R2021-242 2021-10-25RESOLUTION NO. R2021-242
A Resolution of the City Council of the City of Pearland, Texas, declaring
intention to reimburse project expenditures from proceeds of future tax-
exempt obligations.
WHEREAS, the City plans to make certain capital expenditures described on Exhibit A
(herein, the "Project"), the maximum aggregate cost of which is expected to be approximately
$139,200,000.00;
WHEREAS, the City anticipates providing funds to permanently finance these capital costs
of the Project by issuing after the date hereof certain certificates of obligation and tax-exempt
bonds, expected to be issued by the City in fiscal year 2022 and currently expected to have a
maximum aggregate principal amount of $139,200,000.00 (herein, the "Tax -Exempt Obligations"),
the proceeds of which are expected to be used to pay costs of the Project and costs of issuance of
the Tax -Exempt Obligations;
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 Project;
WHEREAS, the Tax -Exempt Obligations will be payable from certain revenues and ad
valorem taxes levied, assessed and collected by the City to pay debt service on the Tax -Exempt
Obligations;
WHEREAS, the City anticipates that no more than 60 days prior to the date hereof and
prior to the issuance of the Tax -Exempt Obligations will it be obligated to pay certain costs
constituting expenditures properly chargeable to a capital account (under general federal income
tax principles) in connection with the Project (the "Expenditures");
WHEREAS, the money to be used to pay the Expenditures described in Exhibit A of this
Resolution for the 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 City and such money is not
appropriated for any other purpose; and in the City's Capital Project Funds;
4132-7518-6993.1
RESOLUTION NO. R2021-242
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 Tax -
Exempt Obligations; and
WHEREAS, after the issuance of the Tax -Exempt Obligations the City will: (1) evidence
each allocation of proceeds of the Tax -Exempt Obligations to the reimbursement of the respective
Expenditures with separate entries in its books and records maintained with respect to the Tax -
Exempt Obligations 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
$139,200,000.00 aggregate principal amount of Tax -Exempt Obligations, all of which will be used
to pay the costs of the Project or to reimburse the City for the Expenditures paid in connection with
the Project prior to the issuance of the Tax -Exempt Obligations and to pay costs of issuance of the
Tax -Exempt Obligations.
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.
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RESOLUTION NO. R2021-242
PASSED, APPROVED and ADOPTED this the 25th day of October, A.D., 2021.
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CITY
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DARRIN M. COKER
CITY ATTORNEY
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RESOLUTION NO. R2021-242
EXHIBIT A
Description of Expenditures to be Reimbursed
PROJECT
Hickory Slough Regional Detention Pond
Cowarts Creek Detention Pump Station Generator
Orange Street Service Center Phase II
Police Training Center
PublieSafety Building Renovations
Hillhouse Road Annex Phase II
Natatorium Air Handling Replacement
McHard Road Extension (Mykawa Road to Cullen Parkway)
Smith Ranch Road Extension (CR 94) — Hughes Ranch Road to Broadway
Certificates of Obligations Total
Mykawa Road Widening - BW8 to FM 518
Smith Ranch Road Extension (CR 94) — Hughes Ranch Road to Broadway
West Lea Subdivision Drainage Improvements
Hickory Slough Regional Detention Pond
2007 General Obligation Total
Shadow Creek Trail Phase II
Shadow Creek Parkway Landscaping, Street Lighting & Sidewalks
Intersection Improvements in Shadow Creek Ranch
TIRZ Reimbursable Certificates of Obligation Total
Willowcrest Subdivision Drainage Improvements
West Lea Subdivision Drainage Improvements
Park Equipment Revitalization Program
Animal Services Shelter
Pearland Parkway Traffic Circle Modifications
Bailey Road Expansion —Veterans Dr to Main
2019 General Obligation Total
Enterprise Turd
Orange Street Service Center Phase II
Hillhouse Road Annex Phase II
Water Operations Building
Surface Water Plant Phase I (10 MGD)
Bailey Water Plant Improvements
FM 518 Utility Relocations — SH288 to Cullen Parkway
Westwood Village Water Quality Program
Westminister Subdivision Water Line Replacement
Green Tee Transite Pipe Water Line Replacement
Sonrersetshire Estates Subdivision Small Diameter Water Line Replacement
Barry Rose WRF Expansion
Longwood Water Reclamation Facility Decommissioning
Sanitary Sewer Rehabilitation —Old Town District &Barry Rose
East &West Barnett Lift Stations Rehabilitation
Bella Vita Regional Left Station Rehabilitation
Sanitary Sewer Rehabilitation— Barry Rose Service Area
Autumn Rose Lift Station Rehabilitation
Sunrise Lakes Lift Station Rehabilitation
JHEC WRF Expansion
Revenue Bonds Total
EXPECT TO REIMBURSE
697,438
700,000
1,470,000
3,400,000
582,000
2,475,000
3,206,000
5,028,428
2,028,785
$ 19,587,651
2,881,600
2,340,000
950,000
1,3525562
$ 7,524,162
1,325,000
6,225,000
9,470,000
$ 17,0205000
12,340,000
3,992,000
500,000
600,000
1,0005000
7,0001000
$ 25,4329000
2,730,000
825,000
1,615,000
26,225,000
7,980,000
1,590,000
660,000
945,000
450,000
704,000
7,0005000
6,062,000
3,750,000
1,3605000
1,126,000
4,000,000
716,000
738,000
1,100,000
$ 69,5761000
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RESOLUTION NO. R2021-242
TOTAL
139,1395
4132-7518-6993.1
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