Loading...
R2022-269 2022-11-21 CERTIFICATE FOR RESOLUTION THE STATE OF TEXAS COUNTIES OF BRAZORIA AND HARRIS CITY OF PEARLAND I, the undersigned officers of the City of Pearland, Texas (the "City"), hereby certify as follows. 1 The City Council of the City convened in a regular meeting on November 21,2022, at the regular meeting place thereof,within the City, and the roll was called of the duly constituted officers and members of the City Council,to wit: Kevin Cole Mayor Tony Carbone Mayor Pro Tem Joseph Koza Councilmember Alex Kamkar Councilmember Adrian Hernandez Councilmember Layni Cade Councilmember Jeffrey Barry Councilmember Woody Owens Councilmember 4,11 1-1MeletritiC2 and all of such persons were present except ,thus constituting a quorum. Whereupon, among other business,the following was transacted at said meeting: a written RESOLUTION OF THE CITY OF PEARLAND, TEXAS AUTHORIZING THE DEFEASANCE AND REDEMPTION OF CERTAIN OF THE CITY'S CERTIFICATES OF OBLIGATION,SERIES 2019B(TIRZ RLEATED PROJECTS);MAKING CERTAIN FINDINGS AND CONTAINING OTHER PROVISIONS RELATED 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 _ %r5 NAYS ABSTENTIONS 2. 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 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 such meeting was open to the public as required by law; 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. 4138-6321-5426.1 SIGNED AND SEALED this 2/ , 2022. or City ecretary ,,,,,,, pERL,eiNQ 4138-6321-5426.1 SIGNED AND SEALED this Aln- /1134/1 , 2022. a Iv City ecretary `,`llllll1,f Ill,,?,', ``,,,oF ?EARL/le„ U `lLi 4138-6321-5426.1 SIGNED AND SEALED this Ahrira) c9 ,2022 f C C1 Secretary "Hffnf rntrrfq `,,,off PEARLq• vo,,, 7 'o 4138-6321-5426.1 RESOLUTION NO.2022 - c / RESOLUTION OF THE CITY OF PEARLAND,TEXAS AUTHORIZING THE DEFEASANCE AND REDEMPTION OF CERTAIN OF THE CITY'S CERTIFICATES OF OBLIGATIONS SERIES 2019B (TIRZ RELATED PROJECTS), MAKING CERTAIN FINDINGS AND CONTAINING OTHER PROVISIONS RELATED THERETO STATE OF TEXAS § COUNTIES OF BRAZORIA AND HARRIS § CITY OF PEARLAND § WHEREAS, the City of Pearland, Texas (the "City" ) has duly issued and has outstanding it's Certificates of Obligation, Series 2019B in the principal amount of$11,980,000 (the"Outstanding Certificates"), and WHEREAS, the City Council of the City desires to defease and redeem up to approximately $9,500,000 in aggregate principal amount of such Outstanding Certificates in the City's fiscal year ending September 30, 2023 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS THAT Section 1. Preamble. The facts and recitations set out in the preamble of this Resolution are found to be true and correct and hereby adopted and made part hereof for all purposes Section 2. Approval of Defeasance and Redemption. City Council hereby approves the defeasance of up to $9,500,000 in aggregate principal amount of such Outstanding Certificates (the "Defeased Certificates") in the City's fiscal year ending September 30, 2023 and, in connection with such defeasance, approves the redemption of the Defeased Certificates on March 1,2026, or such later date as directed by the Mayor, City Manager or Chief Financial Officer The City Council hereby directs the Mayor, City Secretary and other officer and agents of the City to do any and all things necessary or desirable to carry out the provisions of this Resolution. Section 3. Approval of Escrow Agent and Verification Report. (a) City Council hereby determines that the discharge and defeasance of the Defeased Certificates may be effectuated in any legal manner including by cash defeasance by the deposit of funds with the paying agent for the Outstanding Certificates and/or pursuant to the terms and provisions of an Escrow Agreement to be entered into by and between the City and Computershare Trust Company, N.A., as Escrow Agent. The Escrow Agreement shall be m a form similar to such agreements previously utilized by the City for its bond refundings. The Mayor, City Secretary, City Manager and City's Chief Financial Officer are each hereby authorized to execute and deliver the Escrow Agreement, for and on behalf of the City and as the act and deed of City Council, and such Escrow Agreement as executed by said officials shall be deemed approved by the City Council and constitute the Escrow Agreement herein approved. (b) Furthermore, the Mayor, City Secretary, the City Manager, and the City's Chief Financial Officer, the City's Financial Advisor, and Bond Counsel, in cooperation with the Escrow Agent 4138-6321-5426.1 are hereby authonzed and directed to make the necessary arrangements for the deposit of cash and/or the purchase of any securities referenced m the Escrow Agreement and the delivery thereof to the Escrow Agent funds to be deposited to the credit of certain of the Defeased Certificates (the "Escrow Fund"), including the execution of subscription forms or agreements, if any, for the purchase of eligible securities for investment of amounts deposited to the Escrow Fund, all as contemplated and provided by the provisions of Chapter 1207, as amended, Texas Government Code, this Resolution, and the Escrow Agreement. (c) The Mayor, City Secretary, City Manager, and the City's Chief Financial Officer are authorized to appoint a verification agent (the "Verification Agent") to verity the sufficiency of the deposit to the Escrow Fund to accomplish the defeasance of the Defeased Certificates, to the extent such appointment is necessary or desired and in the event of the establishment of a net defeasance escrow fund,provided,however,that in the event of a gross defeasance of the Defeased Certificates,the sufficiency of the deposit to the Escrow Fund to accomplish such defeasance may be certified to the City by the City's Financial Advisor or another qualified financial institution in lieu of verification by the Verification Agent. 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 and public notice of the time,place and subject matter of the public busmess to be considered at such meeting, including this Resolution, was given all as required by the Texas Government Code, Chapter 551, as amended. 4138-6321-5426.1 PASSED AND APPROVED this J-1 day of AintedgW022. or ATTEST City Secretary A E R44 1, paw- s. 4138-6321-5426.1 PASSED AND APPROVED this gt day of iV0l!' 022. ayor ATTEST City cretary ,.�o'OF• .P Eq - (C)i • 4138-6321-5426.1 PASSED AND APPROVED this M day of No . 2022. ayor ATTEST City Secretary / ,,,,,,, ,,,,„ ,,, 4138-6321-5426.1