City of Lago Vista Notice of Hearing Certificates of Obligation




NOTICE IS HEREBY GIVEN that the City Council of the City of Lago Vista, Texas (“the City”), will conduct a public hearing at its meeting to commence at 6:30 P.M. on February 16, 2017, at the Lago Vista City Hall, 5803 Thunderbird, Lago Vista, Texas, on the issuance by the City of certificates of obligation of the City (the “Certificates”). The following information is included in this Notice pursuant to Sections 8.10 and 8.11 of the City’s Home Rule Charter: (1) the relevant statutory provisions providing for a petition and election: V.T.C.A, Local Government Code Section 271.049(c) provides that if before the date tentatively set for the authorization of the issuance of the Certificates or if before the authorization, the City Secretary receives a petition signed by at least five percent of the qualified voters of the City protesting the issuance of the Certificates, the City may not authorize the issuance of the Certificates unless the issuance is approved at an election ordered, held, and conducted in the manner provided for bond elections under Chapter 1251, Government Code; (2) the time, date and place at which the issuance of the Certificates is planned to be authorized: at the meeting of the City Council of the City to commence at 6:30 P.M. on February 16, 2017, at the Lago Vista City Hall, 5803 Thunderbird, Lago Vista, Texas; (3) the manner and funding source proposed for the payment of the Certificates: a continuing pledge of ad valorem taxes to be levied, assessed and collected annually against all taxable property in the City and a limited pledge not to exceed $1,000 of the surplus revenues of the City’s water and sewer system, remaining after payment of all operation and maintenance expenses thereof, and all debt service, reserve, and other requirements in connection with all of the City’s revenue bonds or other obligations (now or hereafter outstanding), which are payable from all or any part of the net revenues of the City’s water and sewer system; (4) the maximum principal amount of the Certificates to be issued: $8,200,000; and (5) the purpose for which the Certificates will be issued: (i) constructing, improving, extending, enlarging and equipping improvements, extensions and additions to the City’s wastewater treatment plant; (ii) constructing, improving, extending, expanding, upgrading and developing City streets to provide safe routes to schools, including sidewalks, intersections and related traffic improvements; (iii) traffic signal at the intersection of Lohman Ford Road and Boggy Ford Road; (iv) traffic improvements at the intersection of Camille Court and Dawn Street; (v) acquisition of property for the City’s airport; (vi) grass tie-down equipment for the City’s airport, including site preparation for such equipment; (vii) electrical and foundation structure repairs to the clubhouse at the City’s municipal golf course; (viii) LCRA water quality improvements for City drainage facilities; (ix) Lift Station SCADA improvements; (x) improvements to Veterans Park; (xi) improvements to the City’s Sports Complex; (xii) City street rehabilitation; (xiii) improvements identified in the City’s Water Master Plan #1; and (xiv) paying the costs of professional services in connection therewith including legal and fiscal fees and the costs of issuance with respect to the certificates of obligation.