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Ord. 0689 04-24-95CERTIFICATE FOR ORDINANCE THE STATE OF TEXAS § COUNTIES OF BRAZORIA AND HARRIS § CITY OF PEARLAND § We, the undersigned officers of the City of Pearland, Texas (the "City"), hereby certify as follows: 1. The City Council of the City convened in regular meeting on April 24, 1995, 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: Vacant Mayor David L. Smith, Jr. Council Member, Mayor Pro Tem D.A. Miller, Jr. Council Member Richard Tetens Council Member Randy K. Weber Council Member Jerry Richardson Council Member Tommie Jean Vial Interim City Secretary and all of such persons were present, thus constituting a quorum. Whereupon, among other business, the following was transacted at said meeting: a written ORDINANCE AUTHORIZING AND ORDERING THE ISSUANCE OF CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTUTCATES OF OBLIGATION, SERIES 1995; PRESCRIBING THE TERMS AND FORM THEREOF; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL THEREOF AND INTEREST THEREON; AWARDING THE SALE THEREOF; AUTHORIZING THE PREPARATION AND DISTRIBUTION OF AN OFFICIAL STATEMENT TO BE USED IN CONNECTION WITH THE SALE OF THE CERTIFICATES; MAKING OTHER PROVISIONS REGARDING SUCH CERTIFICATES, INCLUDING USE OF THE PROCEEDS THEREOF, AND MATTERS INCIDENT THERETO; AND DECLARING AN EMERGENCY (the "Ordinance") was duly introduced for the consideration of the City Council and read in full. It was then duly moved and seconded that the Ordinance be adopted; and, after due discussion, such motion, carrying with it the adoption of the Ordinance, prevailed and carried by the following vote: AYES: NAYS: 2. That a true, full and correct copy of the Ordinance adopted at the meeting described in the above and foregoing paragraph is attached to and follows this certificate; that the Ordinance 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 Ordinance; 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 Ordinance 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 such meeting was open to the public as required by law; 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. SIGNED AND SEALED this April 24 (SEAL) 0216086.01 049521/1416 , 1995. awae Cify Secretary CITY OF PEARLAND, TEXAS ORDINANCE NO. 689 AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995; PRESCRIBING THE TERMS AND FORM THEREOF; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL THEREOF AND INTEREST THEREON; AWARDING THE SALE THEREOF; AUTHORIZING THE PREPARATION AND DISTRIBUTION OF AN OFFICIAL STATEMENT TO BE USED IN CONNECTION WITH THE SALE OF THE CERTIFICATES; MAKING OTHER PROVISIONS REGARDING SUCH CERTIFICATES, INCLUDING USE OF THE PROCEEDS THEREOF, AND MAI hRS INCIDENT THERETO; AND DECLARING AN EMERGENCY BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PEARLAND: ARTICLE I FINDINGS AND DETERMINATIONS Section 1.1: Findings and Determinations. The City Council hereby officially finds and determines that: (a) The City of Pearland, Texas (the "City"), acting through its City Council, is authorized pursuant to and in accordance with the provisions of Texas Local Government Code, Chapter 271, Subchapter C, as amended (the "Act"), to issue certificates of obligation to provide all or part of the funds to pay contractual obligations to be incurred for (i) certain street projects located in the City including but not limited to: the acquisition of right of way and construction of a street (including drainage) from John Lizer Road to Main Street (SH 35); acquisition of right of way and construction of a street (including drainage and bridge work) from Broadway (FM 518) to John Lizer Road; renovations and improvements to Shadybend Drive (including drainage) from Liberty Drive to Misty Street; renovations and improvements to the intersection of Walnut Drive and McLean Road; renovations and improvements to the intersection of old and new North Hatfield Roads; and renovations and improvements of the intersections of West Broadway and Harkey Road and West Broadway and O'Day Road, (ii) renovations, improvements, materials, supplies, equipment and machinery for certain City buildings and facilities including but not limited to the, City's public library located at 3523 Liberty Drive, Pearland, Texas 77581 and (iii) the acquisition, construction, improvement, repair, materials, supplies, equipment and machinery for certain drainage facilities located in the City including but not limited to: flood control improvements south of the South Corrigan subdivision; 1 a (b) the Hickory Regional Detention located south of the Twin Creek Woods subdivision; and formulation of a City-wide storm water drainage plan, and (iv) for the payment of costs of issuance of such certificates of obligation and other professional services related thereto. The City Council authorized the publication of a notice of intention to issue Combination Tax and Revenue Certificates of Obligation, Series 1995 (the "Certificates") to the effect that the City Council was tentatively scheduled to meet at 7:30 p.m. on April 24, 1995 at its regular meeting place to adopt an ordinance authorizing the issuance of the Certificates to be payable from (i) an ad valorem tax levied, within the limits prescribed by law, on the taxable property located within the City, and (ii) the revenues to be derived from the City's waterworks and sanitary sewer system (the "System") after the payment of all operation and maintenance expenses thereof (the "Net Revenues") in an amount not to exceed $10,000, to the extent that ad valorem taxes are ever insufficient or unavailable for such purposes, provided that the pledge of Net Revenues is and shall be junior and subordinate in all respects to the pledge of Net Revenues to the payment of any obligation of the City, whether authorized heretofore or hereafter, which the City designates as having a pledge senior to the pledge of the Net Revenues to thepayment of the Certificates. (c) Such notice was published at the times and in the manner required by the Act. (d) No petition signed by at least five percent (5 %) of the qualified voters of the City has been filed with or presented to any official of the City protesting the issuance of such Certificates on or before April 24, 1995, or the date of passage of this Ordinance. (e) The City has determined that it is in the best interests of the City and that it is otherwise desirable to issue the Certificates to provide all or part of the funds to pay contractual obligations to be incurred for the purposes authorized by the Act. ARTICLE II DEFINITIONS AND INTERPRETATIONS Section 2.1: Definitions. As used herein, the following terms shall have the meanings specified, unless the context clearly indicates otherwise: "Act" shall mean Texas T neat Govemment Code, Chapter 271, Subchapter C, as amended. "Attorney General" shall mean the Attorney General of the State of Texas. 