R2023-126 2023-06-26 CERTIFICATE FOR RESOLUTION
STATE OF TEXAS §
COUNTY OF BRAZORIA, FORT BEND AND HARRIS §
CITY OF PEARLAND §
We, the undersigned officers of the City of Pearland, Texas (the "City"), hereby certify as
follows
The City Council of the City convened in a regular meeting on June 26, 2023, at its regular
meeting place at City Hall, Pearland,Texas, and the roll was called of the duly constituted officers
and members of the City Council, to wit:
Kevin Cole Mayor
Joseph Koza Mayor Pro Tem
Tony Carbone Councilmember
Alex Kamkar Councilmember
Adrian Hernandez Councilmember
Laym Cade Councilmember
Jeffrey Barry Councilmember
Rushi Patel Councilmember
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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 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
(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 5 NAYS "'Er- ABSTENTIONS 'Cr
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
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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 said meeting was open to the public in compliance with the advisory
issued by the Office of the Governor; 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
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SIGNED AND SEALED this 4 4,4 6-
, 2023
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City Secretary M • '
CITY OF PEARLAND, TEXAS �i ' 'OF PEARLAND, TEXAS
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RESOLUTION NO R2023-
RESOLUTION 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
STATE OF TEXAS §
COUNTIES OF BRAZORIA, FORT BEND AND HARRIS §
CITY OF PEARLAND §
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 2023B,
in one or more series, in an aggregate principal amount not to exceed $9,395,000 (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 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
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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 currently 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.
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.
[signature page follows]
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PASSED AND APPROVED this 26th day of June, 2023
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of Pearland, Texas
ATTEST
Cit Secretary
CA of Pearland, Texas
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EXHIBIT A
NOTICE OF INTENTION TO ISSUE CERTIFICATES
NOTICE IS HEREBY GIVEN that the City Council of the City of Pearland, Texas (the
"City")will meet at its regular meeting place at City Hall,Pearland,Texas at 6 30 p.m. on the 28th
day of August, 2023, which is the time and place tentatively set for the passage of an ordinance
and such other action as may be deemed necessary to authorize the issuance of the City's
certificates of obligation, payable from ad valorem taxation and a limited (in an amount not to
exceed $10,000) subordinate pledge of certain revenues of the water and sewer system of the City,
in the maximum aggregate principal amount of$9,395,000 bearing interest at any rate or rates, not
to exceed the maximum interest rate now or hereafter authorized by law, as shall be determined
within the discretion of the City Council at the time of issuance and maturing over a period of
years not to exceed forty (40) years from the date thereof, for the purpose of evidencing the
indebtedness of the City to pay all or any part of the contractual obligations to be incurred for the
construction of public works and 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, to wit: (i) construction and improvements to
streets,roads and intersections within Shadow Creek Ranch,and(ii)professional services rendered
in connection with the above listed projects. The estimated combined principal and interest
required to pay the Certificates on time and in full is $12,035,719 Such estimate is provided for
illustrative purposes only and is based on an assumed interest rate of 4 368%. Market conditions
affecting interest rates vary based on a number of factors beyond the control of the City, and the
City cannot provide any assurance regarding the rate of interest that the Certificates will bear upon
their issuance As of the date of this notice, the aggregate principal amount of outstanding public
securities of the City secured by and payable from ad valorem taxes (excluding public securities
secured by an ad valorem tax but designated by the City as self-supporting) is $340,460,000 and
based on the City's expectations, as of the date of this notice the combined principal and interest
required to pay all of the outstanding public securities of the City secured by and payable from ad
valorem taxes(excluding public securities secured by an ad valorem tax but designated by the City
as self-supporting) on time and in full is $442,432,474
WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this 26th day of
June, 2023
/s/
City Secretary
City of Pearland, Texas
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EXHIBIT B
SELF-SUPPORTING DEBT
Principal Amount
Designated as Self
Supporting Series Designation
$ 2,380,000 Permanent Improvement Refunding Bonds, Series 2020
45,710,000 Certificates of Obligation, Series 2022C
$ 48,090,000 Total Principal Amount Designated as Self-Supporting
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