Finance Department

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Posted on July 8, 2020

NOTICE OF INTENTION TO ISSUE TOWN OF
 
LITTLE ELM, TEXAS CERTIFICATES OF OBLIGATION 


TAKE NOTICE that the Town Council of the Town of Little Elm, Texas, shall convene at 6:00 o'clock P.M. on September 1, 2020, at the Little Elm Town Hall, 100 W. Eldorado Parkway, Little Elm, Texas, and, during such meeting, the Town Council will consider the passage of one or more ordinances authorizing the issuance of certificates of obligation in one or more series in an amount not to exceed $4,275,000 for the purpose of paying contractual obligations to be incurred for (i) constructing and improving the Town’s public parking facilities, (ii) constructing street improvements, including drainage, landscaping, curbs, gutters, sidewalks, signage, traffic signalization and street noise abatement incidental thereto and the acquisition of land and rights-of-way therefor, (iii) acquiring, constructing, improving and equipping a multi-use events center, including the acquisition of land therefor and (iv) professional services rendered in connection with the construction and financing of the foregoing projects; such certificates to be payable from ad valorem taxes and a limited pledge of the net revenues of the Town’s combined Waterworks and Sewer System.  In accordance with Texas Local Government Code Section 271.049, (i) the current principal amount of all of the Town’s outstanding public securities secured by and payable from ad valorem taxes is $93,115,000; (ii) the current combined principal and interest required to pay all of the Town’s outstanding public securities secured by and payable from ad valorem taxes on time and in full is $121,883,656; (iii) the estimated combined principal and interest required to pay the certificates of obligation to be authorized on time and in full is $5,500,000; (iv) the maximum interest rate for the certificates may not exceed the maximum legal interest rate; and (v) the maximum maturity date of the certificates to be authorized is August 1, 2040.  The certificates are to be issued, and this notice is given, under and pursuant to the provisions of Subchapter C of Chapter 271 of the Texas Local Government Code, as amended. 

Kathy Phillips
Town Secretary
Town of Little Elm


Awards


The Town of Little Elm has been awarded the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association for the ninth consecutive year. The award is given to local governments that go beyond the minimum requirements of generally accepted accounting principles to prepare comprehensive annual financial reports that evidence the spirit of transparency and full disclosure.