2 "Certificate" or "Certificates" shall mean any or all of the City of Pearland, Texas Combination Tax and Revenue Certificates of Obligation, Series 1995, authorized by this Ordinance. "City" shall mean the City of Pearland, Texas and, where appropriate, its City Council. "City Council" shall mean the governing body of the City. "Code" shall mean the Internal Revenue Code of 1986, as amended. "Comptroller" shall mean the Comptroller of Public Accounts of the State of Texas. "Fiscal Year" shall mean the City's then designated fiscal year, which currently is the twelve-month period beginning on the first day of October of a calendar year and ending on the last day of September of the next succeeding calendar year and each such period may be designated with the number of the calendar year in which such period ends. "Interest Payment Date," when used in connection with any Certificate, shall mean March 1, 1996, and each September 1 and March 1 thereafter until maturity or earlier redemption of such Certificate. "Issuance Date" shall mean the date on which the Certificates are delivered to and paid for by the Purchaser. "Ordinance" shall mean this Ordinance and all amendments hereof and supplements "Outstanding", when used with reference to the Certificates, shall mean, as of a particular date, all Certificates theretofore and thereupon delivered pursuant to this Ordinance except: (a) any Certificates canceled by or on behalf of the City at or before such date; (b) any Certificates defeased pursuant to the defeasance provisions of this Ordinance or otherwise defeased as permitted by applicable law; and (c) any Certificates in lieu of or in substitution for which a replacement Certificate shall have been delivered pursuant to this Ordinance. "Paying Agent/Registrar" shall mean Texas Commerce Bank National Association, Houston, Texas, and its successors in that capacity. "Purchaser" shall mean the entity or entities specified in Section 7.1 hereof. "Record Date" shall mean the close of business on the fifteenth day of the calendar month immediately preceding the applicable Interest Payment Date. hereto. 3 "Register" shall mean the registration books for the Certificates kept by the Paying Agent/Registrar in which are maintained the names and addresses of, and the principal amounts registered to, each Registered Owner of Certificates. "Registered Owner" shall mean the person or entity in whose name any Certificate is registered in the Register. Section 2.2: Interpretations. All terms defined herein and all pronouns used in this Ordinance shall be deemed to apply equally to singular and plural and to all genders. The titles and headings of the articles and sections of this Ordinance have been inserted for convenience of reference only and are not to be considered a part hereof and shall not in any way modify or restrict any of the terms or provisions hereof. This Ordinance and all the terms and provisions hereof shall be liberally construed to effectuate the purposes set forth herein and to sustain the validity of the Certificates and the validity of the levy of ad valorem taxes to pay the principal of and interest on the Certificates. ARTICLE III TERMS OF THE CERTIFICATES Section 3.1: Amount, Purpose and Authorization. (a) The Certificates shall be issued in fully registered form, without coupons, under and pursuant to the authority of the Act in the total authorized aggregate principal amount of FIVE MILLION AND NO/100 DOLLARS ($5,000,000) for the purpose of providing all or part of the funds to pay contractual obligations to be incurred for (i) certain street projects located in the City including but not limited to: the acquisition of right of way and construction of a street (including drainage) from John Lizer Road to Main Street (SH 35); acquisition of right of way and construction of a street (including drainage and bridge work) from Broadway (FM 518) to John Lizer Road; renovations and improvements to Shadybend Drive (including drainage) from Liberty Drive to Misty Street; renovations and improvements to the intersection of Walnut Drive and McLean Road; renovations and improvements to the intersection of old and new North Hatfield Roads; and renovations and improvements of the intersections of West Broadway and Harkey Road and West Broadway and O'Day Road, (ii) renovations, improvements, materials, supplies, equipment and machinery for certain City buildings and facilities including but not limited to the City's public library located at 3523 Liberty Drive, Pearland, Texas 77581 and (iii) the acquisition, construction, improvement, repair, materials, supplies, equipment and machinery for certain drainage facilities located in the City including but not limited to: flood control improvements south of the South Corrigan subdivision; the Hickory Regional Detention located south of the Twin Creek Woods subdivision; and formulation of a City-wide storm water drainage plan. Proceeds of the Certificates also will be used to pay costs of issuance of the Certificates and other professional services related thereto. 4 Section 3,2 : Designation Date and Interest Payment Dates. The Certificates shall be designated as the "City of Pearland, Texas Combination Tax and Revenue Certificates of Obligation, Series 1995," and shall be dated May 1, 1995. The Certificates shall bear interest at the rates set forth in Section 3.3 below, from the later of May 1, 1995 or the most recent Interest Payment Date to which interest has been paid or duly provided for, calculated on the basis of a 360-day year of twelve 30-day months, payable on March 1, 1996, and each September 1 and March 1 thereafter until maturity or earlier redemption. If interest on any Certificate is not paid on any Interest Payment Date and continues unpaid for thirty (30) days thereafter, the Paying Agent/Registrar shall establish a new record date for the payment of such interest, to be known as a Special Record Date. The Paying Agent/Registrar shall establish a Special Record Date when funds to make such interest payment are received from or on behalf of the City. Such Special Record Date shall be fifteen (15) days prior to the date fixed for payment of such past due interest, and notice of the date of payment and the Special Record Date shall be sent by United States mail, first class, postage prepaid, not later than five (5) days prior to the Special Record Date, to each affected Registered Owner as of the close of business on the day prior to mailing of such notice. Section 3.3: Numbers. Denomination. Interest Rates and Maturities. (a) The Certificates shall be initially issued bearing the numbers, in the principal amounts and bearing interest at the rates set forth in the following schedule, and may be transferred and exchanged as set out in this Ordinance. The Certificates shall mature on March 1 in each of the years and in the amounts set out in such schedule. Certificates delivered in transfer of or in exchange for other Certificates shall be numbered in order of their authentication by the Paying Agent/Registrar, shall be in the denomination of $5,000 or integral multiples thereof and shall mature on the same date and bear interest at the same rate as the Certificate or Certificates in lieu of which they are delivered. Certificate Year of Principal Interest Number Maturity Amount Rate R-1 1997 $130,000 7.00% R-2 1998 140,000 7.00 R-3 1999 150,000 7.00 R-4 2000 155,000 7.00 R-5 2001 165,000 7.00 R-6 2002 175,000 7.00 R-7 2003 185,000 7.00 R-8 2004 200,000 7.00 R-9 2005 210,000 5.20 R-10 2006 225,000 5.10 R-11 2007 240,000 5.20 R-12 2008 255,000 5.30 R-13 2009 270,000 5.40 R-14 2010 500,000 5.50 5 Certificate Year of Principal Interest Number Maturity Amount Rate R-15 2011 500,000 5.60 R-16 2012 500,000 5.70 R-17 2013 500,000 5.80 R-18 2014 500,000 5.00 Section 3.4: Redemption Prior to Maturity. (a) Optional Redemption. The Certificates maturing on and after March 1, 2006 are subject to redemption prior to maturity, at the option of the City, in whole or in part, on March 1, 2005, or any date thereafter, at par plus accrued interest to the date fixed for redemption. (b) Certificates may be redeemed in part only in integral multiples of $5,000. If a Certificate subject to redemption is in a denomination larger than $5,000, a portion of such Certificate may be redeemed, but only in integral multiples of $5,000. In selecting portions of Certificates for redemption, each Certificate