Member News

CLEAR BROOK CITY MUD ELECTION
 
04/21/2019 07:55 AM
South Belt-Ellington Leader

THE DULY QUALIFIED RESIDENT ELECTORS OF CLEAR
BROOK CITY MUNICIPAL UTILITY
DISTRICT AND TO ALL OTHER
INTERESTED
PERSONS:
Notice is hereby given that an election
will be held in and for Clear Brook City
Municipal Utility District (the “district”)
between 7:00 a.m. and 7:00 p.m. on May
4, 2019 (the “Election Day”), at the Clear
Brook City Municipal Utility District Administration Building: 11911 Blackhawk
Blvd., Houston, Texas 77089.
Early voting in such election by personal appearance shall be conducted April 22-
26, 2019 and April 29-30, 2019 between
the hours of 11:00 a.m. and 7:00 p.m. at the
Clear Brook City Municipal Utility District
Administration Building: 11911 Blackhawk Blvd., Houston, Texas 77089.
1. BOND ELECTION. An election shall
be held to authorize the Board of Directors
of the District to issue its bonds up to the
amounts and for the purposes set out in the
following propositions and to provide payment of any such bonds as set out in the
propositions.
PROPOSITION A
Shall the board of directors (the “board”)
of Clear Brook City Municipal Utility District (the “district”) be authorized to issue
the bonds of the district, maturing serially
or otherwise over a period not to exceed 40
years from their date or dates, bearing interest at a rate not to exceed the maximum
authorized by law at the time such bonds
are issued (in whole or any part thereof),
all as may be determined by the board,
in the maximum amount of $45,500,000,
which amount is in addition to the amount
of bonds previously authorized, for the
purpose or purposes of purchasing, constructing, acquiring, owning, maintaining,
operating, repairing, improving, extending,
or paying for any and all district works, improvements, facilities, plants, equipment,
and appliances needed to provide waterworks systems, sanitary sewer systems,
and drainage, as well as all expenses in any
manner incidental thereto (the currently intended projects being described in the engineer’s report fi led in the offi ce of the district); and in an amount not in excess of one
and one-half times the amount maximum of
indebtedness previously issued by the district for the purpose of refunding any bonds
or other evidences of indebtedness issued
by the district for any of the foregoing purposes; and shall the board be authorized to
provide for the payment of the principal of
and the interest and redemption price on all
of such bonds by the levy and collection
annually of a suffi cient tax upon all taxable
property within the district, as authorized
by the constitution and laws of the state of
Texas, including particularly (but not by
way of limitation) chapters 49 and 54 of the
Texas water code, together with all amendments and additions thereto?
PROPOSITION B
Shall the board of directors (the “board”)
of Clear Brook City Municipal Utility District (the “district”) be authorized to issue
the bonds of the district, maturing serially
or otherwise over a period not to exceed 40
years from their date or dates, bearing interest at a rate not to exceed the maximum
authorized by law at the time such bonds
are issued (in whole or any part thereof),
all as may be determined by the board,
in the maximum amount of $2,900,000,
which amount is in addition to the amount
of bonds previously authorized, for the
purposes of constructing, improving, and
equipping a fi re station, facilities, equipment, and acquiring land and interest in
property to do so, as well as all expenses
in any manner incidental thereto (the currently intended projects being described in
the engineer’s report fi led in the offi ce of
the district); and in an amount not in excess
of one and one-half times the amount maximum of indebtedness previously issued by
the district for the purpose of refunding any
bonds or other evidences of indebtedness
issued by the district for any of the foregoing purposes; and shall the board be authorized to provide for the payment of the
principal of and the interest and redemption
price on all of such bonds by the levy and
collection annually of a suffi cient tax upon
all taxable property within the district, as
authorized by the constitution and laws of
the state of Texas, including particularly
(but not by way of limitation) chapters 49
and 54 of the Texas water code, together
with all amendments and additions thereto?
The estimated cost of constructing and/
or acquiring the above-described improvements and incidental expenses are as follows:
Water, Sewer, and Drainage Construction
Costs
A. Capital Improvement Projects
District Share
1. Water Re-Pressurization Plant
$3,597,400
2. Water Plant No. 3 Improvements
$1,387,700
3. Interconnect of District Water Planes
$685,000
4. Radio Water Meters $1,797,600
5. Regional Life Station $955,360
