NOTICE IS HEREBY GIVEN that the City Council of the City of Waco, Texas (the “City”), will meet in the Bosque Theater in the Waco Convention Center at 100 Washington Avenue, Waco, Texas at 6:00 p.m. on the 5th day of August, 2025, which is the time and place tentatively set for the passage of one or more ordinances and such other action as may be deemed necessary to authorize the issuance from time to time of one or more series of the City’s certificates of obligation (the “Certificates”), in the maximum aggregate principal amount not to exceed TEN MILLION DOLLARS ($10,000,000), payable from ad valorem taxes and from a limited pledge of certain surplus revenues of the City’s water and sewer system, bearing interest at any rate or rates not to exceed the maximum interest rate authorized by law, as shall be determined within the discretion of the City Council of the City at the time of issuance of the Certificates, and maturing over a period not to exceed forty (40) years from the date of issuance, for the purposes of evidencing the indebtedness of the City for all or any part of the costs associated with the
(1) construction, acquisition, and improvement of the City’s water system, including the removal and replacement of lead water service lines; and
(2) professional services in connection with item (1), and to pay the costs of issuance incurred in connection with the issuance of the Certificates.
The Certificates are being issued to evidence the receipt of financial assistance from the Texas Water Development Board under the Drinking Water State Revolving Fund. The estimated combined principal and interest required to pay the Certificates on time and in full is $15,365,101. Such estimate is provided for illustrative purposes only and is based on an assumed interest rate of approximately 3.25%. Market conditions affecting interest rates vary based on a number of factors beyond the control of the City, and the City cannot and does not guarantee a particular interest rate associated with the Certificates. As of the date of this notice, the aggregate principal amount outstanding of tax-supported debt obligations of the City (excluding public securities secured by an ad valorem tax but designated by the City as self-supporting in Resolution No.2025-345, dated May 20, 2025, which resolution is available from the City upon request) is $773,235,000. 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 (excluding public securities secured by an ad valorem tax but designated by the City as self-supporting) on time and in full is $463,870,965. The Texas Water Development Board has issued a commitment for financial assistance related to the project in a maximum total amount of $20,000,000, which includes the Certificates and up to $10,200,000 in principal forgiveness.
Posted 5/20/2025
