R2003-0059 04-14-03RESOLUTION NO. R2003-59
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, DECLARING INTENTION TO REIMBURSE
PROJECT EXPENDITURES.
WHEREAS, the members of the City Council previously approved, and the City
of Pearland (the "City") is proceeding with the City's property tax supported capital
improvement Project (herein, the "Project"), the general purpose and function of which
is to provide for the acquisition, construction, repair and improvement of City roads,
facilities and equipment; and
WHEREAS, the City anticipates providing funds to finance the capital costs of
the Project by issuing after the date hereof its Certificates of Obligation, Series 2003,
which are currently expected to have a maximum aggregate principle amount of
$20,100,000 (herein, the "Bonds"), all of which is expected to be used for the Project
and cost of issuance; and
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 long-term basis to pay the
cost of the Project; and
WHEREAS, the Bonds will be payable from taxes levied, assessed and collected
by the City for the Bonds; and
WHEREAS, the City anticipates that after the date hereof and prior to the
issuance of the Bonds, 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 in the approximate amount of not more than $11,200,000
(herein, the "Expenditures"); and
RESOLUTION NO. R2003-59
WHEREAS, the money to be used to pay the Expenditures set forth in this
Resolution exists in the 2002 General Obligation Bond fund, the general purpose and
function of which is to pay for certain capital projects and such money is not
appropriated for any other purpose; and
WHEREAS, after the issuance of the Bonds, it will: (1) evidence each allocation
of proceeds of the Bonds to the reimbursement of the Expenditures with an entry in its
books and records maintained with respect to the Bonds, and (2) identify in such entry
the actual prior Expenditure being reimbursed or the fund from which the Expenditure
was made.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That the City Council hereby adopts the findings set out in the
preamble hereof and hereby states that this Resolution is a "declaration of official intent"
pursuant to and within the meaning of Treasury Regulation {}1.150-2, as promulgated
under the Internal Revenue Code of 1956, as amended, and declares its intent to issue
not more than $20,100,000 in principle amount of Bonds to pay the cost of the Project,
of which an approximate amount of $11,200,000 is expected to be used to reimburse
the City for capital expenditures paid in connection with the Project prior to the
issuance of the Bonds.
Section 2. That the City Council will maintain this Resolution at the office of
the City where such records are generally kept and make it continuously available for
inspection by the general public during normal business hours on business day
beginning with 30 days after the date of this Resolution.
RESOLUTION NO. R2003-59
PASSED, APPROVED and ADOPTED this the 14th
A.D., 2003.
__ day of Apri 1
TOM REID
MAYOR
ATTEST:
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
FUND 68 CERTIFICATE OF OBLIGATION
Town Ditch
Magnolia Overpass
Mykawa Bridge
Dixie Farm Road
Pearland Parkway
SWEC Detention
ROW Studies
Magnolia Road
McHard Road
Cullen Service Center
Hickory Slough Detention
SWEC Recycling
Fire Training Grounds
Orange Street Service Center
Section 205
Fire Track Purchase
Ambulance Refurbishment
Gradall
Independence Park Pavilion
Water Meter Replacement Program
80,000.00
320,000.00
230,000.00
125,000.00
4,800,000.00
720,000.00
56,000.00
315,000.00
70,000.00
35,000.00
85,000.00
500,000.00
45 000.00
270 000.00
150 000.00
325 000.00
80.000.00
225.000.00
300.000.00
2,400,000.00
Total 11,131,000.00