NOTICE OF INTENTION TO ISSUE CITY OF CLEBURNE, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION NOTICE IS HEREBY GIVEN that on September 22, 2015, the City Council of the City of Cleburne, Texas, at 5:00 p.m. at a regular meeting of the City Council to be held in the Council Chambers at the City Hall, 10 N. Robinson St. Cleburne, Texas, the regular meeting place of the City Council, intends to pass an ordinance authorizing the issuance of not to exceed $10,000,000 total principal amount of Certificates of Obligation for the purpose of paying contractual obligations to be incurred for the following purposes, to wit: (a) constructing, installing, acquiring and equipping additions, extensions and improvements to the City's waterworks and sewer system, (b) designing, developing, constructing, improving, extending, and expanding streets, thoroughfares, sidewalks, bridges, and other public ways of the City, including street lighting, right-of-way protection, and related storm drainage improvements; and acquiring rights-of-way in connection therewith ((a) and (b) together, the Project), and (c) paying professional services of attorneys, financial advisors and other professionals in connection with the Project and the issuance of the Certificates. The Certificates shall be issued in one or more series, shall bear interest at a rate not to exceed fifteen percent (15%) per annum, and shall have a maximum maturity date of not later than forty (40) years after their date. Said Certificates shall be payable from the levy of a direct and continuing ad valorem tax against all taxable property within the City sufficient to pay the interest on this series of Certificates as due and to provide for the payment of the principal thereof as the same matures, as authorized by Chapter 271, Subchapter C, Texas Local Government Code, as amended, and from all or a part of the surplus revenues of the Citys waterworks and sewer system, such pledge of surplus revenues being limited to $1,000.
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