R2020-081 2020-05-18RESOLUTION NO. R2020-81
A Resolution of the City Council of the City of Pearland, Texas, authorizing
publication of notice of intention to issue certificates of obligation for the
design, acquisition, construction and improvement of certain public works,
authorizing distribution of a preliminary official statement relating to such
series of certificates and authorizing certain other matters relating thereto.
WHEREAS, the City Council (the "City Council") of the City of Pearland, Texas (the
"City"), is authorized to issue certificates of obligation to pay contractual obligations to be incurred
forthe construction of public works, for the purchase of materials, supplies, equipment, machinery,
buildings, land and rights-of-way for authorized needs and purposes, and for the payment of
contractual obligations for professional services pursuant to Subchapter C of Chapter 271,
Texas Local Government Code, as amended;
WHEREAS, the City Council has determined that it is in the best interests of the City and
otherwise desirable to issue the City of Pearland, Texas Certificates of Obligation, Series
20208, in one or more series, in an aggregate principal amount not to exceed $11,445,000 (the
"Certificates") for the design, engineering, acquisition and construction of certain public works
and the purchase of certain equipment for authorized needs and purposes;
WHEREAS, prior to the issuance of such certificates, the City Council is required to
publish notice of its intention to issue the same in a newspaper of general circulation in the City,
said notice stating (i) the time and place the City Council tentatively proposes to pass the
ordinance authorizing the issuance of the certificates, (ii) the purposes for which the certificates
are to be issued, (iii) the manner in which the City Council proposes to pay the certificates, (iv)
the current principal of all outstanding debt obligations of the City, the combined principal and
interest required to pay all outstanding debt obligations of the City on time and in full, the
maximum principal amount of the certificates to be authorized, and the estimated combined
principal and interest required to pay the certificates to be authorized on time and in full, (v) the
estimated interest rate for the certificates to be authorized, and (vi) the maximum maturity date
of the certificates to be authorized; and
WHEREAS, the City Council has been presented with and has examined the proposed
form of Notice and finds that the form and substance thereof is satisfactory, and that the recitals
and findings contained therein are true, correct and complete.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
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Section 1. Preamble. The facts and recitations contained in the preamble of this
Resolution are hereby found and declared to be true and correct.
Section 2. Authorization of Notice. The City Secretary is hereby authorized and
directed to execute and deliver the Notice set forth in Exhibit A hereto and to publish such Notice
on behalf of the City once a week for two (2) consecutive weeks in a newspaper which is of
general circulation in the City, the date of the first publication of the Notice to be at least forty-six
(46) days prior to the date stated therein for the passage of the ordinance authorizing the
issuance of the certificates of obligation and (ii) posted continuously on the City's website for at
least forty- five (45) days before the date stated therein for the passage of the ordinance
authorizing the issuance of the certificates of obligation.
Section 3. Designation of Self -Supporting Securities. For the purposes of the Notice,
the City hereby designates as self-supporting those public securities listed in the attached
Exhibit B, the debt service on which the City currently pays from sources other than ad valorem
tax collections. The City plans to continue to pay these public securities based on this practice;
however, there is no guarantee this practice will continue in future years.
Section 4. Authorization of Other Matters Relating Thereto. The Mayor, City
Secretary and other officers and agents of the City are hereby authorized and directed to do any
and all things necessary or desirable to carry out the provisions of this Resolution.
Section 5. Effective Date. This Resolution shall take effect immediately upon passage.
Section 6. Public Meeting. It is officially found, determined and declared that the
meeting at which this Resolution is adopted was open to the public in compliance with the advisory
issued by the Office of the Governor and public notice of the time, place and subject matter of
the public business to be considered at such meeting, including this Resolution, was given all as
required by the Texas Government Code, Chapter 551, as amended.
[signature page follows]
4123-3579-7027.3 2
PASSED, APPROVED and ADOPTED this the 18'h day of May, A.D., 2020.
ATTEST:
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Y AL ROAN, TRMC, CMC
CITY SECRETARY
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
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4123-3579-7027.3
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TOM REID
MAYOR
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NOTICE OF INTENTION TO ISSUE CERTIFICATES
NOTICE IS HEREBY GIVEN that the City Council of the City of Pearland, Texas (the
"City") will meet at its regular meeting place at City Hall, Pearland, Texas (or if the City is still
subject to a stay-at-home order via teleconference and video conference in compliance with an
advisory issued by the Office of the Governor) at 6:30 p.m. on the 13th day of July, 2020, which
is the time and place tentatively set for the passage of an ordinance and such other action as
may be deemed necessary to authorize the issuance of the City's certificates of obligation,
payable from ad valorem taxation and a limited (in an amount not to exceed $10,000)
subordinate pledge of certain revenues of the water and sewer system of the City, in the
maximum aggregate principal amount of $11,445,000 bearing interest at any rate or rates, not
to exceed the maximum interest rate now or hereafter authorized by law, as shall be determined
within the discretion of the City Council at the time of issuance and maturing over a period of
years not to exceed forty (40) years from the date thereof, for the purpose of evidencing the
indebtedness of the City to pay all or any part of the contractual obligations to be incurred for the
construction of public works and the purchase of materials, supplies, equipment, machinery,
buildings, land and rights-of-way for authorized needs and purposes and for the payment of
contractual obligations for professional services, to wit: (i) certain improvements to parks within
the City including improvements to Shadow Creek Ranch Park and Shadow Creek Ranch Trail;
(ii) improvements to Shadow Creek Library (iii) improvements to the Shadow Creek Parkway
consisting of landscaping, street lighting and sidewalks, (iv) Shadow Creek Ranch sidewalk
extensions and (iv) professional services rendered in connection with the above listed projects.
