Loading...
HomeMy WebLinkAboutR2025-178 2025101347073854v.1 RESOLUTION NO. R2025-178 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 $170,137,020; 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 tax­exempt bonds, expected to be issued by the City in fiscal year 2026 and currently expected to have a maximum aggregate principal amount of $170,137,020 (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: 13C27D12-C62F-4959-8065-FE2303A115F2 RESOLUTION NO. R2025-178 2 47073854v.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 $170,137,020 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 13th day of October, A.D., 2025. J. KEVIN COLE MAYOR Docusign Envelope ID: 13C27D12-C62F-4959-8065-FE2303A115F2 RESOLUTION NO. R2025-178 3 47073854v.1 ATTEST: FRANCES AGUILAR, TRMC MMC CITY SECRETARY APPROVED AS TO FORM: DARRIN M. COKER CITY ATTORNEY Docusign Envelope ID: 13C27D12-C62F-4959-8065-FE2303A115F2 RESOLUTION NO. R2025-178 Exhibit A - i EXHIBIT A Description of Expenditures to be Reimbursed Docusign Envelope ID: 13C27D12-C62F-4959-8065-FE2303A115F2