HomeMy WebLinkAboutR2025-076 20250519RESOLUTION NO. R2025-76
A Resolution of the City Council of the City of Pearland, Texas, authorizing
publication of notice of intention to issue certificates of obligation for the
design, acquisition, construction and improvement of certain public
works, authorizing distribution of a preliminary official statement relating
to such series of certificates and authorizing certain other matters relating
thereto.
WHEREAS, the City Council (the "City Council") of the City of Pearland, Texas (the
"City"), is authorized to issue certificates of obligation to pay contractual obligations to be
incurred for the construction of public works, for the purchase of materials, supplies,
equipment, machinery, buildings, land and rights -of -way for authorized needs and
purposes, and for the payment of contractual obligations for professional services pursuant
to Subchapter C of Chapter 271, Texas Local Government Code, as amended;
WHEREAS, the City Council has determined that it is in the best interests of the City
and otherwise desirable to issue the City of Pearland, Texas Certificates of Obligation,
Series 2025A, in an aggregate principal amount not to exceed $19,290,000 (the
"Certificates") for the design, engineering, acquisition and construction of certain public
works and the purchase of certain equipment for authorized needs and purposes;
WHEREAS, prior to the issuance of such certificates, the City Council is required to
publish notice of its intention to issue the same in a newspaper of general circulation in the
City, said notice stating (i) the time and place the City Council tentatively proposes to pass
the ordinance authorizing the issuance of the certificates, (ii) the purposes for which the
certificates are to be issued, (iii) the manner in which the City Council proposes to pay the
certificates, (iv) the current principal of all outstanding debt obligations of the City, the
combined principal and interest required to pay all outstanding debt obligations of the City
on time and in full, the maximum principal amount of the certificates to be authorized, and
the estimated combined principal and interest required to pay the certificates to be
authorized on time and in full, (v) the estimated interest rate for the certificates to be
authorized, and (vi) the maximum maturity date of the certificates to be authorized and
WHEREAS, the City Council has been presented with and has examined the
proposed form of Notice and finds that the form and substance thereof is satisfactory and
that the recitals and findings contained therein are true, correct and complete.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. Preamble. The facts and recitations contained in the preamble of this
Resolution are hereby found and declared to be true and correct.
Section 2. Authorization of Notice. The City Secretary is hereby authorized and
directed to execute and deliver the Notice set forth in Exhibit A hereto and to publish such
Notice on behalf of the City once a week for two (2) consecutive weeks in a newspaper which is
of general circulation in the City, the date of the first publication of the Notice to be at least forty-
six (46) days prior to the date stated therein for the passage of the ordinance authorizing the
issuance of the certificates of obligation and (ii) posted continuously on the City's website for at
least forty-five (45) days before the date stated therein for the passage of the ordinance
authorizing the issuance of the certificates of obligation.
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S ection 3. Designation of Self-Supportinq Securities. For the purposes of the
Notice, the City hereby designates as self-supporting those public securities listed in the
attached Exhibit B, the debt service on which the City currently pays from sources other than ad
valorem tax collections. The City plans to continue to pay these public securities based on this
practice; however, there is no guarantee this practice will continue in future years.
S ection 4. Authorization of Other Matters Relating Thereto. The Mayor City
Secretary and other officers and agents of the City are hereby authorized and directed to do any
and all things necessary or desirable to carry out the provisions of this Resolution.
S ection 5. Effective Date. This Resolution shall take effect immediately upon
passage.
S ection 6. Public Meeting. It is officially found, determined and declared that the
meeting at which this Resolution is adopted was open to the public and public notice of the time,
place and subject matter of the public business to be considered at such meeting, including this
Resolution, was given all as required by the Texas Government Code, Chapter 551, as
amended
[signature page follows]
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44979634v.3
PASSED, APPROVED and ADOPTED this the 19th day of May, A.D , 2025.
VIN COLE
YOR
ATTEST:
L1UuJTcyZ/
FRANQES AGUILAR, TRMC, MMC
CITY SECRETARY
APPROVED AS TO FORM:
0.
