Create an Account - Increase your productivity, customize your experience, and engage in information you care about.
The City Commission of the City of Brownsville, Texas (the "City") does hereby give notice of intention to issue one or more series of City of Brownsville, Texas Combination Tax and Revenue Certificates of Obligation in the maximum aggregate principal amount not to exceed $10,500,000 for the purpose of paying, in whole or in part, contractual obligations to: (i) acquire land or interests in land for street and drainage improvements at various locations in the City; (ii) construct, improve and/or repair streets, trails, sidewalks and related drainage improvements at various locations in the City (and possibly purchase equipment deemed appropriate to construct and/or repair such improvements); (iii) construct, acquire and equip improvements to the City’s municipal landfill, including the expansion of the City’s landfill gas collection and control system; (iv) acquire vehicles and other equipment for various City departments (including tractors for the City’s Landfill Department, ambulances for the Fire Department, and a Computer Aided Dispatch System for the Police Department); (v) acquire technology infrastructure, equipment and improvements for various City departments; (vi) design the reconstruction of a runway at the Brownsville/South Padre Island International Airport; (vii) construct, acquire and equip a parking garage gate; (viii) replace an elevator at City Hall; and (ix) undertake various capital beautification projects throughout the City (collectively, the "Projects"), and paying all or a portion of the legal, fiscal, and engineering fees in connection with the Projects and costs of issuance related to such Certificates of Obligation. 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 lien on and pledge of "Surplus Revenues," if any, received by the City from the ownership and operation of the City’s municipal landfill system. The current principal of all currently outstanding debt obligations of the City is $129,806,285, the combined principal and interest required to pay all currently outstanding debt obligations of the City on time and in full is $162,893,471, the estimated combined principal and interest required to pay the proposed Certificates on time and in full is $13,882,781, the estimated interest rate for the proposed Certificates is 2.77%, and the maximum maturity date of the proposed Certificates is February 15, 2040. The prior statements regarding currently outstanding debt obligations of the City do not include debt that the City has designated as self-supporting and payable from revenues other than ad valorem taxes, if any. The City Commission proposes to authorize the issuance of such Certificates of Obligation at 5:00 p.m. on Tuesday, November 3, 2020, at a Regular Meeting at the City Hall, City of Brownsville, Texas.
/s/ Juan "Trey" Mendez, III
Mayor, City of Brownsville, Texas