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Posted on: November 6, 2019

Notice of intention to issue certificates of obligation

Mansfield City Newsroom

NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION

NOTICE IS HEREBY GIVEN that the City Council of the City of Mansfield, Texas (the “City”), will meet in the Council Chambers at the City Hall, 1200 East Broad Street, Mansfield, Texas, the regular meeting place of the City Council, at 7:00 p.m. on the 13th day of January, 2020, which is the time and place tentatively set for the passage of an 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 $26,000,000, payable from the levy of a direct and continuing ad valorem tax against all taxable property within the City sufficient to pay the interest on this series of Certificates as due and to provide for the payment of the principal thereof as the same matures, as authorized by Chapter 271, Subchapter C, Texas Local Government Code, as amended, and from all or a part of the surplus revenues of the City’s waterworks and sewer system, such pledge of surplus revenues being limited to $1,000, bearing interest at any rate or rates not to exceed the maximum interest rate 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 twenty-five (25) 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 the (i) design of new police facilities; (ii) designing, constructing, expanding, equipping and furnishing Fire Station #5; (iii) engineering, constructing, reconstructing, improving, repairing, developing, extending and expanding streets, thoroughfares, bridges, interchanges, intersections, grade separations, sidewalks and other public ways of the City, including related streetscape improvements, public utility improvements, storm drainage facilities and improvements, signalization and other traffic controls, street lighting, and the acquisition of land therefor; (iv) acquiring signage, wayfinding and integrated navigation technology and equipment; (v) designing, improving, constructing and renovating facilities and infrastructure at the City’s historic Ralph Man House; (vi) designing, improving, constructing, renovating, expanding  and equipping facilities and infrastructure at the City Library; (vii) acquiring equipment and vehicles for fire, police, public works and community services;  and (viii) professional services incurred in connection with items (i) through (vii), and to pay the costs incurred in connection with the issuance of the Certificates.  The estimated combined principal and interest required to pay the Certificates on time and in full is $35,167,547. Such estimate is provided for illustrative purposes only, and is based on an assumed interest rate of 3.00%.  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 outstanding of tax-supported debt obligations of the City is $138,605,000, 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 on time and in full is $184,430,212.

WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this 28th day of October, 2019.

/s/Susana Marin, City Secretary

City of Mansfield, Texas

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