS HEREBY GIVEN that the Town Council of the Town of Shady Shores, Texas, at its meeting to commence at 7:00 P.M. on August 19, 2021, at its regular meeting place at 101 S Shady Shores Road, Shady Shores, Texas (in the event Town Council will be unable to meet at this address, the Town will post information on its website for attending the meeting be telephone, teleconference, or other electronic means), tentatively proposes to adopt an ordinance authorizing the issuance of interest bearing certificates of obligation, in one or more series, in an amount not to exceed $2,100,000 for paying all or a portion of the Town’s contractual obligations incurred in connection with (i) constructing, reconstructing and improving streets, roads, and sidewalks, including related drainage, utility relocation, signalization, landscaping, lighting and signage; (ii) acquiring, constructing, installing and equipping improvements to the Town’s stormwater and drainage system, and the acquisition of land and interest in land as necessary therefore; and (iii) legal, fiscal and engineering fees in connection with such projects. The Town proposes to provide for the payment of such certificates of obligation from the levy and collection of ad valorem taxes in the Town as provided by law and from a limited pledge of surplus revenues of the Town’s solid waste disposal system, remaining after payment of all operation and maintenance expenses thereof, and all debt service, reserve, and other requirements in connection with all of the Town’s revenue bonds or other obligations (now or hereafter outstanding), which are payable from all or any part of the net revenues of the Town’s solid waste disposal system. The certificates of obligation 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.
In accordance with the provisions of Texas Local Government Code, Subchapter C of Chapter 271, as amended (“Chapter 271”), the following information has been provided by the Town: (i) the principal amount of all outstanding debt obligations of the Town is $0.00; (ii) the current combined principal and interest required to pay all outstanding debt obligations of the Town on time and in full is $0.00; (iii) the maximum principal amount of the certificates of obligation to be authorized is $2,100,000; (iv) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $324,600; (v) the maximum interest rate for the certificates may not exceed the maximum legal interest rate; and (vi) the maximum maturity date of the certificates of obligation to be authorized is February 15, 2037.
TOWN OF SHADY SHORES, TEXAS