R2018-069 2018-04-11 RESOLUTION NO. R2018-69
A Resolution of the City Council of the City of Pearland, Texas,
declaring intention to reimburse project expenditures from proceeds of
future tax-exempt Permanent Improvement Bonds.
WHEREAS, the City plans to make certain capital expenditures described on
Exhibit A (herein, the "PIB Project"), the maximum aggregate cost of which is expected to
be approximately $2,890,000.00;
WHEREAS, the City anticipates providing funds to permanently finance these
capital costs of the PIB Project by issuing after the date hereof certain Permanent
Improvement Bonds, expected to be issued by the City in fiscal year 2019 and currently
expected to have a maximum aggregate principal amount of $3,000,000.00 (herein,
the "PIBs"), the proceeds of which are expected to be used to pay costs of the PIB Project
and costs of issuance of the PIBs;
WHEREAS, no funds of the City are, or are reasonably expected to be, allocated,
reserved, or otherwise set aside in the City's budget on a long-term basis to pay the costs
of the PIB Project;
WHEREAS, the PIBs will be payable from certain revenues and ad valorem taxes
levied, assessed and collected by the City to pay debt service on the PIBs;
WHEREAS, the City anticipates that no more than 60 days prior to the date hereof
and prior to the issuance of the PIBs it will be obligated to pay certain costs constituting
expenditures properly chargeable to a capital account (under general federal income tax
principles) in connection with the PIB Project (the "Expenditures");
WHEREAS, the money to be used to pay the Expenditures described in Exhibit
A of this Resolution for the PIB Project is in the City's General Fund, the general purpose
and function of which is to pay general operating and maintenance expenditures of the
4161-5079-6307.2
RESOLUTION NO. R2018-69
City and such money is not appropriated for any other purpose; and in the City's Capital
Project Funds;
WHEREAS, the City reasonably expects that the City will reimburse the General
Fund and the City's Capital Project Funds, respectively, for the Expenditures with
proceeds of the PIBs; and
WHEREAS, after the issuance of the PIBs the City will: (1) evidence each
allocation of proceeds of the PIBs to the reimbursement of the respective Expenditures
with separate entries in its books and records maintained with respect to the PIBs Bonds
and (2) identify in each such entry the actual prior Expenditures being reimbursed or the
fund from which the Expenditures were made; now therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. The City Council hereby adopts the findings set out in the preamble
hereof and declares its intent within the meaning of Treasury Regulation § 1.150-2, as
promulgated under the Internal Revenue Code of 1986, as amended (the "Code"), to issue
approximately $3,000,000.00 principal amount of PIBs, all of which will be used to pay the
costs of the PIB Project or to reimburse the City for the Expenditures paid in connection
with the PIB Project prior to the issuance of the Bonds and to pay costs of issuance of the
PIBs.
Section 2. The City will maintain this Resolution at the office of the City at 3519
Liberty Drive, Pearland, Texas 77581 and make it continuously available for inspection by
the general public during normal business hours on business days beginning within 30
days after the date of this Resolution.
PASSED, APPROVED and ADOPTED this the 9th day of April, A.D., 2018.
4161-5079-6307.2
RESOLUTION NO. R2018-69
Ta-d0
TOM REID
MAYOR
ATTEST:
UNG RFING RM; • /.\TY SECRETAR
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
4161-5079-6307.2
RESOLUTION NO. R2018-69
EXHIBIT A
Description of Expenditures to be Reimbursed
BUDGET EXPECT TO
PROJECT BONDS REIMBURSE
DL Smith Detention Pond
Expansion — Phase I $2,890,000.00 $2,890,000.00
4161-5079-6307.2
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