6. Lift Station Odor Control Facilities
$98,280
7. District Maintained Storm Sewer
Outfalls $172,240
8. Administration Building Generator
$15,880
9. Water Plants’ Rehab and Maintenance
$791,700
10. Offsite Utility Extensions $1,000,000
11. Lift Station Rehabilitation/Maintenance
Items Until 2030 $7,496,058
12.Water Distribution System Rehabilitation/
Replacement $6,990,406
13. Water Line Coatings $312,000
14. Storm Water Quality Features
Replacement $333,000
15. Land Acquisition Costs (Water
Pressurization Station, Regional Life
Station, and Offsite Easements)
$250,000
Capital Improvements Projects Total:
$25,883,124
B. Development Projects - District Share
1. Al-Lum 40 acres $4,000,000
2. 135-Acre Beamer Tract $9,000,000
Development Projects Total:
$13,000,000
TOTAL CONSTRUCTION COSTS:
$38,883,124
C. Non-construction Costs District Share
1. Legal Fees (2%) $910,000
2. Financial Advisor Fees (2%) $910,000
3. Developer Interest
(2 years at 6%) –
4. Capitalized Interest
(1 year at 6%) $2,730,000
5. Bond Discount (3%) $1,365,000
6. Administration, Organization, Creation
and Issuance Fees & Expenses
$240,000
7. TCEQ Bond Issuance Fee (0.25%)
$113,750
8. Bond Application Report Costs
$302,626
9. Attorney General Bond Fee (0.1%)
$45,500
TOTAL NON-CONSTRUCTION COSTS:
$6,616,876
TOTAL BOND ISSUE REQUIREMENT
$45,500,000
Fire Protection Construction Costs
A. Fire Protection Projects District Share
1. Fire Station within Ashley Pointe
Subdivision $450,000
2. Ladder Truck and Related Equipment
$1,450,000
3. Pumper Truck and related Equipment
$550,000
Fire Protection Project Total:
$2,450,000
B. Non-construction Costs District Share
1. Legal Fees (2%) $58,000
2. Financial Advisor Fees (2%) $58,000
3. Developer Interest
(2 years @ 6%) –
4. Capitalized Interest
(1 year @ 6%) $174,000
5. Bond Discount (3%) $87,000
6. Administration, Organization, Creation
and Issuance Fees & Expenses $36,600
7. TCEQ Bond Issuance Fee (0.25%)
$7,250
8. Bond Application Report Costs
$26,250
9. Attorney General Bond Fee (0.1%)
$2,900
TOTAL NON-CONSTRUCTION COSTS
$450,000
TOTAL BOND ISSUE REQUIREMENT
$2,900,000
2. PROCEDURES FOR ELECTION. On
Election Day, the polls shall be open between 7:00 a.m. and 7:00 p.m. at the Clear
Brook City Municipal Utility District Administration Building: 11911 Blackhawk
Blvd., Houston, Texas 77089.
Early voters may vote at the Clear Brook
City Municipal Utility District Administration Building: 11911 Blackhawk Blvd.,
Houston, Texas 77089 from April 22-26,
2019 and April 29-30, 2019 between the
hours of 11:00 a.m. and 7:00 p.m. The Early Voting Clerk and Deputy Early Voting
Clerks shall be designated by Clear Brook
City Municipal Utility District. Applications for early voting ballots may be directed to the Election Agent, Shaila Sreedharan, 1301 McKinney, Suite 5100, Houston,
Texas 77010, no later than close of business on April 23, 2019.
All resident, qualifi ed voters of the District shall be permitted to vote at the election, and on Election Day, such voters shall
vote at the designated polling place. The
election shall be held and conducted in accordance with the provisions of the Texas
Election Code, as amended, except as modifi ed by the provisions of the Texas Water
Code, as amended, and as may be required
by law.
3. FINANCIAL REQUIREMENTS. As
required by and in accordance with Texas Election Code section 3.009(b)(5) and
(7) through (9), the District, as of its fi scal
year beginning January 1, 2019, had outstanding an aggregate principal amount of
debt equal to $70,150,000; the aggregate
amount of the interest owed on such District debt obligations, through respective
maturity, totaled $25,275,000; and the District levied an ad valorem debt service tax
rate for its outstanding debt obligations of
$0.58 per $100 of taxable assessed valuation. The District estimates an ad valorem debt service tax rate of $0.58 per $100
of taxable assessed valuation if the bonds
that are the subject of the Election are approved and are issued (taking into account
the outstanding District bonds and bonds
that are the subject of this Election, but
not future bond authorizations of the District). The bonds that are the subject of this
Election shall mature serially or otherwise
over a specifi ed number of years (but not
more than 40 years from their date), as prescribed by applicable Texas law, though the
District estimates that, based on current
bond market conditions, such bonds will
amortize over a 30-year period from their
respective date of issue. The foregoing estimated tax rate and amortization period are
only estimates, provided for Texas statutory compliance, and do not serve as a cap
on any District ad valorem tax rate or the
amortization period for bonds that are the
subject of this Election.
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