R2004-079 05-24-04RESOLUTION NO. R2004-79
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, APPROVING A BOND ORDER OF BRAZORIA
COUNTY MUNICIPAL UTILITY DISTRICT NO. 4 AUTHORIZING THE
ISSUANCE OF $3,710,000 UNLIMITED TAX REFUNDING BONDS,
SERIES 2004.
WHEREAS, the Brazoria County Municipal Utility District No. 4 (the "District") is
located within the extraterritorial jurisdiction of the City of Pearland, Texas (the "City");
and
WHEREAS, by Resolution No. R80-13, dated June 9, 1980, the City consented
to the creation of the District, and placed certain conditions on the issuance of bonds by
the District, including the approval by the City Council of the District's resolution
authorizing the issuance of such bonds; and
WHEREAS, the City Council has considered such a bond resolution in
connection with the issuance of the District's proposed $3,710,000 Unlimited Tax
Refunding Bonds, Series 2004, and has found it to be acceptable; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
All of the matters and facts set forth in the preamble hereof are true
Section 1.
and correct.
Section 2.
The bond order of the board of directors of Brazoria County
Municipal Utility District No. 4, authorizing the issuance of its $3,710,000 Unlimited Tax
Refunding Bonds, Series 2004, is hereby approved.
Section 3. The Mayor of the City of Pearland is hereby authorized to execute
such letters or other documents required to be provided to the Attorney General of
Texas in connection with the issuance of such bonds by the District.
Section 4. This Resolution shall take effect immediately from and after its
passage in accordance with the provisions of the Charter of the City of Pearland and it
is accordingly so resolved.
2004.
PASSED, APPROVED and ADOPTED this the Z4th day of Hay
MAYOR
ATTEST:
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
2
N c PRELIMINARY OFFICIAL STATEMENT DATED MAY 10, 2004
— O}, This Preliminary Official Statement is subject to completion and amendment and is intended solely
for the solicitation of initial bids to purchase the Bonds. Upon the sale of the Bonds,
"' a the Official Statement will be completed and delivered to the Underwriter.
N•i
0 IN THE OPINION OF BOND COUNSEL, INTEREST ON THE BONDS IS EXCLUDABLE FROM GROSS INCOME FOR FEDERAL
co• c INCOME TAX PURPOSES UNDER EXISTING LAW AND THE BONDS ARE NOT PRIVATE ACTIVITY BONDS.SEE "LEGAL MATTERS"
17) o HEREIN FOR A DISCUSSION OF BOND COUNSEL'S OPINIONS, INCLUDING A DESCRIPTION OF CERTAIN ALTERNATIVE MINIMUM
TAX CONSEQUENCES FOR CORPORATIONS.
OThe District has designated the Bonds as"qualified tax-exempt obligations."See "LEGAL MATTERS—Qualified Tax-Exempt Obligations—
•v•i U Purchase of the Bonds by Financial Institutions."
Insured
0 o to NEW ISSUE—Book-Entry Only Standard &Poor's Ratings Services ( ) —
"AAA")
e o.L ((See"MUNICIPAL BOND INSURANCE" and "RATINGS" herein)
cu C a)°' $3,710,000
BRAZORIA COUNTY MUNICIPAL UTILITY DISTRICT NO. 4,
u) as OF BRAZORIA COUNTY, TEXAS
Ec En (A Political Subdivision of the State of Texas located within Brazoria County)
a.7 UNLIMITED TAX REFUNDING BONDS, SERIES 2004
CZ m N The$3,710,000 Brazoria County Municipal Utility District No.4 Unlimited Tax Refunding Bonds,Series 2004 (the"Bonds") are
o Y t obligations of Brazoria County Municipal Utility District No.4,of Brazoria County,Texas (the"District"),and are not obligations of
»_ 4-. the State of Texas, Brazoria County, Texas, the City of Pearland,Texas, or any entity other than the District. Neither the faith and
Q5 iv credit nor the taxing power of the State of Texas,Brazoria County,Texas,nor the City of Pearland,Texas,is pledged to the payment of
Eo 2 the principal of or interest on the Bonds.
° a Dated: July 1, 2004 Due: September 1, as shown below
O > o Principal of the Bonds is payable at the corporate trust office of JPMorgan Chase Bank,Dallas,Texas,the paying agent/registrar
t 0 (the"Registrar"). Interest on the Bonds will be payable by check or draft, dated as of the interest payment date, and mailed by the
o) o"= Registrar to the registered owners as shown on the Bond register kept by the Registrar (the "Registered Owner") at the close of
13 m j business on the 15th calendar day of the month next preceding each interest payment date (the "Record Date"). Interest is payable
`J'o is March 1,2008 (eight-month interest period),and each September 1 and March 1 thereafter until the earlier of maturity or redemption.
°' c o The Bonds are fully registered in denominations of$5,000 or any integral multiple thereof.
.ai - a The Bonds will be registered in the name of Cede&Co.,as nominee for The Depository Trust Company,New York,New York
ai o oai ("DTC"),which will act as securities depository for the Bonds. Beneficial owners of the Bonds will not receive physical certificates
I- o as
representing the Bonds,but will receive a credit balance on the books of the nominees of such beneficial owners.So long as Cede&Co.
r N is the registered owner of the Bonds,the principal of and interest on the Bonds will be paid by the Paying Agent directly to DTC,which
m a�i will,in turn, remit such principal and interest to its participants for subsequent disbursement to the beneficial owners of the Bonds as
E'o '- described herein. See "THE BONDS— Book-Entry-Only System."
Coas o Payment of principal of and interest on the Bonds as the same become due and payable is insured by a municipal bond insurance
o , o policy to be issued by Company simultaneously with the delivery of the Bonds.
c O tl
o— 5
E MATURITY SCHEDULE
yo o c (Due September 1)
m Principal Maturity Interest Reoffering Principal Maturity Interest Reoffering
N
o •Q Amount (September 1) Rate Yield(a) Amount (September 1) Rate Yield(a)
c' c 5
co 5 2005 $ 50,000 % % 2009 $615,000 % %0 0 : 4 635,000
0 2006 570,000 2011 660,000
co 2007 580,000
2008 600,000
N v O (a) Information
nf irl offo offering price,respecieoh may the initial
tiahanged for yields
subsequent of the
purchasers.Bondsithe responsibility of the Underwriter.Initial reoffering yields represent the
i
e
�° m o The Bonds are not subject to redemption prior to their stated maturities.
m The proceeds of the sale of the Bonds,plus certain other lawfully available funds of the District,will be applied to currently refund
.i al certain outstanding bonds of the District and to pay certain costs incurred in connection with the issuance of the Bonds. See"PLAN
O co coo OF FINANCING—Use of Bond Proceeds."The Bonds,when issued,constitute valid and binding obligations of the District,payable
from the proceeds of a continuing,direct,annual ad valorem tax,without legal limitation as to rate or amount,levied against all taxable
gg property within the District. See "THE BONDS—Source of Payment."
c O 0The Bonds are offered subject to prior sale,when,as and if issued by the District and accepted by the Underwriter,subject to the
E 6-9, approval of the Attorney General of Texas and of Allen Boone Humphries LLP,Bond Counsel.Delivery of the Bonds is expected on or
tt c_ N about July , 2004. Certain legal matters will be passed upon for the Underwriter by McCall, Parkhurst & Horton L.L.P., Dallas,
E .c Texas.
tE-c
I- tL RBC DAIN RAUSCHER INC. FIRST SOUTHWEST COMPANY
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