shall be treated as representing that number of Certificates of $5,000 denomination which is obtained by dividing the principal amount of such Certificate by $5,000. Upon presentation and surrender of any Certificate for redemption in part, the Paying Agent/Registrar, in accordance with the provisions of this Ordinance, shall authenticate and deliver in exchange therefor a Certificate or Certificates of like maturity and interest rate in an aggregate principal amount equal to the unredeemed portion of the Certificate so surrendered. (c) Notice of any redemption, identifying the Certificates or portions thereof to be redeemed, shall be sent by United States mail, first class, postage prepaid, to the Registered Owners thereof at their addresses as shown on the Register, not less than thirty (30) days before the date fixed for such redemption. By the date fixed for redemption, due provision shall be made with the Paying Agent/Registrar for the payment of the redemption price .of the Certificates called for redemption. If such notice of redemption is given, and if due provision for such payment is made, all as provided above, the Certificates which are to be so redeemed thereby automatically shall be redeemed prior to their scheduled maturities, they shall not bear interest after the date fixed for redemption, and they shall not be regarded as being Outstanding except for the purpose of being paid with the funds so provided for such payment. Section 3.5: Manner of Payment. Characteristics. Execution and Authentication. The Paying Agent/Registrar is hereby appointed the paying agent for the Certificates. The Certificates shall be payable, shall have the characteristics and shall be executed, sealed, registered and authenticated, all as provided and in the manner indicated in the FORM OF CERFIHCATES set .forth in Article IV of this Ordinance. If any officer of the City whose manual or facsimile signature shall appear on the Certificates shall cease to be such officer before the authentication of the Certificates or before the delivery of the Certificates, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes as if such officer had remained in such office. 6 The approving legal opinion of Mayor, Day, Caldwell & Keeton, L.L.P., Houston, Texas, Bond Counsel, may be printed on the back of the Certificates over the certification of the Interim City Secretary, which may be executed in facsimile. CUSIP numbers also may be printed on the Certificates, but errors or omissions in the printing of either the opinion or the numbers shall have no effect on the validity of the Certificates. Section 3.6: Authentication. Except for the Certificates to be initially issued, which need not be authenticated by the Registrar, only such Certificates as shall bear thereon a certificate of authentication, substantially in the form provided in Article TV of this Ordinance, manually executed by an authorized representative of the Paying Agent/Registrar, shall be entitled to the benefits of this Ordinance or shall be valid or obligatory for any purpose. Such duly executed certificate of authentication shall be conclusive evidence that the Certificate so authenticated was delivered by the Paying Agent/Registrar hereunder. Section 3.7: Ownership. The City, the Paying Agent/Registrar and any other person may treat the person in whose name any Certificate is registered as the absolute owner of such Certificate for the purpose of making and receiving payment of the principal thereof and interest thereon and for all other purposes, whether or not such Certificate is overdue, and neither the City nor the Paying Agent/Registrar shall be bound by any notice or knowledge to the contrary. All payments made to the person deemed to be the Registered Owner of any Certificate in accordance with this Section shall be valid and effective and shall discharge the liability of the City and the Paying Agent/Registrar upon such Certificate to the extent of the sums paid. Section 3.8: Registration. Transfer and Exchange. The Paying Agent/Registrar is hereby appointed the registrar for the Certificates. So long as any Certificate remains Outstanding, the Paying Agent/Registrar shall keep the Register at the City Administrator's office in which, subject to such reasonable regulations as it may prescribe, the Paying Agent/Registrar shall provide for the registration and transfer of the Certificates in accordance with the terms of this Ordinance. Each Certificate shall be transferable only upon the presentation and surrender thereof at the principal corporate trust office of the Paying Agent/Registrar, accompanied by an assignment duly executed by the Registered Owner or his authorized representative in form satisfactory to the Paying Agent/Registrar. Upon due presentation of any Certificate for transfer, the Paying Agent/Registrar shall authenticate and deliver in exchange therefor, within seventy-two (72) hours after such presentation, a new Certificate or Certificates, registered in the name of the transferee or transferees, in authorized denominations and of the same maturity and aggregate principal amount and bearing interest at the same, rate as the Certificate or Certificates so presented and surrendered. All Certificates shall be exchangeable upon the presentation and surrender thereof at the principal corporate trust office of the Paying. Agent/Registrar for a Certificate or Certificates, maturity and interest rate and in any authorized denomination, in an aggregate principal amount equal to the unpaid principal amount of the Certificate or Certificates presented for exchange. 7 The Paying Agent/Registrar shall be and is hereby authorized to authenticate and deliver exchange Certificates in accordance with the provisions of this Section. Each Certificate delivered by the Paying Agent/Registrar in accordance with this Section shall be entitled to the benefits and security of this Ordinance to the same extent as the Certificate or Certificates in lieu of which such Certificate is delivered. All Certificates issued in transfer or exchange shall be delivered to the Registered Owners thereof at the principal corporate trust office of the Paying Agent/Registrar or sent by United States mail, first class, postage prepaid. The City or the Paying Agent/Registrar may require the Registered Owner of any Certificate to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with the transfer or exchange of such Certificate. Any fee or charge of the Paying Agent/Registrar for such transfer or exchange shall be paid by the City. The Paying Agent/Registrar shall not be required to transfer or exchange any Certificate called for redemption in whole or in part during the forty-five (45) day period immediately prior to the date fixed for redemption; provided, however, that this restriction shall not apply to the transfer or exchange by the Registered Owner of the unredeemed portion of a Certificate called for redemption in part. Section 3.9: Replacement Certificates. Upon the presentation and surrender to the Paying Agent/Registrar of a damaged or mutilated Certificate, the Paying Agent/Registrar shall authenticate and deliver in exchange therefor a replacement Certificate, of the same maturity, interest rate and principal amount, bearing a number not contemporaneously outstanding. The City or the Paying Agent/Registrar may require the Registered Owner of such Certificate to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith and any other expenses connected therewith, including the fees and expenses of the Paying Agent/Registrar and the City. If any Certificate is lost, apparently destroyed or wrongfully taken, the City, pursuant to