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Home My WebLink AboutR2023-273 2023-10-23DocuSign Envelope ID: 96DD53B2-5E80-4B2C-BB6D-0DF9C31 BB718 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 "Tax -Exempt Obligations"), the proceeds of which are expected to be used to pay costs of the Projects 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 Projects; 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 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; 37769931v.1 DocuSign Envelope ID: 96DD53B2-5E80-4B2C-BB6D-0DF9C31 BB718 RESOLUTION NO. R2023-273 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 $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 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. PASSED, APPROVED and ADOPTED this the 23rd day of October, A.D., 2023. p—DocuSigned by: 9z •--W88'/\615,L32 J. KEVIN COLE MAYOR -2 37769931 v.1 DocuSign Envelope ID: 96DD53B2-5E80-4B2C-BB6D-0DF9C31 BB718 RESOLUTION NO. R2023-273 ATTEST: DocuSigned by: FratAtt,S QOl ar Cc22�3irrr413 FRANCES AGUILAR, TRMC, MMC CITY SECRETARY APPROVED AS TO FORM: DocuSigned by: F406... DARRIN M. COKER, CITY ATTORNEY -3 4y�i,5LLwI,,,,,N, 37769931 v.1 DocuSign Envelope ID: 96DD53B2-5E80-4B2C-BB6D-0DF9C31 BB718 RESOLUTION NO. R2023-273 EXHIBIT A Description of Expenditures to be Reimbursed October 2023 Intent to Reimburse for FY24 Exhibit A - i 37769931v.1 EXHIBIT A Description of Expenditures to be Reimbursed Debt Type Bond Maturity (years} 2007 General Obligation Bonds 20 Years Project Name Smith Ranch Road Extension (CR 94) - Hughes Ranch Road to Broadway 2007 General Obligation Bonds Total Expect to Reimburse 2,340,000 2,340,000 2019 General Obligation Bonds 2019 General Obligation Bonds 2019 General Obligation Bonds 30 Years 30 Years 30 Years Hickory Slough Sportsplex Detention Pond Ph 2 Bailey Road Expansion - Veterans Dr to Main Street Reconstruction - Sherwood 3,761,000 11, 773,000 4,450,000 2019 General Obligation Bonds Total 19,984,000 2023 General Obligation Bonds 2023 General Obligation Bonds 2023 General Obligation Bonds 2023 General Obligation Bonds 2023 General Obligation Bonds 2023 General Obligation Bonds 2023 General Obligation Bonds 30 Years 25 Years 25 Years 25 Years 30 Years 30 Years 25 Years Veterans Drainage Improvements Longwood Park (Roadside Ditch and Culvert) Southwest Quadrant of Old Town (McLean to SH35 South of Broadway) Shady Crest and Creek View Subdivision Drainage Improvement Shadow Creek Ranch — Ocean Point Ct 100 Year Overflow at Cul-De-Sac Hughes Road - Pearland Parkway to City of Pearland City Limit Concrete Sidewalk Gaps and Replacement 10,980,000 660,000 10,179,000 1,828,000 100,000 10,700,000 2,200,000 2023 General Obligation Bonds Total 36,647,000 Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation 30 Years 30 Years 30 Years 30 Years 30 Years 20 Years 30 Years 30 Years 15 Years 12 Years 20 Years 30 Years 20 Years 30 Years 30 Years West Lea Subdivision Drainage Improvements Hickory Slough Detention Storm Water Pump Station Generator Veterans Drainage Improvements Orange Street Service Center Phase 2 Hillhouse Road Annex Phase II Water Operations Building (Alice St.) Reflection Bay WRF Fuel Island Fiber Backbone (Magnolia from Cullen to Business Center) West Pearland Community Center HVAC Replacement Fire Administration HVAC Replacement Smith Ranch Road Extension (CR 94) - Hughes Ranch Road to Broadway Pearland Parkway at Broadway Intersection Improvements Broadway Expansion Phase 1 - SH 288 to Old Chocolate Bayou Dixie Farm Road Transition near Mary's Creek and Cowart's Creek Bridge Hughes Road - Pearland Parkway to City of Pearland City Limit 931,406 830,000 350,000 7,350,000 20,046,750 259,783 538,500 352,500 240,000 348,000 2,430,385 984,000 592,500 76,000 1,546,000 Certificates of Obligation Total 36,875,824 TIRZ Reimbursable Debt TIRZ Reimbursable Debt TIRZ Reimbursable Debt 30 Years 25 Years 30 Years Shadow Creek Trail Phase II - Along Clear Creek Relief Ditch & Library Trail Shadow Creek Parkway Landscaping, Street Lighting & Sidewalks Intersection Improvements in Shadow Creek Ranch 275,000 550,000 7,700,000 TIRZ Reimbursable Debt Total 8,525,000 W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 20 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 20 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 20 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 25 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 10 Years W/S Certificates of Obligation 10 Years W/S Certificates of Obligation 10 Years W/S Certificates of Obligation 10 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 10 Years W/S Certificates of Obligation 10 Years W/S Certificates of Obligation 10 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 10 Years W/S Certificates of Obligation 10 Years W/S Certificates of Obligation 30 Years W/S Certificates of Obligation 10 Years Total Tax -backed Debt Issuance $ 104,371,824 Orange Street Service Center Phase 2 Hillhouse Road Annex Phase II Water Operations Building (Alice St.) Reflection Bay WRF Fuel Island Westminister Subdivision Water Line Replacement Green Tee Transite Pipe Water Line Replacement Somersetshire Estates Subdivision Waterline Replacement Liberty Water Production Facility Rehabilitation Sherwood Waterline Replacement Country Place Water Well Generator Replacement Garden Water Well Generator Water Plant Chemical Containment Structures Wood Creek Transite Pipe Water Line Replacement Cullen Ground Storage Tank Replacement CR 100 Water Line - Harkey to Pearland Sites Creek View and Shady Crest Transite Pipe Water Line Replacement Barry Rose WRF Replacement and Expansion Longwood Water Reclamation Facility Decommissioning Sanitary Sewer Rehabilitation - Old Town District & Barry Rose Service Area Sanitary Sewer Rehabilitation - Barry Rose Service Area (BR -03) Sunrise Lakes Lift Station Rehabilitation Veterans 2 Regional Lift Station Rehabilitation Dixie Farm North Regional Lift Station Rehabilitation Barry Rose Gravity Sewer - Plum from Galveston to Barry Rose WRF Riverstone Ranch Regional Lift Station Capacity Expansion Lakes of Country Place Lift Station Rehabilitation Southdown Lift Station Rehabilitation Shady Crest and Creek View Subdivision Sanitary Sewer Rehabilitation Whispering Winds Lift Station Relocation Wooten Road Lift Station Decommissioning Sanitary Sewer Rehabilitation - Longwood Service Area (LW -03) Southdown Regional Lift Station & Force Main 13,650,000 6,682,250 3,220,000 538,500 1,280,000 6,185,000 361,000 2,784,000 1,500,000 208,500 273,000 94,000 500,000 390,000 375,000 550,000 36,198,000 18,865,000 750,000 3,750,000 176,000 3,876,000 1,720,000 1,223,000 300,000 832,000 1,200,000 334,000 159,000 294,000 9,012,000 100,000 W/S Certificates of Obligation Total 117,380,250