HomeMy WebLinkAbout2021-O-05 - Special Bond Election CERTIFICATE FOR ORDINANCE
THE STATE OF TEXAS §
ERATH COUNTY §
CITY OF STEPHENVILLE §
We, the undersigned officers of the City of Stephenville,Texas, hereby certify as follows:
1. The City Council of the City convened in regular meeting on the 2nd day of February, 2021, at
the regular designated meeting place,and the roll was called of the duly constituted officers and members
of the City Council,to-wit:
Doug Svien—Mayor
Mark McClinton—Mayor Pro Tem
Justin Haschke—Place 2
Nick Robinson—Place 3
Brady Pendleton—Place 4
Ricky Thurman—Place 5
Alan Nix—Place 6
Gerald Cook—Place 7
Brandon Huckabee—Place 8
Staci L. King, City Secretary
and all of said persons were present, except the following absentees:
Mayor Doug Svien
Council Member Place 8 Brandon Huckabee
thus constituting a quorum. Whereupon, among other business, the following was transacted at said
Meeting: a written Ordinance entitled
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF STEPHENVILLE,TEXAS, CALLING A
BOND ELECTION TO BE HELD WITHIN THE CITY ON MAY 1,2021;AND CONTAINING OTHER
PROVISIONS INCIDENTAL THERETO
was duly introduced for the consideration of the City Council (the "Ordinance"). It was then duly moved
and seconded that the Ordinance be adopted and, after due discussion, said motion, carrying with it the
adoption of the Ordinance, prevailed with all present voting "Aye," except as shown below:
NAY: ABSTAIN:
2. A true, full and correct copy of the Ordinance adopted at the Meeting described in the above
and foregoing paragraph is attached to and follows this Certificate; that the Ordinance has been duly
recorded in the City Council's minutes of said Meeting; that the above and foregoing paragraph is a true,
full and correct excerpt from the City Council's minutes of said Meeting pertaining to the adoption of the
Ordinance; that the persons named in the above and foregoing paragraph are the duly chosen, qualified
and acting officers and members of the City Council as indicated therein; that each of the officers and
members of the City Council was duly and sufficiently notified officially and personally, in advance,of the
time, place and purpose of the aforesaid Meeting, and that the Ordinance would be introduced and
considered for adoption at said Meeting, and each of said officers and members consented, in advance,
to the holding of said Meeting for such purpose, and that said Meeting was open to the public and public
notice of the time, place and purpose of said meeting was given, all as required by Chapter 551, Texas
Government Code.
3. The Mayor of the City has approved and hereby approves the Ordinance; that the Mayor and
the City Secretary of the City have duly signed the Ordinance;and that the Mayor Pro-term, in the absence
of the Mayor, and the City Secretary of the City hereby declare that their signing of this Certificate shall
evidence adoption of the Ordinance for all purposes.
SIGNED this February 2, 2021.
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Staci L. 1g = I-- ; a : m Mark McClint
City Secretary, * /\ -a.:* `= Mayor Pro Tem,
City of Stephenville,Texas = i '•, S ' City of Stephenville, Texas
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ORDINANCE NO. 2021-0-05
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF STEPHENVILLE, TEXAS, CALLING A BOND
ELECTION TO BE HELD WITHIN THE CITY ON MAY 1, 2021; AND CONTAINING OTHER PROVISIONS
INCIDENTAL THERETO.
WHEREAS,the City Council of the City of Stephenville,Texas(the"City")deems it advisable to call
the election hereinafter ordered; and
WHEREAS, it is hereby officially found and determined that holding the hereinafter called election
on the date set forth below is in the public interest; and that the meeting at which this Ordinance was
adopted was open to the public, and public notice of the time, place and purpose of the meeting was
given, all as required by Chapter 551,Texas Government Code.
NOW THEREFORE,BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF STEPHENVILLE,TEXAS:
Section 1. Incorporation of Preambles.
The statements contained in the preamble of this Ordinance are true and correct and are hereby adopted
as findings of fact and as a part of the operative provisions hereof.
Section 2. Election Called.
A bond election shall be held in the City, for all qualified and registered voters of the City, between the
hours of 7:00 A.M. and 7:00 P.M. on May 1, 2021 (the "Election"). Voting on election day will be
conducted at the locations and times established by the Erath County Clerk,acting as the County Elections
Officer for Erath County(the"Election Officer") pursuant to an election services agreement(the "Election
Services Agreement") between the City and the Election Officer, as set forth in Exhibit A hereto. Exhibit
A shall be automatically modified without further action of the City Council to include additional or
different election day polling places designated by the Election Officer, and to conform to the Election
Services Agreement, and the notices of the Election shall be conformed to such final list as provided by
the Election Officer.
