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Home My WebLink AboutR2021-115 2021-05-24RESOLUTION 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 ofthe 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 4163-1269-9181.1 44198-11 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. 4163-1269-9181.1 44198-11 2 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 CITY SECRETARY APPROVED AS TO FORM: DARRIN M. COKER CITY ATTORNEY 4163-1269-9181.1 44198-11 Agenda Item #2. 2021 Bonds to be Sold Certificates of Obligation DR2101 Cowarts Creek Detention Pump Station Generator FA2001 Fire Station #4 FA2102 Police Training Center FA2106 Hillhouse Road Annex Phase II PK1904 Clear Creek Trail (North of Barry Rose WRF to UHCL Campus) TR1602 Safe Routes to School TR2101 Broadway Expansion - SH 288 to SH 35 TR2106 Traffic Signal Upgrades Program FY21 Certificates of Obligation Total 2007 General Obligation Bonds TR0601 Mykawa Road Widening - BW8 to FM 518 2007 General Obligation Total TIRZ Interim Debt Financing via Certificate of Obligations Shadow Creek Trail Phase II - Along Clear Creek Relief Ditch & Library Trail FA1805 Shadow Creek Library Shadow Creek Parkway Landscaping, Street Lighting & Sidewalks TR2003 Shadow Creek Ranch Sidewalk Extensions TR2103 Intersection Improvements in Shadow Creek Ranch TIRZ Interim Debt Total PK2003 TR1905 i 2019 General Obligation Bonds DR1901 Piper Road Drainage DR1902 Mimosa Acres Drainage Improvements DR1903 Willowcrest Subdivision Drainage Improvements DR1904 West Lea Subdivision Drainage Improvements PK2101 Park Equipment Recapitalization Program FA1803 Animal Services Shelter FA2003 Fire Training Burn Building Phase 1 TR1901 Street Reconstruction - Linwood Oaks and Orange Circle TR1903 Pearland Parkway Traffic Circle Modifications TR2002 Street Reconstruction - Sleepy Hollow 2019 General Obligation Total t Intent to Reimburse 200,000 7,184,000 350,000 500,000 773,400 Revised Sale Amount 200,000 7,184,000 250,000 417,000 500,000 $ 9,007,400 $ Intent to Reimburse 881,600 $ 881,600 $ Intent to Reimburse 20,540,000 932,464 1,519,500 8,551,000 Revised Sale Amount Revised Sale Amount 16,540,000 932,464 1,000, 000 $ 22,991,964 $ 18,472,464 Intent to Reimburse 800,000 1,020,000 3,000,000 1,200,000 500,000 9,000,000 1,170,000 2,000,000 2,000,000 2,765,000 Revised Sale Amount 920,000 800,000 1,500, 000 1,000,000 500,000 7,929,000 1,170,000 1,532,378 1,000,000 1,663,872 $ 23,455,000 $ 18,015,250 Page 286 of 555 City Council Regular Meeting -,May 24 2021 Agenda Item #2. 2021 Bonds to be Sold Revenue Bonds FA2106 FA2107 WA1901 WA2101 WA2101 WA2102 WA2105 WA2106 WW1502 WW1906 Hillhouse Road Annex Phase II Water Operations Building Bailey Water Plant Improvements Liberty Elevated & Ground Storage Tank Rehabiliation Liberty Elevated Storage Tank Rehabilitation Liberty Ground Storage Tank Rehabilitation South Corrigan Subdivision Transite Pipe Water Line Replacement Westwood Village Water Quality Program Barry Rose WRF Expansion Longwood Water Reclamation Facility Decommissioning WW2001 Miller Ranch Regional Lift Station Odor Control & Rehabilitation WW2004 Shadow Creek Regional Lift Station Generator WW2007 Bailey Sewer Line - Veterans to Bailey Water Plant Sanitary Sewer Rehabilitation - Old Town District & Barry Rose Service Area WW2101 Intent to Reimburse 4,280,000 975,000 775,000 3,350,000 925,000 14,257,500 6,500,000 1,540,000 1,421,000 600,000 4,000,000 Revised Sale Amount 208,500 234,000 1,750,000 3,300,000 1,011,000 , 818,000 600,000 415,000 Revenue Total $ 38,623,500 $ 8,336,500 Page 287 of 555 City Council Regular Meeting - May 24 2021