the applicable laws of the State of Texas and ordinances of the City, and in the absence of notice or knowledge that such Certificate has been acquired by a bona fide purchaser, shall execute, and the Paying Agent/Registrar shall authenticate and deliver, a replacement Certificate of the same maturity, interest rate and principal amount, bearing a number not contemporaneously outstanding, provided that the Registered Owner thereof shall have: (a) furnished to the City and the Paying Agent/Registrar satisfactory evidence of the ownership of and the circumstances of the loss, destruction or theft of such Certificate; (b) furnished such security or indemnity as may be required by the Paying Agent/Registrar and the City to save and hold them harmless; 8 (c) paid all expenses and charges in connection therewith, including, but not limited to, printing costs, legal fees, fees of the Paying Agent/Registrar and any tax or other governmental charge that may be imposed; and (d) met any other reasonable requirements of the City and the Paying Agent/Registrar. If, after the delivery of such replacement Certificate, a bona fide purchaser of the original Certificate in lieu of which such replacement Certificate was issued presents for payment such original Certificate, the City and the Paying Agent/Registrar shall be entitled to recover such replacement Certificate from the person to whom it was delivered or any person taking therefrom, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the City or the Paying Agent/Registrar in connection therewith. If any such mutilated, lost, apparently destroyed or wrongfully taken Certificate has become or is about to become due and payable, the City in its discretion may, instead of issuing a replacement Certificate, authorize the Paying Agent/Registrar to pay such Certificate. Each replacement Certificate delivered in accordance with this Section shall be entitled to the benefits and security of this Ordinance to the same extent as the Certificate or Certificates in lieu of which such replacement Certificate is delivered. Section 3.10: Cancellation. All Certificates paid or redeemed in accordance with this Ordinance, and all Certificates in lieu of which exchange Certificates or replacement Certificates are authenticated and delivered in accordance herewith, shall be canceled and destroyed upon the making of proper records regarding such payment or redemption. The Paying Agent/Registrar shall periodically furnish the City with certificates of destruction of such Certificates. ARTICLE IV FORM OF CERTIFICATES The Certificates, including the Form of Comptroller's Registration Certificate, Form of Paying Agent/Registrar Authentication Certificate and Form of Assignment, shall be in substantially the following forms, with such omissions, insertions. and variations as may be necessary or desirable, and not prohibited by this Ordinance: [FRONT OF CERTIFICATE] UNITED STATES OF AMERICA STATE OF TEXAS CITY OF PEARLAND, TEXAS NUMBER R- COMBINATION TAX AND REVENUE $DOMINATION REGISTERED CERTIFICATE OF OBLIGATION REGISTERED SERIES 1995 INTEREST RATE: ISSUE DATE: MATURITY DATE: CUSIP: May 1, 1995 March 1, REGISTERED OWNER: PRINCIPAL AMOUNT: DOLLARS THE CITY OF PEARLAND, TEXAS, a municipal corporation of the State of Texas (the "City"), for value received, hereby promises to pay to the Registered Owner identified above or its registered assigns, on the maturity date specified above (or on earlier redemption as herein provided), upon presentation and surrender of this Certificate at the principal corporate trust office of Texas Commerce Bank National Association, Houston, Texas, or its successor (the "Paying Agent/Registrar"), the principal amount identified above (or so much thereof as shall not have been paid or deemed to have been paid upon prior redemption) payable in any coin or currency of the United States of America which on the date of payment of such principal is legal tender for the payment of debts due to the United States of America, and to pay interest thereon at the rate shown above, calculated on a basis of' a 360-day year composed of twelve 30-day months, from the later of the Issue Date identified above or the most recent interest payment date to which interest has been paid or duly provided for. Interest on this. Certificate is payable on March 1, 1996, and each September 1 and March 1 thereafter until maturity or earlier redemption of this Certificate, by check sent by United States mail, first class, postage prepaid, by the Paying Agent/Registrar to the Registered Owner of record as of the close of business on the fifteenth day of the calendar month immediately preceding the applicable interest payment date, as shown on the registration books kept by the Paying Agent/Registrar. Any accrued interest payable at maturity or earlier redemption shall be paid upon presentation and surrender of this Certificate at the principal corporate trust office of the Paying Agent/Registrar. 10 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS CERTIFICATE SET FORTH ON THE REVERSE HEREOF, WHICH PROVISIONS SHALL HAVE THE SAME FORCE AND EFFECT AS IF SET FORTH AT THIS PLACE. IN WITNESS WHEREOF, the City has caused its corporate seal to be impressed or placed in facsimile hereon and this Certificate to be signed by the Mayor Pro Tem, countersigned by the Interim City Secretary by their manual, lithographed or printed facsimile signatures. (AUTHENTICATION OR CITY OF PEARLAND, TEXAS REGISTRATION CERTIFICATE) (SEAL) Mayor Pro Tem COUNTERSIGNED: Interim City Secretary * * * [REVERSE OF CERTIFICATE] THIS CERTIFICATE IS ONE OF A DULY AUTHORIZED SERIES OF CERTIFICATES (the "Certificates") in the aggregate principal amount of $5,000,000 issued pursuant to an ordinance adopted by the City Council of the City on April 24, 1995 (the "Ordinance") for the purpose of providing all or part of the funds to pay contractual obligations to be incurred for (i) certain street projects located in the City including but not limited to: the acquisition of right of way and construction of a street (including, drainage) from John Lizer Road to Main Street (SH 35); acquisition of right of way and construction of a street (including drainage and bridge work) from Broadway (FM 518) to John Lizer Road; renovations and improvements to Shadybend Drive (including drainage) from Liberty Drive to Misty Street; renovations and improvements to the intersection of Walnut Drive and McLean Road; renovations and improvements to the intersection of old and new North Hatfield Roads; and renovations and improvements of the intersections of West Broadway and Harkey Road and West 11 Broadway and O'Day Road, (ii) renovations, improvements, materials, supplies, equipment and machinery for certain City buildings and facilities including but not limited to the City's public library located at 3523 Liberty Drive, Pearland, Texas 77581, and (iii) the acquisition, construction, improvement, repair, materials, supplies, equipment and machinery for certain drainage facilities located in the City including but not limited to: flood control improvements south of the South Corrigan subdivision; the Hickory Regional Detention located south of the Twin Creek Woods subdivision; and formulation of a City-wide storm water drainage plan. Proceeds of the Certificates also will be used to pay costs of issuance of the Certificates and other professional services related thereto. THIS CERTIFICATE shall not be valid or obligatory for any purpose or be entitled to any benefit under the Ordinance unless this Certificate either (i) is registered by the Comptroller of Public Accounts of the State of Texas by due execution of