Section 3. Early Voting Locations and Times. Early voting by personal appearance shall be available for
all qualified and registered voters of the City at all locations and times established by the Election Officer
pursuant to the Election Services Agreement, as set forth in Exhibit B hereto. Exhibit B shall be
automatically modified without further action of the City Council to include additional or different early
voting polling places and times designated by the Election Officer,and to conform to the Election Services
Agreement, and the notices of the Election shall be conformed to such final list provided to the City by
the Election Officer.
Section 4. Early Voting Clerk and Application for Ballot. The Early Voting Clerk for voting in the Election
shall be Gwinda Jones, Erath County Clerk. Applications for early voting for all qualified and registered
voters of the City should be sent to the following address:
Gwinda Jones
County Clerk
—
100 W. Washington St.
Stephenville,Texas 76401
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Section 5. Deadline for Applications by Mail or Fax.
The last day to submit an application for a ballot to the Early Voting Clerk to be voted by mail (a) by
personal delivery is April 16, 2021, and (b) by mail is the close of business on April 20, 2021.
Section 6. Right to Vote. All resident,qualified electors of the City shall be entitled to vote at the Election.
Section 7. Propositions. At the Election the following propositions shall be submitted in accordance with
law:
CITY OF STEPHENVILLE,TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE,TEXAS PROPOSITION A
Shall the City Council of the City of Stephenville be authorized to issue the bonds of the
City, in one or more series or issues, in the aggregate principal amount of $8,000,000,
with the bonds of each such series or issue, respectively, to mature and be issued and
sold in accordance with law at the time of issuance,and to be sold at such prices and bear
interest at such rates as shall be determined within the discretion of the City Council, for
the purpose of designing, constructing and equipping a combined use facility in the City
to house a library,senior citizens center and a recreation center,and shall the City Council
be authorized to levy and cause to be assessed and collected annual ad valorem taxes in
an amount sufficient to pay the annual interest on the bonds, within the limits prescribed
by law, to provide a sinking fund to pay the bonds at maturity and to pay the cost of any
credit agreements executed in connection with the bonds?
CITY OF STEPHENVILLE,TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE,TEXAS PROPOSITION B
Shall the City Council of the City of Stephenville be authorized to issue the bonds of the
City, in one or more series or issues, in the aggregate principal amount of $5,385,000,
with the bonds of each such series or issue, respectively, to mature and be issued and
sold in accordance with law at the time of issuance,and to be sold at such prices and bear
interest at such rates as shall be determined within the discretion of the City Council,for
purpose of making revitalizing public improvements to the historic downtown area of the
City, including designing, constructing, installing and equipping street, curb and sidewalk
improvements, parking lots, pocket parks, landscaping and fountains, pedestrian areas,
lighting and related improvements, and shall the City Council be authorized to levy and
cause to be assessed and collected annual ad valorem taxes in an amount sufficient to
pay the annual interest on the bonds, within the limits prescribed by law, to provide a
sinking fund to pay the bonds at maturity and to pay the cost of any credit agreements
executed in connection with the bonds?
CITY OF STEPHENVILLE,TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE,TEXAS PROPOSITION C
Shall the City Council of the City of Stephenville,Texas, be authorized to issue the bonds
of the City, in one or more series or issues, in the aggregate principal amount of
$2,160,000, with the bonds of each such series or issue, respectively, to mature and be
issued and sold in accordance with law at the time of issuance, and to be sold at such
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prices and bear interest at such rates as shall be determined within the discretion of the
City Council for the purpose of constructing, improving, extending, expanding, upgrading
and developing Belknap Street from the Ft. Worth and Western Railroad track to Mason
Street, with such improvements to include any associated bridges and intersections,
related drainage improvements, utility relocations, landscaping, curbs and sidewalks,
traffic safety and operational improvements and interests in land as may be necessary for
such purposes, and shall the City Council be authorized to levy and cause to be assessed
and collected annual ad valorem taxes in an amount sufficient to pay the annual interest
on the bonds, within the limits prescribed by law, to provide a sinking fund to pay the
bonds at maturity and to pay the cost of any credit agreements executed in connection
with the bonds?
CITY OF STEPHENVILLE,TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE,TEXAS PROPOSITION D
Shall the City Council of the City of Stephenville,Texas, be authorized to issue the bonds
of the City, in one or more series or issues, in the aggregate principal amount of
$3,730,000, with the bonds of each such series or issue, respectively, to mature and be
issued and sold in accordance with law at the time of issuance, and to be sold at such
prices and bear interest at such rates as shall be determined within the discretion of the
City Council for the purpose of constructing, improving, extending, expanding, upgrading
and developing the following streets and roads in the City: First Street, Second Street,
Fifth Street,Sixth Street,Cage Street and Swan Street,with such improvements to include
any associated bridges and intersections, related drainage improvements, utility
relocations, landscaping, curbs and sidewalks, traffic safety and operational
improvements and interests in land as may be necessary for such purposes, and shall the
City Council be authorized to levy and cause to be assessed and collected annual ad
valorem taxes in an amount sufficient to pay the annual interest on the bonds,within the
limits prescribed by law,to provide a sinking fund to pay the bonds at maturity and to pay
the cost of any credit agreements executed in connection with the bonds?
