Notice of Intention to Issue Dimmit County, Texas Certificates of Obligation
NOTICE IS HEREBY GIVEN that the Commissioners Court (the “Court”) of Dimmit County, Texas (the “County”) will convene at its regular meeting place at the Dimmit County Courthouse, 212 North 4th Street, Carrizo Springs, Texas, at 10:00 o‘clock a.m., on August 23, 2021, and, during such meeting, the Court will consider the passage of an order and take such other actions as may be deemed necessary to authorize the issuance of one or more series of certificates of obligation in an aggregate principal amount not to exceed $5,110,000.00 for the purpose or purposes of paying contractual obligations of the County to be incurred, to-wit: (1) construction, repair and improvements to County roads and bridges (including the purchase of land and equipment), and amenities incident thereof, (2) purchase of office equipment and technology upgrades for County Departments, (3) construction, renovation, utility improvements, and equipment of County Buildings for County Departments (including the purchase of land, as needed), and (4) the payment of professional services related to the construction and financing of the aforementioned projects.
The certificates of obligation (the “Certificates”) will be payable from the levy of an annual ad valorem tax, within the limitations prescribed by law, upon all taxable property within the County and additionally from a limited pledge of certain revenues derived from the operation of the County’s solid waste management system. The Certificates are to be issued, and this notice is given, under and pursuant to the provisions of the Certificate of Obligation Act of 1971 as amended, Local Government Code Sections 271.041 through 271.063, and Section 363.135, as amended, Texas Health and Safety Code.
The current principal of all outstanding debt obligations of the County is $10,100,000. The combined principal and interest required to pay all outstanding debt obligations of the County on time and in full is $10,243,443.78. The estimated combined principal and interest required to pay the Certificates is $5,238,951. The estimated interest rate for the Certificates is 1.500%. The maximum interest rate for the certificates may not exceed the maximum legal interest rate. The maximum maturity date of the Certificates is September 1, 2024.