On July 9, 2024, the City Council of Greenville, Texas, will convene at 6:00 p.m. for a regular meeting at the Municipal Building (2821 Washington Street) to discuss and potentially pass an ordinance authorizing the issuance of certificates of obligation (the "Certificates"). These Certificates, with a maximum aggregate principal amount not to exceed $5,200,000, will be used for various purposes related to the improvement of the Greenville Municipal Auditorium.
The funds will cover the costs associated with enhancing the existing auditorium, including upgrades to lighting and technology, as well as professional services incurred in connection with these improvements. Additionally, funds will be allocated for expenses related to issuing the Certificates.
The Certificates will be payable from a combination of sources, including a direct and continuing ad valorem tax on all taxable property within the city and surplus revenues from the city's waterworks and sewer system, limited to $1,000. They will bear interest at rates not to exceed the maximum authorized by law and will mature over a period not exceeding forty years from the date of issuance.
The estimated combined principal and interest required to repay the Certificates is $6,063,385, assuming an interest rate of 3.60%. However, the actual interest rate may vary due to market conditions beyond the city's control.
As of the date of the notice, the city's outstanding tax-supported debt obligations (excluding certain designated securities) amount to $156,044,000. The total combined principal and interest required to pay off all outstanding tax-supported debt obligations is estimated at $222,627,727.
For further information, interested parties can request Resolution No. 24-41, dated May 14, 2024, from the City.
