Loading...
R2024-220 2024-10-1437768735v.1 RESOLUTION NO. R2024-220 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 $247,500,000; 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 and tax­ exempt bonds, expected to be issued by the City in fiscal year 2025 and currently expected to have a maximum aggregate principal amount of $247,500,000 (herein, the “Tax­Exempt Obligations”), the proceeds of which are expected to be used to pay costs of the Project 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 Project; 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 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; and in the City’s Capital Project Funds; Docusign Envelope ID: 9299FB2A-6A03-429D-9AA8-26ECB4E7C35F RESOLUTION NO. R2024-220 - 2 - 37768735v.1 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 $247,500,000 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 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 14th day of October, A.D., 2024. J.KEVIN COLE MAYOR Docusign Envelope ID: 9299FB2A-6A03-429D-9AA8-26ECB4E7C35F RESOLUTION NO. R2024-220 - 3 - 37768735v.1 ATTEST: FRANCES AGUILAR, TRMC, MMC CITY SECRETARY APPROVED AS TO FORM: DARRIN M. COKER CITY ATTORNEY Docusign Envelope ID: 9299FB2A-6A03-429D-9AA8-26ECB4E7C35F Docusign Envelope ID: 9299FB2A-6A03-429D-9AA8-26ECB4E7C35F RESOLUTION NO. R2024-220 ❑eb1Tvoe 2007 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 2023 General Obligation Bonds 2023 General Obligation Bonds 2023 General Obligation Bonds 2023 General Obligation Bonds 2023 General Obligation Bonds Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates of Obligation Certificates or Obligation Certificates or Obligation Certificates of Obligation Certificates or Obligation Certificates or Obligation Certificates of Obligation Certificates or Obligation Certificates or Obligation Certificates or Obligation Certificates of Obligation WJS Certificates of Oblgation W!S Certificates of Obligation MS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation MS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation WFS Certificates of Obligation EXHIBIT A Description of Expenditures to be Reimbursed E]WBFA Description of Expenddues lobe Reiitbrrsed Bond Maturity foes} Project Hamner 511 Mikan Road Widening - BW 8 to FM 518 MMEtgM 2007 General Obligation Bonds Total 25 Southwest Quadrant d Old Toren (McLean to SH35 South of &nadxay:I 25 Shady Crest and Creek View S blivision Dranage Improvement 25 Longwood Park (Roadside Ditch and Culvert) Veterans Drainage Inpnovemertt; Pine Hcion Drainage brprovernenH Fce Rd Crainage brpom-rnert:Cullen to Harkey) Hadley Road Drainage (Broadway to Mays Creek) Fire Station#7 - Bailey Road Independence Park Phase II Hughes Road - Pearland Parkway to City of Pearlani City Linit 20 Ccnrsete Sidewalk Gaps and Replaoernerrt F, _t BRimh un. 551.900 551.400 13,046.400 12,550.000 4,176.000 9,410A01 1,480.000 2,951.080 4,176.000 2,923.256 1,915,000 4,571.36e 4,400,000 2023 General Obligation Bonds Total 57,701,618 Hickory Slough Detention Storm Water Pump -Station nerator Veterans Drainage Inpnovementa Shady Crest and Creek View &rbdi.esion Drayage Improvement Orange Sweet Service Center Phase 2 Hihouse Road Annex Phase II Reflection Bay WRF Fuel Island Emergency Distribution Warehouse Knapp Activity Center Air Ccndd!cemg and Buidng Automation System Integration Stella Robert, Recycling Center HVAC Replacement Clear Creek Trail Segment 5 Mykaea Road Woening-BW8 to FM 518 Peal -laid Parkway at Broadway Inteerseclion Inprovament . Street Rea..ruauoion - Sherwood Dixie Fain Road at Hastings Frierdsecod Road Intersection Inproverrtent Street Rehabilitation Program Peadad Parkway Bridge Soil Erosion Repair {at Clear Creek) 712.000 350.090 2,000.000 455.49e 10,350.000 260,500 e75.000 459A80 350,000 750.000 1,377,100 1,084,000 2,500.000 880A80 1,450.000 700.000 Certificates of Obligation Total 21262,096 Orange Fleet Bernice Center Phase 2 H"ho-se Road Annex Phase II Retlecton Bay WRF Fuel Island Liberty Water Pmdtcdon Faciity Rehabilirtion Sherwood Waterline Replacement Water Plant Chemical Corrdinmerrt Structues Wood Creek Transite Pipe Water Line Replacement Cufen Ciotrtd Storage Tank Replacarentt Cieekview and Shaiyuest Transite Pipe Water Line Replacement Kirby Bevated and Ground Storage Tads Rehabilitation Sleepy Hollow Small W atal ne Replacement Mykawa Road Transite Pipe and Water Line Replacement Southwest Quadrant of Old Torn Transite Water Lie- Replacement {McLean to SH35 So Barry Rose WRF Replacement and Expansion Longwood Water Recla nation Facility Decommissioning Dixie Fain North Regional Lift Station Rehabilitation Barry Rose Ciavity Sewer - Plum Fran Ga&vestcn to Barry Rose WRF Riverstone Ranch Regional Lift Station Capacity Expansion Shady {rest and Creek View Subdivision Sanitary Sexy Rehabilitation Whispering Winds Lit Slat on Relocat on Sanitary Sewer Rehaboitdt on - Longwood Service fvea{LW-03) Sanitary Sewer Rehatrlitadon - Longwood Service frea(LW-04) Green Tee IV Lifl Station Rehabilitation Sunset Meadow ILirt Station Rehahil lotion Green Tee III Lift Station Rehabil talion Kirby North Regional Lift Station Rehabilitaion 753.054 1,150.000 260,500 2,508.000 1,350.000 1,522.000 5,10GAOG 4,120.000 5,800,000 1,585A80 400.000 3,133.000 1,a0OA80 90,495.000 14,500.000 1,720.000 0,7E1E000 3,120,000 4,970.000 1,272.400 6,011.100 424.400 147.400 176.000 820AOG 276.400 WM Certificates of Obigalion Total 161,900,661 Torn $ 217,419.276 Exhibit A - i 37768735v.1