R2021-115 2021-05-24 RESOLUTION NO. R2021-115
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 for the 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 2021 B, in one or more series, in an aggregate principal amount not to
exceed $18,475,000 (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
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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:
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.purrently 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.
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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.
PASSED, APPROVED and ADOPTED this the 24th day of May, A.D., 2021.
•
VIN COLE
• MAYOR
ST:
`S L ROAN, TRMC, CMC °�FQ�PR� ••••:. '�,
CITY SECRETARY ;� " '•.�c
APPROVED AS TO FORM: E 0\
DARRIN M. COKER
CITY ATTORNEY
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Agenda Item#2.
2021 Bonds to be Sold
Certificates of Obligation Intent to Revised Sale
Reimburse Amount
DR2101 Cowarts Creek Detention Pump Station Generator 200,000 200,000
FA2001 Fire Station#4 7,184,000 7,184,000
FA2102 Police Training Center 350,000 250,000
NnI
FA2106 Hillhouse Road Annex Phase II 417,000
PK1904 Clear Creek Trail(North of Barry Rose WRF to UHCL 500,000 500,000
Campus)
TR1602 Safe Routes to School 773,400 -
TR2101 Broadway Expansion-SH 288 to SH 35 - -
TR2106 Traffic Signal Upgrades Program FY21 - -
Certificates of Obligation Total $ 9,007,400 $ 8,551,000
2007 General Obligation Bonds Intent to Revised Sale
Reimburse Amount
TR0601 Mykawa Road Widening-BW8 to FM 518 881,600 -
2007 General Obligation Total $ 881,600 $ -
TIRZ Interim Debt Financing via Certificate of Obligations Intent to Revised Sale
Reimburse Amount
PK2003 Shadow Creek Trail Phase II-Along Clear Creek Relief - -
Ditch&Library Trail
FA1805 Shadow Creek Library 20,540,000 16,540,000
TR1905 Shadow Creek Parkway Landscaping,Street Lighting& -
Sidewalks
TR2003 Shadow Creek Ranch Sidewalk Extensions 932,464 932,464
TR2103 Intersection Improvements in Shadow Creek Ranch ( 1,519,500 1,000,000
•
TIRZ Interim Debt Total $ 22,991,964 $ 18,472,464
2019 General Obligation Bonds Intent to Revised Sale
Reimburse Amount
DR1901 Piper Road Drainage 800,000 920,000
DR1902 Mimosa Acres Drainage Improvements 1,020,000 800,000
DR1903 Willowcrest Subdivision Drainage Improvements 3,000,000 1,560,000
DR1904 West Lea Subdivision Drainage Improvements 1,200,000 1,000,000
PK2101 Park Equipment Recapitalization Program 500,000 500,000
FA1803 Animal Services Shelter 9,000,000 7,929,000
FA2003 Fire Training Burn Building Phase 1 1,170,000 1,170,000
TR1901 Street Reconstruction-Linwood Oaks and Orange Circle 2,000,000 1,532,378
TR1903 Pearland Parkway Traffic Circle Modifications 2,000,000 1,000,000
TR2002 Street Reconstruction-Sleepy Hollow 2,765,000 1,663,872
2019 General Obligation Total $ 23,455,000 $ 18,015,250
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City Council Regular Meeting -,May 24 2021
Agenda Item #2.
2021 Bonds to be Sold
• Revenue Bonds Intent to Revised Sale
Reimburse Amount
FA2106 Hillhouse Road Annex Phase II 208,500
FA2107 Water Operations Building 234,000
WA1901 Bailey Water Plant Improvements 4,280,000 -
WA2101 Liberty Elevated&Ground Storage Tank Rehabiliation 1,750,000
WA2101 Liberty Elevated Storage Tank RehabirFati, 975,000
Wn192hiberty-Gr-eupd-Stecage—Tank-Rehabilitation- g
WA2105 South Corrigan Subdivision Transite Pipe Water Line 3,350,000 3,300,000
Replacement
WA2106 Westwood Village Water Quality Program 925,000 -
WW1502 Barry Rose WRF Expansion 14,257,500 -
WW1906 Longwood Water Reclamation Facility Decommissioning 6,500,000 -
WW2001 Miller Ranch Regional Lift Station Odor Control&Rehabilitation 1,540,000 1,011,000,
WW2004 Shadow Creek Regional Lift Station Generator 1,421,000 818,000
WW2007 Bailey Sewer Line-Veterans to Bailey Water Plant 600,000 600,000
WW2101 Sanitary Sewer Rehabilitation -Old Town District&Barry Rose 4,000,000 415,000
Service Area
Revenue Total $ 38,623,500 $ 8,336,500
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City Council Regular Meeting - May 24 2021