CITY OF STEPHENVILLE,TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE,TEXAS PROPOSITION E
Shall the City Council of the City of Stephenville be authorized to issue the bonds of the
City, in one or more series or issues, in the aggregate principal amount of $2,000,000,
with the bonds of each such series or issue, respectively, to mature and be issued and
sold in accordance with law at the time of issuance,and to be sold at such prices and bear
interest at such rates as shall be determined within the discretion of the City Council,for
the purpose of designing, constructing, improving and equipping trails and recreational
facilities in the City and the acquisition of land and interests in land for such purposes,
and specifically the extension of the walking, hiking and biking trail in the City known as
the Bosque River Trail, and shall the City Council be authorized to levy and cause to be
assessed and collected annual ad valorem taxes in an amount sufficient to pay the annual
interest on the bonds,within the limits prescribed by law,to provide a sinking fund to pay
the bonds at maturity and to pay the cost of any credit agreements executed in
connection with the bonds?
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Section 9. Official Ballots. The official ballots for the Election shall be prepared in accordance with the
Code, so as to permit the electors to vote "FOR" or "AGAINST" the aforesaid propositions which shall be
set forth in substantially the following form:
CITY OF STEPHENVILLE,TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE,TEXAS PROPOSITION A
FOR ( ) THE ISSUANCE OF $8,000,000 TAX BONDS BY THE CITY OF STEPHENVILLE,
TEXAS FOR DESIGNING, CONSTRUCTING AND EQUIPPING A COMBINED USE
FACILITY IN THE CITY TO HOUSE A LIBRARY, SENIOR CITIZENS CENTER AND A
AGAINST( ) RECREATION CENTER. TAXES SUFFICIENT TO PAY THE PRINCIPAL OF AND
INTEREST ON THE BONDS WILL BE IMPOSED.
CITY OF STEPHENVILLE,TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE,TEXAS PROPOSITION B
FOR ( ) THE ISSUANCE OF$5,385,000 TAX BONDS BY THE CITY OF STEPHENVILLE,TEXAS
FOR MAKING REVITALIZING PUBLIC IMPROVEMENTS TO THE HISTORIC
DOWNTOWN AREA OF THE CITY. TAXES SUFFICIENT TO PAY THE PRINCIPAL OF
AGAINST( ) AND INTEREST ON THE BONDS WILL BE IMPOSED.
CITY OF STEPHENVILLE,TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE, TEXAS PROPOSITION C
sill
FOR ( ) THE ISSUANCE OF $2,160,000 TAX BONDS BY THE CITY OF STEPHENVILLE,
TEXAS FOR CONSTRUCTING IMPROVEMENTS TO BELKNAP STREET FROM THE
FT. WORTH AND WESTERN RAILROAD TRACK TO MASON STREET IN THE CITY.
AGAINST( ) TAXES SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS
WILL BE IMPOSED.
CITY OF STEPHENVILLE, TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE,TEXAS PROPOSITION D
FOR ( ) THE ISSUANCE OF $3,730,000 TAX BONDS BY THE CITY OF STEPHENVILLE,
TEXAS FOR CONSTRUCTING IMPROVEMENTS TO FIRST STREET, SECOND
STREET, FIFTH STREET, SIXTH STREET, CAGE STREET AND SWAN STREET IN THE
AGAINST( ) CITY. TAXES SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON THE
BONDS WILL BE IMPOSED.
CITY OF STEPHENVILLE,TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE,TEXAS PROPOSITION E
FOR ( ) THE ISSUANCE OF $2,000,000 TAX BONDS BY THE CITY OF STEPHENVILLE,
TEXAS FOR EXTENSION OF THE WALKING, HIKING AND BIKING TRAIL IN THE
CITY KNOWN AS THE BOSQUE RIVER TRAIL. TAXES SUFFICIENT TO PAY THE
AGAINST( ) PRINCIPAL OF AND INTEREST ON THE BONDS WILL BE IMPOSED.
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Section 10. Required Information. In accordance with the provisions of Section 3.009(b),
Texas Election Code, it is hereby found and determined that:
(a) The proposition language that will appear on the ballot is set forth in Section 9 hereof.
(b) The purpose for which the bonds are to be authorized is set forth in Section 8 hereof.
(c) The principal amount of the bonds to be authorized is set forth in Sections 8 and 9 hereof.
