NOTICE OF INTENTION TO ISSUE

CITY OF BASTROP, 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 Bastrop, Texas to issue Certificates of Obligation (the "Certificates") of the City in one or more series for the purpose of providing funds for paying contractual obligations incurred or to be incurred for constructing, improving, designing, acquiring, including acquiring land, easements and right of way, and equipping the City's: (1) water and waste water system, and (2) payment of  professional services in connection therewith including legal, engineering, architectural and fiscal fees and the costs of issuing the Certificates.  The City Council tentatively proposes to authorize the issuance of the Certificates at its regular meeting place in the City Hall, 1311 Chestnut Street, Bastrop, Texas to be commenced at 6:30 p.m., on the 13th day of August, 2024.  The maximum principal amount of Certificates that may be authorized for the above listed purposes is $38,000,000.  The City Council presently proposes to provide for the security and payment of the Certificates by a pledge of ad valorem taxes upon all taxable property within the City within the limits allowed by law and from a limited pledge of the City’s surplus water and sewer system revenues not to exceed $1,000. 

The following information is required pursuant to Texas Local Government Code, Section 271.049(b)(4):  As of June 11, 2024 principal of all outstanding debt obligations of the City is $105,060,000.  As of June 11, 2024 combined principal and interest required to pay all outstanding debt obligations of the City on time and in full is $152,585,853.  The maximum principal amount of the Certificates to be authorized is $38,000,000.  The estimated combined principal and interest required to pay the Certificates to be authorized on time and in full is $67,115,083.  The estimated interest rate for the Certificates to be authorized is 5.0%.  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 bonds, or any series thereof, may be sold.  The maximum maturity date of the Certificates to be authorized is August 1, 2049.