R2023-273 2023-10-23
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RESOLUTION NO. R2023-273
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 “Projects”), the maximum aggregate cost of which is expected to be approximately
$221,752,074;
WHEREAS, the City anticipates providing funds to permanently finance these capital
costs of the Projects by issuing after the date hereof certain certificates of obligation and tax
exempt bonds, expected to be issued by the City in fiscal year 2024 and currently expected to
have a maximum aggregate principal amount of $221,752,074 (herein, the “TaxExempt
Obligations”), the proceeds of which are expected to be used to pay costs of the Projects and
costs of issuance of the TaxExempt 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 longterm basis to pay the costs of the
Projects;
WHEREAS, the TaxExempt Obligations will be payable from certain revenues and ad
valorem taxes levied, assessed and collected by the City to pay debt service on the TaxExempt
Obligations;
WHEREAS, the City anticipates that no more than 60 days prior to the date hereof and
prior to the issuance of the TaxExempt Obligations it will be obligated to pay certain costs
constituting expenditures properly chargeable to a capital account (under general federal
income tax principles) in connection with the Projects (the “Expenditures”);
WHEREAS, the money to be used to pay the Expenditures described in Exhibit A of this
Resolution for the Projects 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;
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RESOLUTION NO. R2023-273
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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
TaxExempt Obligations; and
WHEREAS, after the issuance of the TaxExempt Obligations the City will: (1) evidence
each allocation of proceeds of the TaxExempt Obligations to the reimbursement of the
respective Expenditures with separate entries in its books and records maintained with respect
to the TaxExempt 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 § 1.1502, as
promulgated under the Internal Revenue Code of 1986, as amended (the “Code”), to issue
approximately $221,752,074 aggregate principal amount of Tax Exempt Obligations, all of
which will be used to pay the costs of the Projects or to reimburse the City for the Expenditures
paid in connection with the Projects prior to the issuance of the Tax Exempt Obligations and to
pay costs of issuance of the TaxExempt 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.
PASSED, APPROVED and ADOPTED this the 23rd day of October, A.D., 2023.
J.KEVIN COLE
MAYOR
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RESOLUTION NO. R2023-273
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ATTEST:
FRANCES AGUILAR, TRMC, MMC
CITY SECRETARY
APPROVED AS TO FORM:
DARRIN M. COKER,
CITY ATTORNEY
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RESOLUTION NO. R2023-273
Exhibit A - i
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EXHIBIT A
Description of Expenditures to be Reimbursed
October 2023 Intent to Reimburse for FY24
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Debt Type
Bond Maturity
(years)Project Name Expect to Reimburse
2007 General Obligation Bonds 20 Years Smith Ranch Road Extension (CR 94) - Hughes Ranch Road to Broadway 2,340,000
2007 General Obligation Bonds Total 2,340,000
2019 General Obligation Bonds 30 Years Hickory Slough Sportsplex Detention Pond Ph 2 3,761,000
2019 General Obligation Bonds 30 Years Bailey Road Expansion - Veterans Dr to Main 11,773,000
2019 General Obligation Bonds 30 Years Street Reconstruction - Sherwood 4,450,000
2019 General Obligation Bonds Total 19,984,000
2023 General Obligation Bonds 30 Years Veterans Drainage Improvements 10,980,000
2023 General Obligation Bonds 25 Years Longwood Park (Roadside Ditch and Culvert)660,000
2023 General Obligation Bonds 25 Years Southwest Quadrant of Old Town (McLean to SH35 South of Broadway)10,179,000
2023 General Obligation Bonds 25 Years Shady Crest and Creek View Subdivision Drainage Improvement 1,828,000
2023 General Obligation Bonds 30 Years Shadow Creek Ranch – Ocean Point Ct 100 Year Overflow at Cul-De-Sac 100,000
2023 General Obligation Bonds 30 Years Hughes Road - Pearland Parkway to City of Pearland City Limit 10,700,000
2023 General Obligation Bonds 25 Years Concrete Sidewalk Gaps and Replacement 2,200,000
2023 General Obligation Bonds Total 36,647,000
Certificates of Obligation 30 Years West Lea Subdivision Drainage Improvements 931,406
Certificates of Obligation 30 Years Hickory Slough Detention Storm Water Pump Station Generator 830,000
Certificates of Obligation 30 Years Veterans Drainage Improvements 350,000
