R2017-015 2017-01-23RESOLUTION NO. R2017-15
A Resolution of the City Council of the City of Pearland, Texas,
expressing intent to defease certain of the City's outstanding bonds.
WHEREAS, the City of Pearland, Texas (the "City") has duly issued and there is now
outstanding approximately $1,495,000 of its Permanent Improvement and Refunding
Bonds, Series 2007 (the "Outstanding Bonds"); and
WHEREAS, the City Council (the 'City Council") of the City has determined to express
its intention to defease up to approximately $1,495,000 in aggregate principal amount of
such Outstanding Bonds in the City's fiscal year ending September 30, 2017; now therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. The City Council declares its present intent to defease up to
approximately $1,495,000 in aggregate principal amount of such Outstanding Bonds in the
City's fiscal year ending September 30, 2017. The City Council hereby directs and
authorizes the Director of Finance and any other employees and agents of the City to take
all such necessary actions to defease the Outstanding Bonds. Notwithstanding the foregoing,
the City Council reserves the right to not defease any of the Outstanding Bonds upon a
determination by the City Council that the funds of the City intended for such purpose could be
better utilized for other lawful purposes.
PASSED, APPROVED and ADOPTED this the 23rd day of Januar , A. 2017.
4c -V
ATTEST:
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
TOM REID
MAYOR