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Notice of Intention to Issue COs

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Notice of Intention to Issue Certificates of Obligation
Posted on 07/13/2022

The City Council of the City of College Station will consider the passage of an ordinance or ordinances authorizing the issuance of one or more series of interest bearing certificates of obligation (the “Certificates”) in the principal amount not to exceed $78,000,000 for paying all or a portion of the City's contractual obligations to be incurred in connection with constructing, improving, acquiring and equipping the following projects: (i) streets and roads including related drainage, landscaping, signalization, lighting, pedestrian improvements and signage related thereto; (ii) designing, constructing, equipping and installing parks and recreation equipment and park improvements for Texas Independence Ballpark at Midtown; (iii) information technology and communication equipment; (iv) facilities and equipment maintenance facility relocation and improvements; (v) improvements and extensions to the City's combined waterworks, sewer and electric systems including distribution, transmission, system lines, lift stations, pumps, storage tanks, metering, wells, plant improvements, and acquisition of interests in land for such purposes; and (vi) the payment of fiscal, engineering and legal fees incurred in connection therewith.

The City 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 a limited pledge (not to exceed $1,000) of the surplus revenues of the City's waterworks, sewer and electric systems, 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 waterworks, sewer and electric systems. The Certificates are to be issued, and this notice is given, under and pursuant to the provisions of Texas Local Government Code, Chapter 271, Subchapter C.

The City Council tentatively proposes to adopt the ordinance(s) authorizing the Certificates at a meeting to be held at 5:00 P.M. on July 14, 2022, to be held at City Hall, 1101 Texas Avenue, College Station, TX 77840. The ordinance(s) may authorize an authorized officer of the City to effect the sale and delivery of the Certificates on a date or dates subsequent to the adoption of the ordinance(s).

The following information is provided to comply with Tex. H.B. 477, 86 Leg., R.S. (2019). The current principal of all outstanding debt obligations of the City is $179,298,586. The current combined principal and interest required to pay all outstanding debt obligations of the City on time and in full, is $225,411,311. The maximum principal amount of the Certificates to be authorized is $78,000,000 and the estimated combined principal and interest required to pay the Certificates to be authorized on time and in full is $110,035,427. The maximum interest rate for the Certificates may not exceed the maximum legal interest rate. The maximum maturity date of the Certificates to be authorized is February 15, 2042. The above information excludes $183,271,414 in principal amount of the following obligations the City has designated as self-supporting and which the City reasonably expects to pay from revenue sources other than ad valorem taxes: General Obligation Improvement and Refunding Bonds, Series 2013; General Obligation Improvement and Refunding Bonds, Series 2014; General Obligation Improvement and Refunding Bonds, Series 2016; General Obligation Improvement and Refunding Bonds, Series 2017; General Obligation Refunding Bonds, Series 2020 and Series 2020A and Certificates of Obligation Series 2013, Series 2014, Series 2016, Series 2017, Series 2018, Series 2019, Series 2020 and Series 2021. In the event these self-supporting revenue sources are insufficient to pay debt service, the City is obligated to levy ad valorem taxes to pay such debt obligations. Information regarding the self-supporting debt and all other debt of the City may be obtained by contacting the Director of Fiscal Services at 1101 Texas Avenue, College Station, TX 77840 and by phone at 979-764-3645.

CITY OF COLLEGE STATION, TEXAS

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