The estimated combined principal and interest required to pay the Certificates on time and in full
is $14,596,908. Such estimate is provided for illustrative purposes only and is based on an
assumed interest rate of 3.25%. Market conditions affecting interest rates vary based on a
number of factors beyond the control of the City, and the City cannot provide any assurance
regarding the rate of interest that the Certificates will bear upon their issuance. As of the date of
this notice, the aggregate principal amount of outstanding public securities of the City secured by
and payable from ad valorem taxes (excluding public securities secured by an ad valorem tax
but designated by the City as self-supporting) is
$301,985,000, and based on the City's expectations, as of the date of this notice the combined
principal and interest required to pay all of the outstanding public securities of the City secured by
and payable from ad valorem taxes (excluding public securities secured by an ad valorem tax
but designated by the City as self-supporting) on time and in full is $394,883,181.
WITNESS MY HAND AND THE OFFICIAL
2020.
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SEA OF THE CITY, this 21St day of May,
City ecretary
City of Pearland, Texas
EXHIBIT B
SELF-SUPPORTING DEBT
Principal Amount
Designated as
Self
Supporting Series Designation
$ 4,110,000 Permanent Improvement Refunding Bonds, Series 2012
$ 4,110,000 Total Principal Amount Designated as Self -Supporting
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CERTIFICATE FOR RESOLUTION
STATE OF TEXAS §
COUNTY OF BRAZORIA, FORT BEND AND HARRIS §
CITY OF PEARLAND §
We, the undersigned officers of the City of Pearland, Texas (the "City"), hereby certify as
follows:
The City Council of the City convened in a regular meeting on May 18, 2020, via
teleconference and video conference in compliance with an advisory issued by the Office of the
Governor, and the roll was called of the duly constituted officers and members of the City Council,
to wit:
Tom Reid
Mayor
J. David Little
Mayor Pro Tem
Luke Orlando
Councilmember
Tony Carbone
Councilmember
Gary Moore
Councilmember
Adrian Hernandez
Councilmember
Trent Perez
Councilmember
Woody Owens
Councilmember
and all of such persons were present, thus constituting a quorum. Whereupon, among other
business; the following was transacted at said meeting:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION FOR THE DESIGN, ACQUISITION,
CONSTRUCTION AND IMPROVEMENT OF CERTAIN PUBLIC WORKS,
AUTHORIZING DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT
RELATING TO SUCH SERIES OF CERTIFICATES AND AUTHORIZING
CERTAIN OTHER MATTERS RELATING THERETO
(the "Resolution") was duly introduced for the consideration of the City Council and read in full. It
was then duly moved and seconded that the Resolution be adopted; and, after due discussion,
such motion, carrying with it the adoption of the Resolution, prevailed and carried by the following
vote:
AYES: 7 NAYS: 0 ABSTENTIONS: 0
That a true, full and correct copy of the Resolution adopted at the meeting described in
the above and foregoing paragraph is attached to and follows this certificate; that the Resolution
has been duly recorded in the City Council's minutes of such meeting; that the above and
foregoing paragraph is a true, full and correct excerpt from the City Council's minutes of
such meeting
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pertaining to the adoption of the Resolution; that the persons named in the above and foregoing
paragraph are the duly chosen, qualified and acting officers and members of the City Council as
indicated therein; that each of the officers and members of the City Council was duly and
sufficiently notified officially and personally, in advance, of the date, hour, place and subject of
the aforesaid meeting, and that the Resolution would be introduced and considered for adoption
at such meeting, and each of such officers and members consented, in advance, to the holding of
such meeting for such purpose; that said meeting was open to the public in compliance with the
advisory issued by the Office of the Governor; and that public notice of the date, hour, place and
subject of such meeting was given as required by the Open Meetings Law, Chapter 551, Texas
Government Code.
SIGNED AND SEALED this 21ST Day of May, 2020.
City 59cretary
CITY OF PEARLAND, TEXAS
(SEAL) y
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Mayor
CITY OF PEARLAND, TEXAS