R2017-034 2017-02-13RESOLUTION NO. R2017-34
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 $8,715,000 of its Water and Sewer System Revenue and Refunding
Bonds, Series 2006 (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 $1,470,000 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
$1,470,000 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 13"' day of February, A.D., 2017.
ATTEST:
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
1IOU:3758641.1
TOM REID
MAYOR