12 - Notice of Intention to Issue Certificates of Obligation to Fund Improvements to Love Civic Center

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NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION OF THE CITY OF PARIS, TEXAS NOTICE IS HEREBY GIVEN that the City Council of the City of Paris, Texas (the "City"), at its meeting to commence at 5:30 p.m. on January 13, 2020, at City Hall Council Chambers, 135 SE 1st Street, Paris, Texas, tentatively proposes to adopt one or more ordinances authorizing the issuance of certificates of obligation, in one or more series, in an amount not to exceed $1,500,000 for the purpose of paying all or a portion of the City's contractual obligations incurred in connection with (i) the renovation, repair and other improvement of the City's Love Civic Center and (ii) paying legal, fiscal and engineering fees in connection with such projects. The estimated interest rate for the certificates is 2.75% per annum, the maximum maturity date for the certificates is June 15, 2030, and the estimated combined principal and interest required to pay the certificates to be authorized on time and in full is $1,755,292. The City currently has outstanding debt obligations equal to $53,915,000 in principal amount and $70,284,492 in combined principal and interest required to pay such outstanding debt obligations on time and in full. The City proposes to provide for the payment of such certificates of obligation from the levy and collection of ad valorem taxes in the City as provided by law and from a pledge of surplus revenues of the City's waterworks and sewer system (the "System") that remain after payment of all operation and maintenance expenses thereof, and after all debt service, reserve and other requirements in connection with all revenue bonds or other obligations (now or hereafter outstanding) of the City have been met, to the extent that such obligations are payable from all or any part of the net revenues of the System. The certificates of obligation are to be issued, and this notice is given, under and pursuant to the provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271, CITY OF PARIS, TEXAS