I
DARRI N M COKER
CITY ATTORNEY
[Signature Page to Resolzrtion]
44979634v.34
EXHIBIT A
NOTICE OF INTENTION TO ISSUE CERTIFICATES
NOTICE IS HEREBY GIVEN that the City Council of the City of Pearland, Texas (the
"City") will meet at its regular meeting place at City Hall, Pearland, Texas at 6:30 p.m. on the
28th day of July, 2025, which is the time and place tentatively set for the passage of an
o rdinance and such other action as may be deemed necessary to authorize the issuance of the
City's certificates of obligation, payable from ad valorem taxation and a limited (in an amount not
to exceed $10,000)•subordinate pledge of certain revenues of the water and sewer system of
the City, in the maximum aggregate principal amount of $19,290,000 bearing interest at any rate
o r rates, not to exceed the maximum interest rate now or hereafter authorized by law, as shall
be determined within the discretion of the City Council at the time of issuance and maturing over
a period of years not to exceed forty (40) years from the date thereof, for the purpose of
evidencing the indebtedness of the City to pay all or any part of the contractual obligations to be
incurred for the construction of public works and the purchase of materials, supplies, equipment,
machinery, buildings, land and rights -of -way for authorized needs and purposes and for the
payment of contractual obligations for professional services, to wit: (i) purchase and installation
of a generator for Hickory Slough Storm Detention Water Pump Station; (ii) construction of
Hillhouse Road Annex Phase II; (iii) construction of an Emergency Distribution Warehouse; (iv)
construction and improvements to the Knapp Activity Center, including, but not limited to, HVAC
improvements; (v) construction and improvements to Clear Creek Trail Segment 5; (vi) certain
street, road and bridge repairs and improvements within the City and (vii) professional services
rendered in connection with the above listed projects. The estimated combined principal and
interest required to pay the Certificates on time and in full is $31,778,253. Such estimate is
provided for illustrative purposes only and is based on an assumed interest rate of 4.75%.
Market conditions affecting interest rates vary based on a number of factors beyond the control
of the City, and the City cannot provide any assurance regarding the rate of interest that the
Certificates will bear upon their issuance. As of the date of this notice, the aggregate principal
amount of outstanding public securities of the City secured by and payable from ad valorem
taxes (excluding public securities secured by an ad valorem tax but designated by the City as
self-supporting) is $375,450,000, and based on the City's expectations, as of the date of this
n otice the combined principal and interest required to pay all of the outstanding public securities
of the City secured by and payable from ad valorem taxes (excluding public securities secured
by an ad valorem tax but designated by the City as self-supporting) on time and in full is
$514, 783, 919.
WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this 19th day of May,
2025.
/s/
Jo/
City Secretary
City of Pearland, Texas
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Exhibit A - i
Principal Amount
Designated as Self
Supporting
$ 43,305,000
54, 065, 000
79,195,000
$176,565,000
EXHIBIT B
SELF-SUPPORTING DEBT
Series Designation
Certificates of Obligation, Series 2022C
Certificates of Obligation, Series 2023C
Certificates of Obligation, Series 2024C
Total Principal Amount Designated as Self -Supporting
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Exhibit B - i
CERTIFICATE FOR RESOLUTION
THE STATE OF TEXAS
COUNTIES OF BRAZORIA, FORT BEND AND HARRIS
CITY OF PEARLAND
follows:
I, the undersigned officers of the City of Pearland, Texas (the "City"), hereby certify as
1. The City Council of the City convened in a regular meeting on May 19, 2025, at
the regular meeting place thereof, within the City, and the roll was called of the duly constituted
officers and members of the City Council, to wit
Kevin Cole
Clint Byrom
Tony Carbone
Joseph Koza
Mona Chavarria
Layni Cade
Rick Fernandez
Rushi Patel
Mayor
Mayor Pro Tem
Councilmember
Councilmember
Councilmember
Councilmember
Councilmember
Councilmember
and all of such persons were present, , thus constituting a quorum.
RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION FOR THE DESIGN, ACQUISITION, CONSTRUCTION AND
IMPROVEMENT OF CERTAIN PUBLIC WORKS, AUTHORIZING DISTRIBUTION OF A
PRELIMINARY OFFICIAL STATEMENT RELATING TO SUCH SERIES OF CERTIFICATES
AND AUTHORIZING CERTAIN OTHER MATTERS RELATING THERE TO
Whereupon, among other business, the following was transacted at said meeting: a written (the
"Resolution") was duly introduced for the consideration of the City Council and read in full. It
was then duly moved and seconded that the Resolution be adopted; and, after due discussion
such motion, carrying with it the adoption of the Resolution, prevailed and carried by the
following vote:
AYES
NAYS: ABSTENTIONS:
2. That a true, full and correct copy of the Resolution adopted at the meeting
described in the above and foregoing paragraph is attached to and follows this certificate; that
the Resolution has been duly recorded in the City Council's minutes of such meeting; that the
above and foregoing paragraph is a true, full and correct excerpt from the City Council's minutes
of such meeting pertaining to the adoption of the Resolution; that the persons named in the
above and foregoing paragraph are the duly chosen, qualified and acting officers and members
of the City Council as indicated therein; that each of the officers and members of the City
Council was duly and sufficiently notified officially and personally, in advance, of the date, hour,
place and subject of the aforesaid meeting and that the Resolution would be introduced and
considered for adoption at such meeting, and each of such officers and members consented, in
advance, to the holding of such meeting for such purpose; that said meeting was open to the
public and that public notice of the date, hour, place and subject of such meeting was given as
required by the Open Meetings Law, Chapter 551, Texas Government Code.
44979634v.34
SIGNED AND SEALED this
City Secretary
CITY OF PEARLAND, XAS
(SEAL)
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44979634v.34
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