HomeMy WebLinkAboutR2026-108 20260622
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RESOLUTION NO. R2026-108
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 Council of the City of Pearland (the “City”) desires to finance the
costs of acquiring, constructing, reconstruction and/or equipping certain public facilities and
improvements, as provided in Exhibit A attached hereto and incorporated herein (the “Project”);
WHEREAS, the City intends to finance the acquisition, construction, reconstruction
and/or equipping of the Project or portions of the Project with the proceeds of the sale of
obligations the interest upon which is excluded from gross income for federal income tax
purposes (the “Obligations”); and
WHEREAS, prior to the issuance of the Obligations the City desires to incur certain
capital expenditures (the “Expenditures”) with respect to the Project from available moneys of
the City;
WHEREAS, the City Council has determined that that money to be advanced on and
after the date hereof to pay the Expenditures are available only for a temporary period and it is
necessary to reimburse the City for the Expenditures from the proceeds of the Obligations;
now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. The City hereby states its intention and reasonably expects to reimburse
costs of the Project incurred prior to the issuance of the Obligations with proceeds of the
Obligations. Exhibit A describes the general character, type, purpose, and function of the
Project.
Section 2. The reasonably expected maximum principal amount of the Obligations is
$1,650,000.
Section 3. This resolution is being adopted no later than 60 days after the date on
which the City will expend moneys for the portion of the Project costs to be reimbursed from
proceeds of the Obligations.
Section 4. The City will make a reimbursement allocation, which is a written allocation
that evidences the City's use of proceeds of the Obligations to reimburse an Expenditure, no
later than 18 months after the later of the date on which the Expenditure is paid or the Project
is placed in service or abandoned, but in no event more than three years after the date on
which the Expenditure is paid.
Section 5. Proceeds of the Obligations to be used to reimburse for Project costs are not
expected to be used, within one year of reimbursement, directly or indirectly to pay debt service
with respect to any obligation (other than to pay current debt service coming due within the
next succeeding one year period on any tax-exempt obligation of the City (other than the
Obligations)) or to be held as a reasonably required reserve or replacement fund with respect
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to an obligation of the City or any entity related in any manner to the City, or to reimburse any
expenditure that was originally paid with the proceeds of any obligation, or to replace funds that
are or will be used in such manner.
Section 6. This resolution is adopted as official action of the City in order to comply with
Treasury Regulation §1.150-2 and any other regulations of the Internal Revenue Service
relating to the qualification for reimbursement of City expenditures incurred prior to the date of
issue of the Obligations.
Section 7. All the recitals in this Resolution are true and correct and this City Council so
finds, determines and represents.
PASSED, APPROVED and ADOPTED this the 22nd day of June, A.D., 2026.
________________________________
QUENTIN WILTZ
MAYOR
ATTEST:
________________________________
FRANCES AGUILAR, TRMC, MMC
CITY SECRETARY
APPROVED AS TO FORM:
______________________________
LAWRENCE G. PROVINS
CITY ATTORNEY
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EXHIBIT A
The City of Pearland plans to construct the following project: Portion of the Land for Public
Safety Training Complex (FA2405).
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