the registration certificate endorsed hereon or (ii) is authenticated by the Paying Agent/Registrar by due execution of the authentication certificate endorsed hereon. THE CITY RESERVES THE RIGHT, at its option, to redeem, prior to their maturity, Certificates maturing on and after March 1, 2006, in whole or in part, on March 1, 2005, or any date thereafter, at par plus accrued interest to the date fixed for redemption. CERTIFICATES MAY BE REDEEMED IN PART only in integral multiples of $5,000. If a Certificate subject to redemption is in a denomination larger than $5,000, a portion of such Certificate may be redeemed, but only in integral multiples of $5,000. In selecting portions of Certificates for redemption, each Certificate shall be treated as representing that number of Certificates of $5,000 denomination which is obtained by dividing the principal amount of such Certificate by $5,000. Upon surrender of any Certificate for redemption in part, the Paying Agent/Registrar, in accordance with the provisions of the Ordinance, shall authenticate and deliver in exchange therefor a Certificate or Certificates of like maturity and interest rate in an aggregate principal amount equal to the unredeemed portion of the Certificate so surrendered. NOTICE OF ANY SUCH REDEMPTION, identifying the Certificates or portions thereof to be redeemed, shall be sent by United States mail, first class, postage prepaid, to the Registered Owners thereof at their addresses as shown on the books of registration kept by the Paying Agent/Registrar, not less than thirty (30) days before the date fixed for such redemption. By the date fixed for redemption, due provision shall be made with the Paying Agent/Registrar for the payment of the redemption price of the Certificates called for redemption. If such notice of redemption is given, and if due provision for such payment is made, all as provided above, the Certificates which are to be so redeemed thereby automatically ,shall be redeemed prior to their scheduled maturities, they shall not bear interest after the date fixed for redemption, and they shall not be regarded as being outstanding except for the purpose of being paid with the funds so provided for such payment. 12 THIS CERTIFICATE IS TRANSFERABLE only upon presentation and surrender at the principal corporate trust office of the Paying Agent/Registrar, accompanied by an assignment duly executed by the Registered Owner or its authorized representative, subject to the terms and conditions of the Ordinance. THIS CERTIFICATE IS EXCHANGEABLE at the principal corporate trust office of the Paying Agent/Registrar for a Certificate or Certificates of the same maturity and interest rate and in the principal amount of $5,000 or any integral multiple thereof, subject to the terms and conditions of the Ordinance. THE PAYING AGENT/REGISTRAR is not required to accept for transfer or exchange any Certificate called for redemption, in whole or in part, during the forty-five (45) day period immediately prior to the date fixed for redemption; provided, however, that such limitation shall not apply to the transfer or exchange by the Registered Owner of an unredeemed portion of a Certificate called for redemption in part. THE CITY OR PAYING AGENT/REGISTRAR may require the Registered Owner of any Certificate to pay a sum sufficient to cover any.tax or other governmental charge that may be imposed in connection with the transfer or exchange of a Certificate. Any fee or charge of the Paying Agent/Registrar for a transfer or exchange shall be paid by the City. THE REGISTERED OWNER of this Certificate by acceptance hereof, acknowledges and agrees to be bound by all the terms and conditions of the Ordinance. IT IS HEREBY DECLARED AND REPRESENTED that this Certificate has been duly and validly issued and delivered; that all acts, conditions and things required or proper to be performed, exist and to be done precedent to or in the issuance and delivery of this Certificate have been performed, exist and have been done in accordance with law; that the Certificates do not exceed any constitutional or statutory limitation; and that annual ad valorem taxes sufficient to provide for the payment of the interest on and principal of this Certificate, as such interest comes due and such principal matures, have been levied and ordered to be levied, within the limits prescribed by law, against all taxable property in the City and have been irrevocably pledged for such payment. IT IS FURTHER DECLARED AND REPRESENTED that the revenues to be derived from the City's waterworks and sanitary sewer system, after the payment of all operation and maintenance expenses thereof (the "Net Revenues"), in an amount not to exceed $10,000, are pledged to the payment of the principal of and interest on the Certificates to the extent that ad valorem taxes may ever be insufficient or unavailable for such purpose, provided that the pledge of Net Revenues is and shall be junior and subordinate in all respects to the pledge of Net Revenues to the payment of any obligation of the City, whether authorized heretofore or hereafter, which the City designates as having a pledge senior to the pledge of the Net Revenues to the payment of the Certificates. The City also reserves the right to issue, for any lawful purpose at any time, in one or more installments, bonds, certificates of obligation and other 13 obligations of any kind, secured in whole or in part by a pledge of Net Revenues, that may be prior and superior in right to, on a parity with, or junior and subordinate to the pledge of Net Revenues securing the Certificates. REFERENCE IS HEREBY MADE TO THE ORDINANCE, a copy of which is filed with the Paying Agent/Registrar, for the full provisions thereof, to all of which the Registered Owners of the Certificates assent by acceptance of the Certificates. * * * FORM OF COMPTROLLER'S REGISTRATION CE TIFI .ATE The following form of Comptroller's Registration Certificate shall be attached or affixed to each of the Certificates initially delivered: THE STATE OF TEXAS REGISTER NO. OFFICE OF THE COMPTROLLER OF PUBLIC ACCOUNTS I hereby certify that this certificate has been examined, certified as to validity and approved by the Attorney General of the State of Texas, and that this certificate has been registered by the Comptroller of Public Accounts of the State of Texas. WITNESS MY SIGNATURE AND SEAL OF OFFICE this Comptroller of Public Accounts [SEAL] of the State of Texas * * * 14 FORM OF PAYING AGENT/REGISTRAR'S AUTHENTICATION CERTIFICATE The following form of authentication certificate shall be printed on the face of each of the Certificates other than those initially delivered: AUTHENTICATION CERTIFICATE This Certificate is one of the Certificates described in and delivered pursuant to the within -mentioned Ordinance; and, except for the Certificates initially delivered, this Certificate has been issued in exchange for or replacement of a Certificate, Certificates, or a portion of a Certificate or Certificates of an issue which originally was approved by the Attorney General of the State of Texas and registered by the Comptroller of Public Accounts of the State of Texas. TEXAS COMMERCE BANK NATIONAL ASSOCIATION,. as Paying Agent/Registrar By Authorized Signature Date of Authentication: * * * 15 FORM OF ASSIGNMENT The following form of assignment shall be printed on the back of each of the Certificates: ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto (Please print or type name, address, and zip code of Transferee) (Please insert Social Security or Taxpayer Identification Number of Transferee) the within certificate and all rights thereunder, and