NOTICE OF INTENTION TO ISSUE CITY OF DEL RIO, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION:

The City of Del Rio, Texas does hereby give notice of intention to issue Certificates of Obligation, in one or more series, in the maximum principal amount not to exceed $13,000,000, for the purpose of paying, in whole or in part, contractual obligations incurred to (i) renovate, improve, and equip existing City buildings and facilities, including public safety facilities and the City Hall, (ii) acquire, construct, improve, and equip City parks and recreational facilities that are generally accessible to the public and are part of the City’s Parks and Recreation Department, including the Paul Poag Theatre, (iii) rehabilitate, expand, reconstruct, or maintain the existing civic center facilities and (vi) pay for professional services rendered by engineers, attorneys, and financial advisors in connection with the above projects and Certificates of Obligation. The City proposes to provide for the payment of such Certificates of Obligation from the levy and collection of ad valorem taxes in the City, as provided by law, and from a limited lien on and pledge of surplus revenues of the City's combined Waterworks and Sewer System. In accordance with Section 271.049, as amended, Texas Local Government Code, (i) the current principal amount of all of the City’s outstanding public securities secured by and payable from ad valorem taxes is $98,010,000; (ii) the current combined principal and interest required to pay all of the City’s outstanding public securities secured by and payable from ad valorem taxes on time and in full is $125,415,485.30; (iii) the estimated combined principal and interest required to pay the Certificates to be authorized on time and in full is $20,317,896; (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 June 1, 2045. The City Council intends to consider an Ordinance authorizing the issuance of City of Del Rio, Texas Certificates of Obligation at 6:30 p.m. on Tuesday, November 14, 2023 at a Regular Meeting, at the City Hall, Del Rio, Texas.

Alvaro Arreola
Mayor, City of Del Rio, Texas