(d) As set forth in Sections 8 and 9 hereof, if the bonds are approved by the voters, the City Council
will be authorized to levy annual ad valorem taxes on all taxable property in the City, sufficient,within the
limits prescribed by law, to pay the annual principal of and interest on the bonds and provide a sinking
fund to pay the bonds at maturity.
(e) Based upon the bond market conditions at the date of adoption of this Ordinance, the maximum
average interest rate for any series of the bonds is estimated to be 3.15%as calculated in accordance with
applicable law. Such estimate takes into account a number of factors, including the interest rates
prevailing in the market at the time the Election was called, the issuance schedule, maturity schedule,
assumed principal amortizations and the expected bond ratings of the proposed bonds. Such estimated
maximum interest rate is provided as a matter of information, but is not a limitation on the interest rate
at which the bonds, or any series thereof, may be sold.
(f) The bonds that are the subject of this Election shall mature serially or otherwise over a specified
number of years not exceeding the maximum number of years authorized by law, as prescribed by
applicable Texas law, though the City estimates that, based on current bond market conditions, such
bonds will amortize over a 20 year period from their date of issue.
(g) The aggregate amount of the outstanding principal of the City's debt obligations (consisting of all
debt that is secured by and payable from ad valorem taxes, other than debt obligations that are self-
supported by other revenues of the City) as of February 2, 2021 (the date this Election was called) is
$2,605,000. The debt obligations that the City has designated as self-supporting from other revenues
such as water and sewer revenues, tax increment reinvestment zones and storm drainage fees are listed
on Annex A to this Ordinance.
(h) The aggregate amount of the outstanding interest of the City's debt obligations (consisting of all
debt that is secured by and payable from ad valorem taxes, other than debt obligations that are self-
supported by other revenues of the City) as of February 2, 2021 (the date this Election was called) is
$462,825. The debt obligations that the City has designated as self-supporting from other revenues such
as water and sewer revenues, tax increment reinvestment zones and storm drainage fees are listed on
Annex A to this Ordinance.
(i) The ad valorem debt service tax rate for the City for the 2020-2021 fiscal year is$0.0182 per$100
of taxable assessed valuation.
Section 11. Posting Requirements. In accordance with provisions of the Texas Election Code,
...... substantially complete voter information documents pertaining to each Proposition to be voted on at the
Election are attached hereto as Exhibit "C" (collectively, the "Voter Information Document"). This
Ordinance and the Voter Information Document, as may be modified without further City Council action
7
in a manner that is consistent with the calling of the Election by the City Council and the election notice
requirements of the Texas Election Code applicable to the Election, shall serve as proper notice of the
Election and the voter information documents required by Section 1251.052(b),Texas Government Code.
The City Secretary shall cause this Ordinance and the Voter Information Document to be posted and
published as follows:
(a) This Ordinance shall be published twice on the same day in consecutive weeks, with the
first publication to be not earlier than the 30th day or later than the 10th day prior to the
date set for the Election, in a newspaper published in the City or, if none is published in
the City, in a newspaper of general circulation in the City;
(b) This Ordinance and the Voter Information Document shall be posted on the bulletin board
used for posting notices of meetings of the City Council, and at three other places in the
City, not later than the 21st day prior to the date set for the Election;
(c) This Ordinance and the Voter Information Document shall be posted on election day and
during early voting by personal appearance, in a prominent location at each polling place;
and
(d) This Ordinance and the Voter Information Document shall be posted on the City's Internet
website during the 21 days before the Election.
Each of this Ordinance and the Voter Information Document shall be published and/or posted,as provided
above, in both English and Spanish translations.
Section 12. Severability Provision. If any provision, section, subsection, sentence, clause or
phrase of this Ordinance, or the application of the same to any person or set of circumstances is for any
reason held to be unconstitutional, void, invalid or unenforceable, neither the remaining portions of this
Ordinance nor their application to other persons or sets of circumstances shall be affected thereby, it
being the intent of the City Council in adopting this Ordinance that no portion hereof or provision or
regulation contained herein shall become inoperative or fail by reason of any unconstitutionality,
voidness, invalidity or unenforceability of any other portion hereof, and all provisions of this Ordinance
are declared to be severable for that purpose.
Section 13. Effective Date of Ordinance. In accordance with the provisions of V.T.C.A.,
Government Code, Section 1201.028, this Ordinance shall be effective immediately upon its adoption by
the City Council on first and final reading.
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Staci L. King, Cit Secretary 0 RpnRP��
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Reviewed by Alle L. Barnes,
City Manager
Randy Thomas, City Attorney
Approved as to form and legality
9
a ANNEX A
CITY OF STEPHENVILLE,TEXAS
Self-Supporting Debt
The City designates all or a portion of the following outstanding debt obligations of the City as self-
supporting debt for purposes of Section 3.009,Texas Election Code,as amended,and Chapter 1251,Texas
Government Code,Subchapter B, as amended.