hereby irrevocably constitutes and appoints attorney to transfer such certificate on the books kept for registration thereof, with full power of substitution in the premises. DATED: Signature Guaranteed: NOTICE: Signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. Registered Owner NOTICE: The signature above must correspond to the name of the registered owner as shown on the face of this certificate in every particular, without any alteration, enlargement or change whatsoever. ARTICLE V SECURITY FOR THE CERTIFICATES Section 5.1. Fledge and Levy of Taxes and Revenues. (a) To provide for the payment of principal of and interest on the Certificates, there is hereby levied, within the limits prescribed by law, for the current year and each succeeding year thereafter, while the Certificates or any part of the principal thereof and the interest thereon remain outstanding and unpaid, an ad valorem tax upon all taxable property within the City sufficient to pay the interest on the Certificates and to create and provide a sinking fund of not less than 2% of the principal amount of the Certificates or not less than the principal payable out of such tax, whichever is greater, with full allowance being made for tax delinquencies and the costs of tax collection, and such taxes, when collected, shall be applied to the payment of principal of and interest on the 16 Certificates by deposit to the Combination Tax and Revenue Certificates of Obligation, Series 1995 Debt Service Fund and to no other purpose. (b) The City hereby declares its purpose and intent to provide and levy a tax legally sufficient to pay the principal of and interest on the Certificates, it having been determined that the existing and available taxing authority of the City for such purpose is adequate to permit a legally sufficient tax. As long as any Certificates remain outstanding, all moneys on deposit in, or credited to, the Combination Tax and Revenue Certificates of Obligation, Series 1995 Debt Service Fund shall be secured by a pledge of security, as provided by law for cities in the State of Texas. (c) In addition, the City also hereby pledges the revenues to be derived from the City's waterworks and sanitary sewer system, after the payment of all operation and maintenance expenses thereof (the "Net Revenues"), in an amount not to exceed $10,000, to the payment of the principal of and interest on the Certificates to the extent that the ad valorem taxes referred to in Section 4.1(a) of this Ordinance are ever insufficient or unavailable for such purpose, provided that the pledge of Net Revenues is and shall be junior and subordinate in all respects to the pledge of Net Revenues to the payment of any obligation of the City, whether authorized heretofore or hereafter, which the City designates as having a pledge senior to the pledge of the Net Revenues to the payment of the Certificates. The City also reserves the right to issue, for any lawful purpose at any time, in one ore more installments, bonds, certificates of obligation and other obligations of any kind, secured in whole or in part by a pledge of Net Revenues, that may be prior and superior in right to, on a parity with, or junior and subordinate to the pledge of Net Revenues securing the Certificates. Section 5.2. Debt Service Fund. The Combination Tax and Revenue Certificates of Obligation, Series 1995 Debt Service Fund is hereby created as a special fund solely for the benefit of the Certificates. The City shall establish and maintain such fund at an official City depository and shall keep such fund separate and apart from all other funds and accounts of the City. Any amount on deposit in the Combination Tax and Revenue Certificates of Obligation, Series 1995 Debt Service Fund shall be maintained by the City in trust for the Registered Owners of the Certificates. Such amount, plus any other amounts deposited by the City into such fund and any and all investment earnings on amounts on deposit in such fund, shall be used only to pay the principal of, premium, if any, and interest on the Certificates. Section 5.3: Further Proceedings After the Certificates to be initially issued have been executed, it shall be the duty of the Mayor Pro Tem to deliver the Certificates to be initially issued and all pertinent records and proceedings to the Attorney General for examination and approval. After the Certificates to be initially issued shall have been approved by the Attorney General, they shall be delivered to the Comptroller for registration. Upon registration of the Certificates to be initially issued, the Comptroller (or a deputy lawfully designated in writing to act for the Comptroller) shall manually sign the Comptroller's registration certificate prescribed herein to be affixed or attached to the Certificates to be initially issued, and the seal of said Comptroller shall be impressed, or placed in facsimile, thereon. 17 ARTICLE VI is hereby appointed A�. Texas Commerce terms P as the initial Paying Commerce Bank National and of the Paying Association Paying and Agpr. visions of The igAgent/Registrar Agreement b the Certificates hpe City to , Houston, th e Paying gtached hereto as E Paying Agent/Registrar Agreement and between the City Mayor Tem is hereby A, the terns and provisions of which t char be hereby lly tyand the the y Agreement Pron eby authorized to ex areP inithe Agreement entoribehalf of the City in multiple counterpartsandand such Paying Agent/Registrar approved, eetar and anyher successor t a attest Agent/Registrar, thereto affix City's seal• g Paandia in the Ci SW h the tial prim City Secretary is Paying successor Paying ghe andby undertaking performance Pa terms of anyg the lying fees pursuant Agent/Registrar contract betty consideration of therrnance of the duties of the theof moneypursuantc no between the Paying Agent/Registrar ent/ payment of of this Ordinance, this Ordinance shall be deemed g Registrar and the any pursuant to to accept and a City and/or bye deposit agree to abide the terms capacity as g Inis . All money transferred to representing Paying Agent/Registrar'smfor the Certificates under the P AgenURe is trar in its re the pro City and slrabbe h d intrust for Ordinance (except any shins Perry of the fees) shall disbursed in a the benefit in the won 6 �: ��fi � accordance with this Ordinance, City, shall Certificates � tP�PrPc Presented • Subject to the provisions of Section 6.4, necessity of further presented to tie from Agent/Registrar trar herein. m the City. Suchfor payment shall beall matured Certificates shall be paid p out the g ig canceled as provided '=m. Paying Agent/Registrar that represent- . unclaimed b funds y the Re istered Owner thereof after of and the . Funds held by the have b ginterest on uch become due and Payable after the expiration of threeCertificates remaining fundshave in accordance with (a) shall be reported years from the date Paying Agent/Registrar the extent such the provisions of and disposed of amended, to not applyprovisions area to such 6 of thes Texas(b) by the the City upon to the funds funds applicable to such Property Code, as provisions receipt by the , such all be funds, ory tog the extent such Paying Agent/Registrar of a paid by theu Paying therefor from m thetri to The pa written request from Certificates b Paying Agent/Registrar shall have the City. Y virtue of actions taken in no Lability to the the compliance with Registered Owners of ����0�,;.0�1 this Section. in its individualei tray 3� any other capacity, mayThe ee the same rights it would have if ere nobecome the owner or Paying Agent/Registrar the Paying Agent/Registrar. gent/Registra pledgee of Certificates with 18 