Posted: August 29, 2022 - At its September 26 regular meeting, City Council approved the sale of $47.56 Million in Certificates of Obligation to fund the identified projects in the Foundation for the Future campaign. For more information visit the Foundation for the Future website page.
Posted July 26, 2022 - NOTICE IS HEREBY GIVEN that the City Council of the City of West University Place, Texas (the “City”) will meet at its regular meeting place in the Municipal Building, 3800 University Boulevard, West University Place, Texas 77005 at 6:30 p.m. on the 26th day of September, 2022, which is the time and place tentatively set for the passage of an ordinance and such other action as may be deemed necessary to authorize the issuance of the City’s certificates of obligation in one or more series, payable from an annual ad valorem tax, as well as a limited pledge of $1,000 of the surplus revenues of the City’s water and sewer system, in the maximum aggregate principal amount of $61,120,000, 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 at the time of issuance and maturing over a period of years not to exceed thirty (30) years from the date thereof, for the purposes of evidencing the indebtedness of the City for all or any part of the costs associated with (i) the planning and construction of a public works facility, (ii) improvements and repairs to City’s street, road and stormwater drainage system, including Buffalo Speedway, (iii) improvements and repairs to the City’s water, sanitary sewer and wastewater system, including repairs and improvements to the City’s wastewater treatment plant, and (iv) costs of professional services incurred in connection therewith. The estimated combined principal and interest required to pay the Certificates on time and in full is $96,466,643. Such estimate is provided for illustrative purposes only and is based on an assumed interest rate of 4.25%. 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 City has no outstanding public securities secured by an ad valorem tax but designated by the City as self-supporting. As of the date of this notice, the aggregate principal amount outstanding of tax-supported debt obligations of the City is $38,650,000, 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 $55,956,031.
WITNESS MY HAND, this 26th day of July, 2022.
Thelma A. Gilliam, TRMC, CMC
Posted July 8, 2022 - As the City approaches its centennial anniversary, City Council and staff continue to plan for the future. This will be an ongoing effort that coordinates with the City’s Capital Improvement Plan.
Later this month, the West University Place City Council will take the first step in these efforts by authorizing a Notice of Intent to issue Certificates of Obligation (COs) to cover a variety of projects. The total amount of COs issued will not exceed the amount of $61,120,000.
At its July 11 and 25 meetings, City Council will meet with staff and the City’s financial representative to discuss capital projects and the issuance of debt to fund the identified projects.
For more information about the Foundation for the Future plan visit, www.westutx.gov/foundation.