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Posted on: May 17, 2023

Notice of Intent to Issue Certificates of Obligations

Certificates of Obligations


The City Council of the City of Marshall, Texas, shall convene a meeting at 6:00 P.M. on July 13, 2023, at City Hall, 401 S Alamo Boulevard, City Council Chambers, Marshall, TX 75670 and during such meeting, the City Council will consider the passage of an ordinance or ordinances authorizing the issuance of one or more series of interest bearing certificates of obligation in the aggregate principal amount not to exceed $2,050,000, for paying all or a portion of the City's contractual obligations to be incurred in connection with (1) the planning, acquisition, design, and construction of a flood management detention pond and (2) paying legal, fiscal, engineering, architectural and other professional services in connection with these projects. Such certificates are to be made payable from ad valorem taxes and a lien on and limited pledge of surplus revenues of the City's drainage system. The certificates are to be issued, and this notice is given, under and pursuant to the provisions of Texas Local Government Code, Chapter 271, Subchapter C. 

The following information is provided to follow Tex. H.B. 477, 86 Leg., R.S. (2019). The current principal of all outstanding debt obligations of the City is $3,114,000. The current combined principal and interest on all outstanding debt obligations of the City, paid on time and in full, is $3,350,439. The maximum principal amount of the certificates to be authorized is $2,050,000 and the estimated combined principal and interest required to pay the certificates to be authorized on time and in full is $2,050,000. The maximum interest rate for the certificates may not exceed the maximum legal interest rate. The maximum maturity date of the certificates to be authorized is June 15, 2048. The above information excludes $3,130,000 in principal amount of outstanding obligations the City has designated as self-supporting being the City’s Certificates of Obligation, Series 2017; General Obligation Refunding Bonds, Series 2019 and Limited Tax Notes, Series 2020. Information regarding these items may be obtained during business hours from the City Manager, 401 S Alamo Boulevard, Marshall, TX 75670, Phone: 903-935-4421, 

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