1. Combination Tax and Revenue Certificates of Obligation, Series 2006A
2. Combination Tax and Revenue Certificates of Obligation, Series 2011
3. Combination Tax and Revenue Certificates of Obligation, Series 2013
4. General Obligation Refunding Bonds, Series 2013
5. Combination Tax and Revenue Certificates of Obligation, Series 2016
6. Combination Tax and Surplus Revenue Certificates of Obligation, Series 2018
7. Combination Tax and Revenue Certificates of Obligation, Series 2020
a
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_ EXHIBIT A
ELECTION DAY VOTING LOCATIONS, DATES AND HOURS
May 1, 2021
Joint General Election
Election Day Voting Hours:7 AM—7 PM
Election Day Voting Locations
Erath County utilizes countywide voting centers. City voters may vote at either of the following locations
on Election Day:
ERATH COUNTY COURTHOUSE
100 W. Washington Street
Stephenville,Texas 76401
DUBLIN COUNTY ANNEX
219 S. Grafton
Dublin, Texas 76446
EXHIBIT B
EARLY VOTING LOCATIONS, DATES AND HOURS
City of Stephenville voters may vote early for the May 1, 2021 bond election at either of the following
locations and at the times shown below:
MAIN EARLY VOTING POLLING PLACE
ERATH COUNTY COURTHOUSE
100 W. Washington Street
Stephenville,Texas 76401
EARLY VOTING BRANCH LOCATION
DUBLIN COUNTY ANNEX
219 S. Grafton
Dublin, Texas 76446
Dates&Times:
April 19-23, 2021: Monday—Friday 8:00 am—5:00 pm
April 26 and 27, 2021: Monday and Tuesday 7:00 am—7:00 pm
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EXHIBIT C
Voter Information Document
City of Stephenville Special Election
Proposition A
Ballot Information: At the Election, the following language will appear on the ballot:
CITY OF STEPHENVILLE,TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE,TEXAS PROPOSITION A
THE ISSUANCE OF $8,000,000 TAX BONDS BY THE CITY OF STEPHENVILLE,
TEXAS FOR DESIGNING, CONSTRUCTING AND EQUIPPING A COMBINED USE
FOR ( ) FACILITY IN THE CITY TO HOUSE A LIBRARY, SENIOR CITIZENS CENTER AND A
RECREATION CENTER. TAXES SUFFICIENT TO PAY THE PRINCIPAL OF AND
AGAINST( ) INTEREST ON THE BONDS WILL BE IMPOSED.
Estimated Debt Service Information:
The following table sets forth the estimated principal amount of, and interest due to maturity on, the
bonds to be issued if Proposition A passes,and all existing outstanding debt obligations of the City secured
"' by and payable from ad valorem taxes, other than debt obligations that the City has designated as self-
sufficient (payable from other revenues, such as water and sewer revenues, tax increment reinvestment
zones and storm drainage fees).
Principal Estimated Estimated Principal of Remaining Combined
Amount of interest for combined City's Existing interest on Principal and
Bonds to be Bonds to be principal and Outstanding City's Existing Interest to
authorized authorized interest Debt Outstanding timely pay
under under required to (as of Debt City's Existing
Proposition A Proposition pay on time 2/2/21)(2) (as of Outstanding
A(1) and in full the 2/2/21)(2) Debt
Bonds to be (as of
authorized 2/2/21)(2)
under
Proposition
A(1)
$8,000,000 $2,785,388 $10,785,388 $2,605,000 $462,825 $3,067,825
(1) Interest is estimated based on bond market conditions as of February 2, 2021. If Proposition A is
approved by the voters, the approved bonds are currently expected to be sold as a single issuance. The
-- interest on the proposed bonds under Proposition A was calculated at an average rate of 3.15% (which
the City believes is a conservative estimate) based on market conditions as of February 2, 2021, and
therefore,the interest payable on such proposed bonds may be less than, or more than,the amounts set
12
forth above based on market conditions at the time of the initial sale of the proposed bonds to be
authorized under Proposition A.
(2) Excludes$35,970,000 of City debt obligations that are secured by and payable from ad valorem taxes,
but which the City has designated as self-sufficient as being paid from other City revenues, such as water
and sewer revenues,tax increment reinvestment zones and storm drainage fees.