Certificates of Obligation 30 Years Orange Street Service Center Phase 2 7,350,000
Certificates of Obligation 30 Years Hillhouse Road Annex Phase II 20,046,750
Certificates of Obligation 20 Years Water Operations Building (Alice St.)259,783
Certificates of Obligation 30 Years Reflection Bay WRF Fuel Island 538,500
Certificates of Obligation 30 Years Fiber Backbone (Magnolia from Cullen to Business Center)352,500
Certificates of Obligation 15 Years West Pearland Community Center HVAC Replacement 240,000
Certificates of Obligation 12 Years Fire Administration HVAC Replacement 348,000
Certificates of Obligation 20 Years Smith Ranch Road Extension (CR 94) - Hughes Ranch Road to Broadway 2,430,385
Certificates of Obligation 30 Years Pearland Parkway at Broadway Intersection Improvements 984,000
Certificates of Obligation 20 Years Broadway Expansion Phase 1 - SH 288 to Old Chocolate Bayou 592,500
Certificates of Obligation 30 Years Dixie Farm Road Transition near Mary's Creek and Cowart's Creek Bridge 76,000
Certificates of Obligation 30 Years Hughes Road - Pearland Parkway to City of Pearland City Limit 1,546,000
Certificates of Obligation Total 36,875,824
TIRZ Reimbursable Debt 30 Years Shadow Creek Trail Phase II - Along Clear Creek Relief Ditch & Library Trail 275,000
TIRZ Reimbursable Debt 25 Years Shadow Creek Parkway Landscaping, Street Lighting & Sidewalks 550,000
TIRZ Reimbursable Debt 30 Years Intersection Improvements in Shadow Creek Ranch 7,700,000
TIRZ Reimbursable Debt Total 8,525,000
Total Tax-backed Debt Issuance 104,371,824$
W/S Certificates of Obligation 30 Years Orange Street Service Center Phase 2 13,650,000
W/S Certificates of Obligation 30 Years Hillhouse Road Annex Phase II 6,682,250
W/S Certificates of Obligation 30 Years Water Operations Building (Alice St.)3,220,000
W/S Certificates of Obligation 30 Years Reflection Bay WRF Fuel Island 538,500
W/S Certificates of Obligation 30 Years Westminister Subdivision Water Line Replacement 1,280,000
W/S Certificates of Obligation 30 Years Green Tee Transite Pipe Water Line Replacement 6,185,000
W/S Certificates of Obligation 30 Years Somersetshire Estates Subdivision Waterline Replacement 361,000
W/S Certificates of Obligation 20 Years Liberty Water Production Facility Rehabilitation 2,784,000
W/S Certificates of Obligation 30 Years Sherwood Waterline Replacement 1,500,000
W/S Certificates of Obligation 30 Years Country Place Water Well Generator Replacement 208,500
W/S Certificates of Obligation 30 Years Garden Water Well Generator 273,000
W/S Certificates of Obligation 20 Years Water Plant Chemical Containment Structures 94,000
W/S Certificates of Obligation 30 Years Wood Creek Transite Pipe Water Line Replacement 500,000
W/S Certificates of Obligation 20 Years Cullen Ground Storage Tank Replacement 390,000
W/S Certificates of Obligation 30 Years CR 100 Water Line - Harkey to Pearland Sites 375,000
W/S Certificates of Obligation 30 Years Creek View and Shady Crest Transite Pipe Water Line Replacement 550,000
W/S Certificates of Obligation 30 Years Barry Rose WRF Replacement and Expansion 36,198,000
W/S Certificates of Obligation 25 Years Longwood Water Reclamation Facility Decommissioning 18,865,000
W/S Certificates of Obligation 30 Years Sanitary Sewer Rehabilitation - Old Town District & Barry Rose Service Area 750,000
W/S Certificates of Obligation 10 Years Sanitary Sewer Rehabilitation - Barry Rose Service Area (BR-03)3,750,000
W/S Certificates of Obligation 10 Years Sunrise Lakes Lift Station Rehabilitation 176,000
W/S Certificates of Obligation 10 Years Veterans 2 Regional Lift Station Rehabilitation 3,876,000
W/S Certificates of Obligation 10 Years Dixie Farm North Regional Lift Station Rehabilitation 1,720,000
W/S Certificates of Obligation 30 Years Barry Rose Gravity Sewer - Plum from Galveston to Barry Rose WRF 1,223,000
W/S Certificates of Obligation 10 Years Riverstone Ranch Regional Lift Station Capacity Expansion 300,000
W/S Certificates of Obligation 10 Years Lakes of Country Place Lift Station Rehabilitation 832,000
W/S Certificates of Obligation 10 Years Southdown Lift Station Rehabilitation 1,200,000
W/S Certificates of Obligation 30 Years Shady Crest and Creek View Subdivision Sanitary Sewer Rehabilitation 334,000
W/S Certificates of Obligation 10 Years Whispering Winds Lift Station Relocation 159,000
W/S Certificates of Obligation 10 Years Wooten Road Lift Station Decommissioning 294,000
W/S Certificates of Obligation 30 Years Sanitary Sewer Rehabilitation - Longwood Service Area (LW-03)9,012,000
W/S Certificates of Obligation 10 Years Southdown Regional Lift Station & Force Main 100,000
W/S Certificates of Obligation Total 117,380,250
EXHIBIT A
Description of Expenditures to be Reimbursed