R2009-027 - 2009-02-23RESOLUTION NO. R2009-27
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS DECLARING INTENTION TO REIMBURSE PROJECT
EXPENDITURES.
WHEREAS, the City Council of the City of Pearland, Texas (the "City") has
previously approved, and the City is proceeding with its capital equipment acquisition
program, the general purpose and function of which is to provide a facility to house the
University of Houston - Pearland Campus (herein, the "Project"), the maximum
aggregate amount for which the City expects to spend is approximately $13,000,000;
WHEREAS, the City anticipates providing funds to permanently finance the capital
costs of the Project by issuing after the date hereof its tax-exempt obligations (the
"Obligations"), which are currently expected to have a maximum aggregate principal
amount of approximately $13,000,000, all of the proceeds of which are expected to be
used to pay costs of the Project and costs of issuance of the 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 to pay the costs of the Project;
WHEREAS, the Obligations will be payable from debt service taxes levied,
assessed and collected by the City and certain revenues collected by the City for the
Obligations;
WHEREAS, the City anticipates that after the date hereof and prior to the issuance
of the 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;
WHEREAS, the money to be used to pay the Expenditures set forth in this
Resolution is in the City's General Fund, the general purpose and function of which is to
pay operating and maintenance expenditures of the City, and other lawfully available funds
RESOLUTION NO. R2009-27
of the City, and such funds are not appropriated for any other purpose;
WHEREAS, the City reasonably expects that the City will be reimbursed for the
Expenditures with proceeds of the Obligations;
WHEREAS, after the issuance of the Obligations it will: (1) evidence each
allocation of proceeds of the Obligations to the reimbursement of the Expenditures with
separate entries in its books and records maintained with respect to the Obligations, and
(2) identify in such entries the actual prior Expenditures being reimbursed or the fund from
which the Expenditures was 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 § 1.150-2, as
promulgated under the Internal Revenue Code of 1986, as amended, to issue
approximately $13,000,000 principal amount of Obligations, which will be used to pay the
costs of the Project and which the City expects use to reimburse itself for capital
expenditures paid in connection with the Project prior to the issuance of the Obligations
and to pay costs of issuance of the 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 23~d day of February, A.D., 2009.
~~
TOM REID
MAYOR
2
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RESOLUTION NO. R2009-27
ATTEST:
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APPROVED AS TO FORM:
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DARRIN M. COKER
CITY ATTORNEY
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