Based on the information and assumptions provided in the table above,the City estimates that there will
be a $38.01 annual tax increase imposed on a residence homestead in the City with an appraised value of
$100,000 to repay the proposed bonds, if approved.That estimate assumes (i) a single issuance of bonds
under Proposition A, (ii) that the bonds of each series that may be approved under Proposition A would
be sold with an annual amortization of 20 years, respectively, (iii) growth of City's taxable assessed
valuation of 0% per year and (iv)that the average interest rate on the bonds does not exceed 3.15%. The
City reserves the right not to issue all of the bonds should the bond market and economic outlook in the
City change after the Election.
The information provided in this Document is to comply with Tex. H.B. 477 86th Leg., R.S. (2019), which
requires a voter information document for each proposition to be submitted to the voters. Reference is
made to the Voter Information Document for the City's Propositions B, C, D, and E which follow this
Document,for additional information pertaining to other potential new debt of the City.
13
EXHIBIT C,Continued
Voter Information Document
City of Stephenville Special Election
Proposition B
Ballot Information: At the Election, the following language will appear on the ballot:
CITY OF STEPHENVILLE,TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE,TEXAS PROPOSITION B
FOR ( ) THE ISSUANCE OF $5,385,000 TAX BONDS BY THE CITY OF STEPHENVILLE,
TEXAS FOR MAKING REVITALIZING PUBLIC IMPROVEMENTS TO THE HISTORIC
DOWNTOWN AREA OF THE CITY. TAXES SUFFICIENT TO PAY THE PRINCIPAL OF
AND INTEREST ON THE BONDS WILL BE IMPOSED.
AGAINST( )
Estimated Debt Service Information:
The following table sets forth the estimated principal amount of, and interest due to maturity on, the
bonds to be issued if Proposition B passes,and all existing outstanding debt obligations of the City secured
by and payable from ad valorem taxes, other than debt obligations that the City has designated as self-
sufficient (payable from other revenues, such as as water and sewer revenues, tax increment
reinvestment zones and storm drainage fees).
Principal Estimated Estimated Principal of Remaining Combined
Amount of interest for combined City's Existing interest on Principal and
Bonds to be Bonds to be principal and Outstanding City's Existing Interest to
authorized authorized interest Debt Outstanding timely pay
under under required to (as of Debt City's Existing
Proposition B Proposition pay on time 2/2/21)(2) (as of Outstanding
B(1) and in full the 2/2/21)(2) Debt
Bonds to be (as of
authorized 2/2/21)(2)
under
Proposition
B(1)
$5,383,580 $1,871,021 $7,256,021 $2,605,000 $462,825 $3,067,825
(1) Interest is estimated based on bond market conditions as of February 2, 2021. If Proposition B is
approved by the voters, the approved bonds are currently expected to be sold as a single issuance. The
interest on the proposed bonds under Proposition B was calculated at an average rate of 3.15% (which
the City believes is a conservative estimate) based on market conditions as of February 2, 2021, and
therefore, the interest payable on such proposed bonds may be less than,or more than, the amounts set
14
— forth above based on market conditions at the time of the initial sale of the proposed bonds to be
authorized under Proposition B.
(2) Excludes$35,970,000 of City debt obligations that are secured by and payable from ad valorem taxes,
but which the City has designated as self-sufficient as being paid from other City revenues, such as water
and sewer revenues, tax increment reinvestment zones and storm drainage fees.
Based on the information and assumptions provided in the table above,the City estimates that there will
be a $25.62 annual tax increase imposed on a residence homestead in the City with an appraised value of
$100,000 to repay the proposed bonds, if approved.That estimate assumes (i) a single issuance of bonds
under Proposition B, (ii) that the bonds of each series that may be approved under Proposition B would
be sold with an annual amortization of 20 years, respectively, (iii) growth of City's taxable assessed
valuation of 0% per year and (iv)that the average interest rate on the bonds does not exceed 3.15%. The
City reserves the right not to issue all of the bonds should the bond market and economic outlook in the
City change after the Election.
The information provided in this Document is to comply with Tex. H.B. 477 86th Leg., R.S. (2019), which
requires a voter information document for each proposition to be submitted to the voters. Reference is
made to the Voter Information Document for the City's Proposition A,which precedes this Document and
Propositions C, D and E which follow this Document, for additional information pertaining to other
potential new debt of the City.
15
EXHIBIT C,Continued
City of Stephenville Special Election
Proposition C
Ballot Information: At the Election, the following language will appear on the ballot:
CITY OF STEPHENVILLE,TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE,TEXAS PROPOSITION C
FOR ( ) THE ISSUANCE OF $2,160,000 TAX BONDS BY THE CITY OF STEPHENVILLE,
TEXAS FOR CONSTRUCTING IMPROVEMENTS TO BELKNAP STREET FROM THE
FT. WORTH AND WESTERN RAILROAD TRACK TO MASON STREET IN THE CITY.
TAXES SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS
AGAINST( ) WILL BE IMPOSED.
