NOTICE IS HEREBY GIVEN that the City Council of the City of Eagle Lake, Texas (the “City”), will meet at City of Eagle Lake Municipal Building at 100 East Main Street, Eagle Lake, Texas 77434, at 7:00 p.m. on the 11th day of July, 2023, which is the time and place tentatively set for the passage 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 $3,250,000 payable from ad valorem taxes and from a limited pledge of a subordinate lien on the surplus revenues of the City’s combined utility system, 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 forty (40) 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) the construction of improvements to city streets and roads and related infrastructure, and (ii) cost of professional services incurred in connection therewith. The estimated combined principal and interest required to pay the Certificates on time and in full is approximately $4,840,173. Such estimate is provided for illustrative purposes only and is based on an assumed interest rate of 4.25%. 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 $0, 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 $0.
WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this 9th day of May, 2023.
Lina Ferguson
City Secretary
City of Eagle Lake, Texas