Public Notices


NOTICE OF INTENTION REGARDING

THE ISSUANCE OF ONE OR MORE SERIES OF THE

CITY OF TEMPLE, TEXAS

COMBINATION TAX AND REVENUE

CERTIFICATES OF OBLIGATION

 

NOTICE IS HEREBY GIVEN that it is the intention of the City Council of the City of Temple, Texas, to issue on a tax-exempt and/or taxable basis one or more series of interest bearing certificates of obligation of the City entitled "City of Temple, Texas Combination Tax and Revenue Certificates of Obligation" (the "Certificates") for the purpose of paying contractual obligations incurred or to be incurred by the City for: (a) constructing, improving, extending, expanding, upgrading and/or developing streets, roads, bridges, trails, sidewalks, intersections, and other street/road improvement projects including related infrastructure such as water, wastewater and drainage improvements, purchasing any necessary rights-of-way and other related infrastructure and equipment costs including the Kegley Road improvements, Pavement Preservation and Reconstruction projects throughout the City, Outer Loop project, the Neighborhood Identity Placemaking projects, Poison Oak reconstruction project, 1st Street Sidewalk project, Avenue D Connections and Alley project and Georgetown Railroad Trail project; (b) constructing, renovating, repairing, demolishing and equipping existing City buildings and facilities including hvac repairs and replacements, the Lanier Center building repairs and the Parks Department Maintenance Building; (c) designing, constructing and equipping an expansion to the existing City animal shelter; (d) designing, constructing, improving, acquiring and equipping City public safety facilities including Fire Training Skills Pad, Simulation Shoot House and Fire Training Burn Props; (e) acquisition of fire trucks;  (f) drainage improvements within the City; (g) designing, constructing, improving, acquiring, extending, expanding, upgrading, developing, equipping and purchasing any necessary rights-of-way within City of Temple, Texas Reinvestment Zone Number One  ("TIRZ #1") including (i) storm water, water and wastewater improvements including 3MG elevated storage tank and related transmission line, McLane Pump Station and related transmission main, the Pepper Creek Wastewater Extension with equalization basin, upsizing the Pepper Creek trunk sewer along Kegley Road, Range Road transmission line, Loop 363 transmission line and Southeast Temple Water Supply Projects including transmission lines, pump station and ground storage tank, (ii) Draughon-Miller Regional Airport including taxiway extension, fixed base operator facility with customer service center, offices, lounges, parking facility, Airport Fire Fighting and Rescue facility and related utility improvements, (iii) City Center Project which includes reconstruction of Central Avenue including storm water improvements, water improvements, wastewater improvements, pedestrian improvements, lighting and landscaping, (iv) East/West Gateway for Temple on IH-35 including signage, art, landscaping and irrigation and (v) streets and roads including Lorraine Drive Roadway Extension with related stormwater, utilities, pedestrian improvements, lighting and landscaping; and (h)  professional services including fiscal, engineering, architectural and legal fees and other such costs incurred in connection therewith including the costs of issuing the Certificates.  The City Council tentatively proposes to consider for first and final reading at a meeting to commence at 5:00 p.m. on the 7th day of July, 2022 at Council Chambers, 2 North Main Street, Temple, Texas, 76501, the passage of an ordinance authorizing the issuance of the Certificates.  The maximum amount of the Certificates that may be authorized for such purpose is $101,770,000.  The City Council presently proposes to provide for the payment of such Certificates from the levy and collection of ad valorem taxes in the City as provided by law and from the surplus revenues of the City's utility system in an amount not to exceed $10,000, remaining after payment of all operation and maintenance expenses thereof, and all debt service, reserve and other requirements in connection with all of the City's revenue bonds or other obligations (now or hereafter outstanding) which are payable from all or any part of the net revenues of the City's utility system. Additionally, the City may pay, or pledge to the payment of, the Certificates issued for the TIRZ #1 projects from the TIRZ #1 tax increment revenues after payment of all operation and maintenance expenses thereof, and all debt service, reserve and other requirements in connection with all of the City's tax increment revenue bonds or other obligations (now or hereafter outstanding) which are payable from TIRZ #1 tax increment revenues. The following information is required pursuant to Texas Local Government Code, Section 271.049(b)(4):  As of May 19, 2022, principal of all outstanding debt obligations of the City is $281,235,000.  As of May 19, 2022, combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $350,832,325.79.  The maximum principal amount of the Certificates to be authorized is $101,770,000.  The estimated combined principal and interest required to pay the Certificates to be authorized on time and in full is $175,375,654.16.  The estimated interest rate for the Certificates to be authorized is 5.00%. Such estimate takes into account a number of factors, including the issuance schedule, maturity schedule and the expected bond ratings of the proposed bonds.  Such estimated maximum interest rate is provided as a matter of information but is not a limitation on the interest rate at which the Certificates, of any series thereof, may be sold.  The maximum maturity date of the Certificates to be authorized is August 1, 2047.

 

 

 

CITY OF TEMPLE, TEXAS