Estimated Debt Service Information:
The following table sets forth the estimated principal amount of, and interest due to maturity on, the
bonds to be issued if Proposition C passes,and all existing outstanding debt obligations of the City secured
by and payable from ad valorem taxes, other than debt obligations that the City has designated as self-
sufficient (payable from other revenues, such as water and sewer revenues, tax increment reinvestment
zones and storm drainage fees).
Principal Estimated Estimated Principal of Remaining Combined
Amount of interest for combined City's Existing interest on Principal and
Bonds to be Bonds to be principal and Outstanding City's Existing Interest to
authorized authorized interest Debt Outstanding timely pay
under under required to (as of Debt City's Existing
Proposition C Proposition C(1) pay on time 2/2/21)(2) (as of Outstanding
and in full the 2/2/21)(2) Debt
Bonds to be (as of
authorized 2/2/21)(2)
under
Proposition Cm
$2,159,467 $751,748 $2,911,748 $2,605,000 $462,825 $3,067,825
(1I Interest is estimated based on bond market conditions as of February 2, 2021. If Proposition C is
approved by the voters, the approved bonds are currently expected to be sold as a single issuance. The
interest on the proposed bonds under Proposition C was calculated at an average rate of 3.15% (which
the City believes is a conservative estimate) based on market conditions as of February 2, 2021, and
therefore,the interest payable on such proposed bonds may be less than,or more than,the amounts set
"" forth above based on market conditions at the time of the initial sale of the proposed bonds to be
authorized under Proposition C.
16
(2) Excludes$35,970,000 of City debt obligations that are secured by and payable from ad valorem taxes,
but which the City has designated as self-sufficient as being paid from other City revenues, such as water
and sewer revenues,tax increment reinvestment zones and storm drainage fees.
Based on the information and assumptions provided in the table above, the City estimates that there will
be a $10.36 annual tax increase imposed on a residence homestead in the City with an appraised value of
$100,000 to repay the proposed bonds, if approved.That estimate assumes(i) a single issuance of bonds
under Proposition C, (ii) that the bonds of each series that may be approved under Proposition C would
be sold with an annual amortization of 20 years, respectively, (iii) growth of City's taxable assessed
valuation of 0% per year and (iv)that the average interest rate on the bonds does not exceed 3.15%. The
City reserves the right not to issue all of the bonds should the bond market and economic outlook in the
City change after the Election.
The information provided in this Document is to comply with Tex. H.B. 477 86th Leg., R.S. (2019), which
requires a voter information document for each proposition to be submitted to the voters. Reference is
made to the Voter Information Document for the City's Propositions A and B, which precede this
Document and Propositions D and E which follow this Document, for additional information pertaining to
other potential new debt of the City.
17
EXHIBIT C,Continued
City of Stephenville Special Election
Proposition D
Ballot Information: At the Election,the following language will appear on the ballot:
CITY OF STEPHENVILLE, TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE,TEXAS PROPOSITION D
FOR ( ) THE ISSUANCE OF $3,730,000 TAX BONDS BY THE CITY OF STEPHENVILLE,
TEXAS FOR CONSTRUCTING IMPROVEMENTS TO FIRST STREET, SECOND
STREET, FIFTH STREET,SIXTH STREET, CAGE STREET AND SWAN STREET IN THE
CITY. TAXES SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON THE
AGAINST( ) BONDS WILL BE IMPOSED.
Estimated Debt Service Information:
The following table sets forth the estimated principal amount of, and interest due to maturity on, the
bonds to be issued if Proposition D passes,and all existing outstanding debt obligations of the City secured
by and payable from ad valorem taxes, other than debt obligations that the City has designated as self-
sufficient (payable from other revenues, such as water and sewer revenues, tax increment reinvestment
"' zones and storm drainage fees).
Principal Estimated Estimated Principal of Remaining Combined
Amount of interest for combined City's Existing interest on Principal and
Bonds to be Bonds to be principal and Outstanding City's Existing Interest to
authorized authorized interest Debt Outstanding timely pay
under under required to (as of Debt City's Existing
Proposition D Proposition pay on time 2/2/21)(2) (as of Outstanding
D111 and in full the 2/2/21)(2) Debt
Bonds to be (as of
authorized 2/2/21)(2)
under
Proposition
D(1)
$3,729,485 $1,297,485 $5,027,485 $2,605,000 $462,825 $3,067,825
(1) Interest is estimated based on bond market conditions as of February 2, 2021. If Proposition D is
approved by the voters, the approved bonds are currently expected to be sold as a single issuance. The
interest on the proposed bonds under Proposition D was calculated at an average rate of 3.15% (which
the City believes is a conservative estimate) based on market conditions as of February 2, 2021, and
^-^ therefore,the interest payable on such proposed bonds may be less than, or more than,the amounts set
forth above based on market conditions at the time of the initial sale of the proposed bonds to be
authorized under Proposition D.
