R2023-314 2023-12-11RESOLUTION NO. R2023-314
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
$6,200,000;
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 expected to
be issued by the City in fiscal year 2024 and currently expected to have a maximum aggregate
principal amount of $6,200,000 (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 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 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;
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RESOLUTION NO. R2023-314
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
$6,200,000 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.
PASSED, APPROVED and ADOPTED this the 11th day of December, A.D., 2023.
____________________________________
J. KEVIN COLE MAYOR
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RESOLUTION NO. R2023-314
ATTEST:
___________________________________
FRANCES AGUILAR, TRMC, MMC
CITY SECRETARY
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
..
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For
EXHIBIT A
Description of Expenditures to be Reimbursed
December 2023 Intent to Reimburse for FY24
CO’s
Project Number Bond Maturity Project Name Amount to Reimburse
FA2602 30 Years Public Safety Driver Training Track 3,100 ,000
FA 2603 30 Years Public Safety Firearms Range Facility 3,100,.000
Total $ 6,200,000
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