RESOLUTION CALLING BOND ELECTION AND NOTICE

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(c) The principal amount of the debt obligations to be authorized is set forth in Sections 2 and 3 hereof. (d) As set forth in Sections 2 and 3 hereof, if the bonds are approved by the voters, the City Council will be authorized to levy annual ad valorem taxes, on all taxable property in the City, sufficient, without limit as to rate or amount, to pay the principal of and interest on the bonds and the cost of any credit agreements executed in connection with the bonds. (e) Based upon the bond market conditions at the date of adoption of this resolution, the maximum interest rate for any series of the bonds is estimated to be 4% as calculated in accordance with applicable law. 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. (f) As set forth in Section 2 hereof, if the bonds are approved, they may be issued in one or more series, to mature serially, over a period not to exceed 20 years. (g) The aggregate amount of the outstanding principal of the City's debt obligations as defined in Section 3.009, Texas Election Code (all of which are secured by a limited tax levied for debt service purposes), as of the beginning of the City's 2016 -17 fiscal year is $43,215,000. (h) The aggregate amount of the outstanding interest of the City's debt obligations as defined in Section 3.009, Texas Election Code (all of which are secured by a limited tax levied for debt service purposes), as of the beginning of the City's 2016 -17 fiscal year is $16,180,890.13. (i) The ad valorem debt service tax rate for the City for the 2016 -17 fiscal year is $0.07752 per $100 of taxable assessed valuation. Section 14. The meeting at which this Resolution was passed was conducted in strict compliance with the Texas Open Meetings Act, Texas Government Code Chapter 551. Section 15. This Resolution shall be effective immediately from and after its passage.