18
(2) Excludes $35,970,000 of City debt obligations that are secured by and payable from ad valorem taxes,
but which the City has designated as self-sufficient as being paid from other City revenues, such as water
and sewer revenues,tax increment reinvestment zones and storm drainage fees.
Based on the information and assumptions provided in the table above, the City estimates that there will
be a $17.81 annual tax increase imposed on a residence homestead in the City with an appraised value of
$100,000 to repay the proposed bonds, if approved.That estimate assumes (i) a single issuance of bonds
under Proposition D, (ii) that the bonds of each series that may be approved under Proposition D would
be sold with an annual amortization of 20 years, respectively, (iii) growth of City's taxable assessed
valuation of 0% per year and (iv)that the average interest rate on the bonds does not exceed 3.15%. The
City reserves the right not to issue all of the bonds should the bond market and economic outlook in the
City change after the Election.
The information provided in this Document is to comply with Tex. H.B. 477 86th Leg., R.S. (2019), which
requires a voter information document for each proposition to be submitted to the voters. Reference is
made to the Voter Information Document for the City's Propositions A, B and C, which precede this
Document and Proposition E which follows this Document, for additional information pertaining to other
potential new debt of the City.
19
EXHIBIT C, Continued
City of Stephenville Special Election
Proposition E
Ballot Information: At the Election, the following language will appear on the ballot:
CITY OF STEPHENVILLE,TEXAS SPECIAL ELECTION
CITY OF STEPHENVILLE,TEXAS PROPOSITION E
FOR ( ) THE ISSUANCE OF $2,000,000 TAX BONDS BY THE CITY OF STEPHENVILLE,
TEXAS FOR EXTENSION OF THE WALKING, HIKING AND BIKING TRAIL IN THE
CITY KNOWN AS THE BOSQUE RIVER TRAIL. TAXES SUFFICIENT TO PAY THE
PRINCIPAL OF AND INTEREST ON THE BONDS WILL BE IMPOSED.
AGAINST( )
Estimated Debt Service Information:
The following table sets forth the estimated principal amount of, and interest due to maturity on, the
bonds to be issued if Proposition E passes,and all existing outstanding debt obligations of the City secured
by and payable from ad valorem taxes, other than debt obligations that the City has designated as self-
sufficient (payable from other revenues, such as water and sewer revenues, tax increment reinvestment
zones and storm drainage fees).
Principal Estimated Estimated Principal of Remaining Combined
Amount of interest for combined City's Existing interest on Principal and
Bonds to be Bonds to be principal and Outstanding City's Existing Interest to
authorized authorized interest Debt Outstanding timely pay
under under required to (as of Debt City's Existing
Proposition E Proposition E(1) pay on time 2/2/21)(2) (as of Outstanding
and in full the 2/2/21)(2) Debt
Bonds to be (as of
authorized 2/2/21)(2)
under
Proposition E(1)
$2,000,000 $694,260 $2,694,260 $2,605,000 $462,825 $3,067,825
(1) Interest is estimated based on bond market conditions as of February 2, 2021. If Proposition E is
approved by the voters, the approved bonds are currently expected to be sold as a single issuance. The
interest on the proposed bonds under Proposition E was calculated at an average rate of 3.15% (which
the City believes is a conservative estimate) based on market conditions as of February 2, 2021, and
therefore,the interest payable on such proposed bonds may be less than, or more than,the amounts set
forth above based on market conditions at the time of the initial sale of the proposed bonds to be
authorized under Proposition E.
20
(2) Excludes$35,970,000 of City debt obligations that are secured by and payable from ad valorem taxes,
APU.Mb but which the City has designated as self-sufficient as being paid from other City revenues, such as water
and sewer revenues,tax increment reinvestment zones and storm drainage fees.
Based on the information and assumptions provided in the table above,the City estimates that there will
be a $9.61 annual tax increase imposed on a residence homestead in the City with an appraised value of
$100,000 to repay the proposed bonds, if approved.That estimate assumes (i) a single issuance of bonds
under Proposition E, (ii) that the bonds of each series that may be approved under Proposition E would
be sold with an annual amortization of 20 years, respectively, (iii) growth of City's taxable assessed
valuation of 0% per year and (iv)that the average interest rate on the bonds does not exceed 3.15%. The
City reserves the right not to issue all of the bonds should the bond market and economic outlook in the
City change after the Election.
The information provided in this Document is to comply with Tex. H.B. 477 86th Leg., R.S. (2019), which
requires a voter information document for each proposition to be submitted to the voters. Reference is
made to the Voter Information Document for the City's Propositions A, B, C and D, which precede this
Document.
21