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The original item was published from 11/14/2023 4:18:47 PM to 11/14/2023 4:19:12 PM.

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City of La Porte News

Posted on: November 14, 2023



NOTICE IS HEREBY GIVEN that the City Council of the City of La Porte, Texas (the “City”) will meet at its regular meeting place at City Council Chambers, City Hall, 604 West Fairmont Parkway, La Porte, Texas, at 6:00 p.m. on January 8, 2024, which is the time and place tentatively set for the passage of an ordinance authorizing the issuance of the City’s certificates of obligation (the “Certificates”) in the maximum aggregate principal amount of $13,840,000.00 to pay contractual obligations incurred for (i) the planning, acquisition, design and construction of wastewater system improvements and (ii) payment of professional services rendered in connection therewith. The Certificates will be payable from ad valorem taxes and a pledge of surplus net revenues of the water and sewer system of the City, will bear interest at any rate or rates, not to exceed the maximum interest rate authorized by law, as determined within the discretion of the City Council at the time of issuance, and will mature over a period of years not to exceed thirty (30) years from their date.  

It is estimated that the combined principal and interest required to pay the Certificates is $22,705,750.00 Such estimate is provided for illustrative purposes only, and is based on an assumed interest rate of 5.00%. Such amounts are derived from projections obtained from the City’s financial advisor based upon current market conditions and are provided by the City without assurance that such projections will be realized. The City cannot guarantee that such conditions will continue through the date of the sale of the Certificates. As of the date of this notice, the aggregate principal amount outstanding of tax-supported debt obligations of the City is $27,242,932.00, and, based on the City’s expectations, as of the date of this notice the combined principal and interest required to pay all of the outstanding tax-supported debt obligations of the City on time and in full is $33,023,762.00 (in each case excluding public securities secured by an ad valorem tax but designated by the City as self-supporting pursuant to a resolution adopted by the City Council on November 13, 2023, which resolution is available from the City upon request). 

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