Section 6.6: Successor Paying Agents/Registrars. The City covenants that at all times while any Certificates are Outstanding it will provide a legally qualified bank, trust company, financial institution or other agency to act as Paying Agent/Registrar for the Certificates. The City reserves the right to change the Paying Agent/Registrar for the Certificates on not less than sixty (60) days' written notice to the Paying Agent/Registrar, as long as any such notice is effective not less than 60 days prior to the next succeeding principal or interest payment date on the Certificates. Promptly upon the appointment of any successor Paying Agent/Registrar, the previous Paying Agent/Registrar shall deliver the Register or a copy thereof to the new Paying Agent/Registrar, and the new Paying Agent/Registrar shall notify each Registered Owner, by United States mail, first class, postage prepaid, of such change and of the address of the new Paying Agent/Registrar. Each Paying Agent/Registrar hereunder, by acting in that capacity, shall be deemed to have agreed to the provisions of this Ordinance. ARTICLE VII PROVISIONS CONCERNING SALE AND APPLICATION OF PROCEEDS OF CERTIFICATES Section 7.1: Sale of Certificates: Insurance. The sale of the Certificates to NationsBanc Capital Markets, Inc. (the "Purchaser") at a price of the par value thereof plus accrued interest on the Certificates, is hereby approved, and delivery of the Certificates to the Purchaser shall be made upon payment therefor in accordance with the terms of sale and the terms and conditions of the Purchaser's bid. It is hereby officially found, determined and declared that the Purchaser is the highest bidder for the Certificates as a result of invitations for competitive bids. It is further officially found, determined and declared that the Certificates have been sold at public sale to the bidder offering the lowest interest cost, which is hereby determined to be a net effective interest rate of 5.6249%, after receiving sealed bids pursuant to an Official Notice of Sale and Preliminary Official Statement prepared and distributed in connection with the sale of the Certificates. The City hereby acknowledges that the Purchaser's bid is contingent upon the issuance of a policy of municipal bond guaranty insurance from Capital Guaranty Insurance Company ("Capital Guaranty") insuring the timely payment of principal of and interest on the Certificates. Such insurance is to be obtained at the Purchaser's expense. The appropriate officials and representatives of the City are hereby authorized and directed to execute such documents and certificates and to do any and all things necessary or desirable to obtain such insurance, and the printing on the Certificates of an appropriate legend or statement regarding such insurance, as provided by Capital Guaranty, is hereby approved. Section 7.2: Approval. Registration and Delivery. The Mayor Pro Tem is hereby authorized to have control and custody of the Certificates and all necessary records and proceedings pertaining thereto pending their delivery, and the Mayor Pro Tem and other officers and employees of the City are hereby authorized and directed to make such certifications and to execute such instruments as may be necessary to accomplish the delivery of the 19 (3) Certificates and to assure the investigation, examination and approval thereof by the Attorney General and the registration of the initial Certificates by the Comptroller. Upon registration of the Certificates, the Comptroller (or the Comptroller's certificates clerk or an assistant certificates clerk lawfully designated in writing to act for the Comptroller) shall manually sign the Comptroller's Registration Certificates prescribed herein to be attached or affixed to each Certificates initially delivered and the seal of the Comptroller shall be impressed or printed or lithographed thereon. Section 7.3: Offering Documents' Ratings. The City hereby approves the form and contents of the Official Notice of Sale, Preliminary Official Statement and the final Official Statement, dated as of the date hereof, relating to the Certificates, and any addenda, supplement or amendment thereto, and ratifies and approves the distribution of such Preliminary Official Statement and Official Statement in the offer and sale of the Certificates and in the reoffering of the Certificates by the Purchaser, with such changes therein or additions thereto as the officials executing same may deem advisable, such determination to be conclusively evidenced by their execution thereof. The Mayor Pro Tem is hereby authorized and directed to execute, and the Interim City Secretary is hereby authorized and directed to attest, the final Official Statement. It is further hereby officially found, determined and declared that the statements and representations contained in the Official Notice of Sale, Preliminary Official Statement and final Official Statement are true and correct in all material respects, to the best knowledge and belief of the City Council, and that, as of the date thereof, the Preliminary Official Statement was an official statement of the City with respect to the Certificates that was deemed "final" by an authorized official of the City except for the omission of no more than the information permitted by subsection (b)(1) of Rule 15c2-12 of the Securities and Exchange Commission. Further, the City Council hereby ratifies, authorizes and approves the actions of the Mayor Pro Tem, the City's financial advisor and other consultants in seeking ratings on the Certificates from Moody's Investors Service, Inc. and Standard & Poor's Ratings Group and such actions are hereby ratified and confirmed. Section 7.4: Application of Proceeds of Certificates: Appropriation. Proceeds from the sale of the Certificates shall, promptly upon receipt by the City, be applied as follows: (1) Accrued interest shall be deposited into the Combination Tax and Revenue Certificates of Obligation, Series 1995 Debt Service Fund created in Section 5.2 of this Ordinance; (2) A portion of the proceeds shall be applied to pay expenses arising in connection with the issuance of the Certificates; The remaining proceeds shall be applied, together with other funds of the City, to provide funds to pay contractual obligations to be incurred for the construction of a public work and the purchase of materials, supplies, equipment, machinery, buildings, land and rights -of -way for authorized 20 needs and purposes, including specifically the projects enumerated in paragraph (a) of Section 1.1. Section 7,5: Tax Exemption. The City intends that the interest on the Certificates shall be excludable from gross income of the owners thereof for federal income tax purposes pursuant to Sections 103 and 141 through 150 of the Internal Revenue Code of 1986, as amended (the "Code"), and all applicable temporary, proposed and final regulations and procedures promul- gated thereunder or promulgated under the Internal Revenue Code of 1954, to the extent applicable to the Code (the "Regulations"), necessary to assure that interest on the Certificates is excludable from gross income of the owners thereof for federal income tax purposes. For that purpose, the City covenants that it shall use, permit the use of or omit to use the proceeds of the Certificates or any other amounts (or any property the acquisition, construction or improvement of which is to be financed directly or indirectly with the proceeds of the Certificates), regulate investments of proceeds thereof and take or omit to take such other and further actions as may be required by Sections 103 and 141 through 150 of the Code and the