TAKE NOTICE that the City Council of the City of Manvel, Texas (the “City”), shall convene at 7pm on November 18, 2019, at its regular meeting place in the City Hall, Council Chambers, City of Manvel, 20025 Highway 6, Manvel, Texas, of said City and during such meeting, the City Council will consider the passage of an ordinance authorizing the issuance of certificates of obligation in an amount not to exceed $3,500,000 for the purpose of paying contractual obligations to be incurred (1) for the purpose of evidencing the indebtedness of the City to pay all or any part of the contractual obligations incurred for the acquisition of approximately 117 acres of land in the vicinity of the intersection of Jordan and Masters, within the City, for use in drainage and detention, as well as other improvements to facilitate public use thereof, and related purposes, and (2) for professional services. The certificates of obligation will be payable from the levy of an annual ad valorem tax, within the limits prescribed by law, upon all taxable property within the City and from a pledge of net revenues derived from the operation of the City’s water and wastewater system.
The current principal of all outstanding debt obligation of the City is $20,525,000. The current combined principal and interest required to pay all outstanding debt obligations, secured by and payable from ad valorem taxes, of the City on time and in full is $26,228,099.07, and the estimated combined principal and interest required to pay the proposed certificates of obligations on time and in full is $4,503,124.21 The estimated interest rate for the certificates proposed to be authorized may not exceed the maximum legal interest rate, and the maximum maturity date of such certificates is 2040.
The certificates of obligation are issued, and this notice is given, under and pursuant to the provisions of Texas Local Government Code, Section 271.049, as amended.