Intent to Issue Certificates of Obligation

UPDATE: Action was delayed by City Council until August 3rd, 2021

NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION

NOTICE IS HEREBY GIVEN that the City Council of the City of Odessa, Texas (the “City”), will meet at the City Hall, 411 West 8th Street, Odessa, Texas at 6:00 p.m. on the 27th day of July, 2021 (unless alternative meeting arrangements are required to address public health concerns, which meeting arrangements will be specified in the notice of such meeting posted in accordance with applicable law), 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 (the “Certificates”), in the maximum aggregate principal amount not to exceed NINETY FIVE MILLION DOLLARS ($95,000,000), payable from ad valorem taxes and from a 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 (a) acquiring, constructing and improving City water and sewer facilities, including the construction of improvements to the City’s existing water treatment plant, and the acquisition of land and rights-of-way in connection therewith (collectively, the “Project”); and (b) professional services of attorneys, financial advisors and other professionals in connection with the Project and the costs of issuance of the Certificates.  The estimated combined principal and interest required to pay the Certificates on time and in full is $131,668,250.  Such estimate is provided for illustrative purposes only, and is based on an assumed interest rate of 2.95%.  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. 2021R-39 dated June 8, 2021, which resolution is available from the City upon request) is $122,065,000, 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 (excluding public securities secured by an ad valorem tax but designated by the City as self-supporting) on time and in full is $167,816,600.

WITNESS MY HAND, this 8th day of June, 2021.

/s/ Norma Aguilar – Grimaldo, TRMC, CMC

City Secretary

City of Odessa, Texas

Notice of Intent to Issue Certificates of Obligation