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Posted on: April 8, 2021

NOTICE OF INTENTION TO ISSUE COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION

CITY OF BROWNSVILLE, TEXAS NOTICE OF INTENTION TO ISSUE

COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION

 

The City Commission of the City of Brownsville, Texas (the "City") does hereby give notice of intention to issue two series of City of Brownsville, Texas Combination Tax and Revenue Certificates of Obligation (to be sold to the Texas Water Development Board (the "TWDB") through the TWDB's Flood Infrastructure Fund) to provide a portion of the costs to finance (i) a drainage improvement project in the City known generally as the Impala Drain and Upstream Ditches Project (the "Impala Drain and Upstream Ditches Project"), and (ii) a drainage-related supervisory control and data acquisition (SCADA) system (the "SCADA Project" and collectively with the Impala Drain and Upstream Ditches Project, the "Projects").

 Certificates of Obligation issued in connection with the Impala Drain and Upstream Ditches Project will be issued in the maximum aggregate principal amount not to exceed $5,005,000, and Certificates of Obligation issued in connection with the SCADA Project will be issued in the maximum aggregate principal amount not to exceed $2,560,000, for the purpose of paying, in whole or in part, contractual obligations to acquire, construct and equip the respective Projects and paying all or a portion of the legal, fiscal, and engineering fees in connection with the respective Projects and costs of issuance related to the respective 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.

Read the Public Notice
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