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2006-03-29 Development Authority of Pearland DEVELOPMENT AUTHORITY OF PEARLAND March 29, 2006 VIA ELECTRONIC SUBMISSION To All Nationally Recognized Municipal Securities Information Repositories and the State Information Depository: c/o DisclosureUSA In compliance with various contractual undertakings made by the Development Authority of Pearland (the "Authority") in connection with municipal securities issued by the Authority after July 3, 1995 (the "Bonds"), and as required by Rule 15c2-12 of the Securities and Exchange Commission (the "Rule"), the Authority is forwarding to each of you the attached documents 1. The Annual Report of the Authority, which updates certain quantitative financial information and operating data identified in the Official Statements of the Authority for bond issues after July 3, 1995, and subject to the undertakings pursuant to the Rule (the "Annual Report"); and 2. The Official Statement for the $9,775,000 Tax Increment Contract Revenue Bonds,Series 2005, dated October 24, 2005. All information contained within the Annual Report was compiled as of September 30, 2005 (unless expressly stated to the contrary in the Annual Report). Chair, Board of Directors Development Authority of Pearland Secretary, Board of Directors Development Authority of Pearland 95097.doc r J.. DEVELOPMENT AUTHORITY OF PEARLAND Annual Report Pursuant to SEC Rule 15c2-12 This information is being provided by DEVELOPMENT AUTHORITY OF PEARLAND (the "Issuer") in compliance with its contractual undertakings (the "Undertakings") to provide an annual report of financial information and operating data, as required by Rule 15(c)2-12 (the "Rule") of the Securities and Exchange Commission, regarding the following municipal debt issues (the "Issues"): $13,995,000 Tax Increment Contract Revenue Bonds,Series 2004 $9,775,000 Tax Increment Contract Revenue Bonds,Series 2005 Pursuant to the rules of Municipal Securities Rulemaking Board ("MSRB"), the participating underwriters for the Issues were required to file a copy of the final official statement for the Issues with the MSRB, copies of which are available from the MSRB upon request and payment of copying, handling and mailing costs. The official statements for the Issues should not be considered to speak as of any dates other than the dates indicated in such document. This Annual Report is based on information compiled and provided by the Issuer. This information has been obtained from Issuer records, audited financial statements and other sources which are believed to be reliable. This information is provided in satisfaction of the Undertakings, containing information as prescribed by the Rule. The Issuer makes no warranty concerning the usefulness of such information to a decision to invest in, hold or sell bonds or other debt instruments of the Issuer. See "RISK FACTORS" in the official statements for a discussion of certain factors that should be considered by holders or prospective holders of the bonds. Information agreed to be provided by the Issuer may be reported in full text herein, or may be incorporated by reference to certain other publicly available documents. The names and addresses of the Issuer's officials and consultants are listed in the Issuer's official statements. 95097.doc • s. Approved for submission: March 29, 2006 Chair, Board of Directors Development Authority of Pearland Secretary, Board of Directors Development Authority of Pearland 4111.. 95097.doc 3, Index Exhibit 1. Annual Update of Financial Information and Operating Data "A" 2. Official Statement for the Series 2005 Bonds "B" 41111.. 95097.doc EXHIBIT A Development Authority of Pearland Annual Update of Financial Information and Operating Data (for Fiscal Year Ended September 30, 2005) SELECTED FINANCIAL INFORMATION See the Official Statement for the $9,775,000 Tax Increment Contract Revenue Bonds, Series 2005 (the "Series 2005 Bonds"), dated October 24, 2005, attached hereto as Exhibit B. TAX INCREMENT COLLECTIONS(a) Current Tax Increment Increment Collection Tax Year Increment Tax Rate Collection Rate City 2002 $ 22,888.30 $0.6860 $ 22,051.85(b) 96.35% 2003 383,974.02 0.6960 375,696.59(b) 97.84 2004 1,492,989.60 0.6744 1,378,164.57(b) 92.31 2005 AISD 2002 $ 52,918.71 $1.588116 $ 51,126.03(c) 96.61% 2003 883,577.12 1.626100 864,839.39(c) 97.88 2004 3,601,632.22 1.705800 3,324,632.62(c) 92.31 2005 Brazoria 2002 $ 3,773.42 $0.1359 $ 3,645.60 96.61% 2003 71,626.35 0.1359 69,958.03 97.67 2004 777,821.32 0.1359 717,999.50 92.31 2005 (a) Based on information provided by the Brazoria County tax office. Historical tax increment collections are not shown for Fort Bend County as there was no captured appraised value in the Fort Bend County portion of the TIRZ for such periods. (b) 36% of the City's Tax Increment is payable by the TIRZ to the City as an Administrative Fee and such portion is not paid to the Authority and is therefore not part of the Contract Tax Increments or the Pledged Revenues. (c) 75% of the AISD Tax Increment is payable by the TIRZ to AISD pursuant to the AISD Agreement and such portion is not paid to the Authority and is therefore not part of the Contract Tax Increments or the Pledged Revenues. 95074.doc PRINCIPAL TAXPAYERS IN THE TIRZ See the Official Statement for the Series 2005 Bonds, dated October 24, 2005, attached hereto as Exhibit B. PLAN OF FINANCING Debt Service Requirements See the Official Statement for the Series 2005 Bonds, dated October 24, 2005,attached hereto as Exhibit B. 95074.doc 6.