R2020-169 2020-09-14RESOLUTION NO. R2020-169
A Resolution of the City Council of the City of Pearland, Texas, authorizing
the Lower Kirby Pearland Management District ("District") to issue and sell
bonds, totaling $3,945,000.00, for certain water and drainage projects
(South Spectrum and Promenade Shops utilities, Beltway 8 waterline, West
Conveyance Pond and Lateral 3).
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That Chapter 375.207 of the Texas Local Government Code requires the
District to obtain approval of the City for bond issues that support improvement projects in the
District.
Section 2. That the Mayor is hereby authorized to sign the consent letter, attached
hereto as Exhibit "A," authorizing the issuance of bonds for certain projects, the plans and
specifications of which have been approved by the City Council.
PASSED, APPROVED and ADOPTED this the 14th day of September, A.D.,
2020.
AT ST'
CR TAL ROAN, TRMC, CMC
CITY SECRETARY
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
TOM REID
MAYOR
September 14, 2020
City of Pearland
3519 Liberty Drive, Pearland, TX 77581
Pearland, Texas 77581
pearlandtx.gov
The Honorable Leslie Brock
Office of the Attorney General of Texas
William P. Clements Building
300 West 15th Street, 7th Floor
Austin, Texas 78701
Re: Lower Kirby Pearland Management District $3,945,000 Unlimited Tax Bonds
Ladies and Gentlemen:
You are hereby notified that the City Council of the City of Pearland, Texas, has authorized
the Lower Kirby Pearland Management District to issue and sell the above -captioned bonds in
the Fall of 2020 or early 2021 following approval of the bond application by the Texas Commission
on Environmental Quality. These Bonds are being issued for the purposes of funding certain
water, wastewater and drainage improvement projects, the plans and specifications for which
have also been approved by the City Council of the City of Pearland, Texas, each in compliance
with Section 375.207 of the Texas Local Government Code. The approval was passed by the
City Council at a duly posted City Council meeting on September 14, 2020.
CITY OF PEARLAND
Tom Reid, Mayor
Lower Kirby Pearland Management District 31 -Aug -20
Section 4 - Summary of Costs
C:\Users\vmarvin\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\MPXIKETL\WSD BOND SUMMARY
TOTAL
DISTRICT
CONSTRUCTION COST ITEMS
AMOUNT
SHARE
1. Beltway 8 Waterline
$
95,970.23
$ 95,970.23
2. West Conveyance Pond
$
356,800.00
$ 356,800.00
3. South Spectrum Blvd East & Promenade Shops Drive WS&D
$
238,854.15
$ 238,854.15
4. Lateral 3 Drainage Facilities
$
640,800.00
$ 640,800.00
Subtotal Costs
$
1,332,424
$ 1,332,424
i. Engineering
a. Beltway 8 Waterline
$
29,500.00
$ 29,500.00
b. West Conveyance Pond
$
68,463.00
$ 68,463.00
c. South Spectrum Blvd East & Promenade Shops Drive WS&D
$
96,452.17
$ 96,452.17
d. Lateral 3 Drainage Facilities
$
115,344.00
$ 115,344.00
e. Phase II Master Drainage Plan - Study
$
200,000.00
$ 200,000.00
Subtotal Engineering
$
509,759
$ 509,759
ii. Construction Testing
a. Beltway 8 Waterline
$
3,500.00
$ 3,500.00
b. West Conveyance Pond
$
4,299.00
$ 4,299.00
c. South Spectrum Blvd East & Promenade Shops Drive WS&D
$
2,900.00
$ 2,900.00
d. Lateral 3 Drainage Facilities
$
19,224.00
$ 19,224.00
Subtotal Construction Testing Costs
$
29,923
$ 29,923
ii. Storm Water Pollution Prevention (SWPP)
a. Beltway 8 Waterline
$
2,879.11
$ 2,879.11
b. West Conveyance Pond
$
12,844.80
$ 12,844.80
c. South Spectrum Blvd East & Promenade Shops Drive WS&D
$
-
$ -
d. Lateral 3 Drainage Facilities
$
19,224.00
$ 19,224.00
Subtotal SWPP Costs
$
34,948
$ 34,948
iii. Construction Legal Fees (0.5% of Items)
a. Beltway Waterline
$
480
$ 480
b. West Conveyance Pond
$
1,784
$ 1,784
c. South Spectrum Blvd East & Promenade Shops Drive WS&D
$
1,194
$ 1,194
d. Lateral 3 Drainage Facilities
$
3,204
$ 3,204
Subtotal Construction Legal Fees Costs
$
6,662
$ 6,662
iv. Contingency
b. West Conveyance Pond (20%)
$
71,360.00
$ 71,360.00
d. Lateral 3 Drainage Facilities (20%)
$
128,160.00
$ 128,160.00
Subtotal Contingency
$
199,520
$ 199,520
B. LAND ITEMS
Phase II Master Drainage Plan - Land Acquisition (includes 10% Contingency)
$
1,503,702
$ 1,503,702 (1)
Subtotal Land Acquisition
$
1,503,702
$ 1,503,702
TOTAL CONSTRUCTION COSTS
$
3,616,939
$ 3,616,939
LESS AVAILABLE SURPLUS FUNDS
$ 3,490,869.05 (2)
% OF B.I.R.
91.7%
NON -CONSTRUCTION COSTS
A. Legal Fees
$ 113,625.00 (3)
B. Fiscal Agent Fees (2%)
$ 78,900.00
C. Interest Expenses
1. Developer Interest
$ 31,620.95 (4)
D. Bond Discount (3%)
$ 118,350.00
E. Bond Issuance Expenses
$ 37,827.51
F. Bond Application Report Cost
$ 60,000.00
G. TCEQ Fee (0.25°/x)
$ 9,862.50
H. Attorney General's Fee (0.10%)
$ 3,945.00
TOTAL NON -CONSTRUCTION COSTS
$ 454,130.95
% OF B.I.R.
11.5%
TOTAL BOND ISSUE REQUIREMENT
$ 3,945,000.00
C:\Users\vmarvin\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\MPXIKETL\WSD BOND SUMMARY
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