Regulations to cause the interest on the Certificates to be and remain excludable from the gross income, as defined in Section 61 of the Code, of the owners of the Certificates for federal income tax purposes. Without limiting the generality of the foregoing, unless and until the City has reneived a written opinion of nationally recognized bond counsel to the effect that failure to comply with such covenant will not adversely affect the exclusion of interest on the Certificates from gross income of the owner thereof for federal income tax purposes, the City shall comply with each of the specific covenants in this Ordinance, as follows: (a) The City will use all of the Net Proceeds (as defined below) of the Certificates to (i) provide funds to pay contractual obligations to be incurred for the construction of a public work and the purchase of materials, supplies, equipment, machinery, buildings, land and rights -of -way for authorized needs and purposes, including specifically a public works/vehicle maintenance facility and (ii) to pay the costs of issuing the Certificates. (b) The City has limited, and will .limit, the amount of original or investment proceeds of the Certificates to be used (other than use as a member of the general public) in the trade or business of any person other than a governmental unit to an amount which does not exceed ten percent of the Net Proceeds of the Certificates ("private -use proceeds"). For purposes of this Section, the term "person" includes any individual, corporation, partnership, unincorporated asso- ciation or any other entity capable of carrying on a trade or business; and the term "trade or business" means, with respect to any natural person, any activity regularly carried on for profit and, with respect to persons other than natural persons, means any activity other than an activity carried on by a governmental unit. Any use of proceeds of the Certificates in any manner contrary to the guidelines set forth in Revenue Procedure 93-19, including any revisions or 21 (g) amendments thereto, shall constitute the use of such proceeds in the trade or business of one who is not a governmental unit. (c) The City has not permitted and will not permit, more than five percent of the Net Proceeds of the Certificates to be used in the trade or business of any person other than a governmental unit if such use is unrelated to the governmental pur- pose of the Certificates. Further, the amount of private -use proceeds of the Certificates in excess of five percent of the Net Proceeds of the Certificates ("excess private -use proceeds") will not exceed the proceeds of the Certificates expended for the governmental purpose of the Certificates which such excess private -use proceeds, relate; (d) The City will not permit to be used an amount of proceeds of the Certificates exceeding the lesser of (i) $5,000,000 or (ii) five percent of the Net Proceeds of the Certificates to be used, directly or indirectly, to make or finance loans to persons other than govemmental units; (e) Based upon all facts and estimates now known or reasonably expected to be in existence on the date the Certificates are delivered, the City reasonably expects that the proceeds of the Certificates will not be used in a manner that would cause the Certificates or any portion thereof to be an "arbitrage bond" within the meaning of Section 148 of the Code; (f) The City will monitor the yield on the investment of the proceeds of the Certificates and moneys pledged to the repayment of the Certificates and will restrict the yield on such investments tothe extent required by the Codeor the Regulations. Without limiting the generality of the foregoing, the City will take appropriate steps to restrict the yield on all original and investment proceeds of the Certificates remaining on hand on or after that date which is three years from the date of delivery of the Certificates and all other proceeds (other than amounts constituting a "minor portion" of the proceeds or a "bona fide debt service fund") to a yield which is not materially higher than the lower of (a) the yield on the Certificates or (b) the combined yield on the Certificates and all other obligations of the City which are issued at substantially the same time as the Certificates, sold pursuant to a common plan of financing with the Certificates and will be paid out of substantially the same source of funds (or will have the same claim to be paid out of the same source of funds) as the Certificates (in all cases calculated in accordance with the Code and Regulations); The City will not take any action, or as the case may be, knowingly omit to take any action, within its control that, if taken or omitted, would cause the Certificates to be treated as "federally guaranteed" obligations for purposes of Section 149(b) of the Code and applicable regulations thereunder (as may be 22 (i) modified in any applicable rules, rulings, policies, procedures, regulations or other official statements promulgated or proposed by the Department of the Treasury or the Internal Revenue Service with respect to "federally guaranteed" obligations described in Section 149(b) of the Code) except as permitted by Section 149(b)(3) of the Code and such regulations; (h) The City will take all necessary steps to comply with the requirement that certain amounts earned by the City on the investment of the "gross proceeds" of the Certificates (within the meaning of section 148(f)(6)(B) of the Code), if any, be rebated to the federal government. Specifically, the City will (i) maintain records regarding the receipt, investment, and expenditure of the gross proceeds of the Certificates as may be required to calculate and substantiate the amount earned on the investment of the gross proceeds of the Certificates separately from records of amounts ondeposit in the funds and accounts of the City allocable to other obligations of the City or moneys which do not represent gross proceeds of any obligations of the City, and retain such records for at least six years after the date the last outstanding Certificate is discharged or for such large period of time as may be required or appropriate under the Code or applicable regulations (ii) account for all gross proceeds under a reasonable, consistently applied method of accounting, not employed as an artifice or device to avoid, in whole or in part, the requirements of Section 148 of the Code, including any specified method of accounting required by applicable regulations to be used for all or a portion of the gross proceeds, (iii) calculate, at such times as are required by applicable regulations, the amount earned from the investment of the gross proceedsof the Certificates and (iv) timely pay, all amounts required to be rebated to the federal government. In addition, the City will exercise reasonable diligence to assure that no errors are made in the calculations required in the preceding sentence and, if such an error is made, to discover and promptly correct within a reasonable amount of time thereafter, including the payment to the federal government of any delinquent amounts owed to it, including interest thereon and penalty, if any, as may be necessary or appropriate to assure that interest on the Certificates is not includable in the gross income, as defined in Section 61 of the Code, of the owners of the Certificates for federal income tax purposes. The City will not directly or indirectly pay any amount otherwise payable to the federal government pursuant to the foregoing requirements to any person other than the federal government by entering into any investment arrangement with respect to the gross proceeds of the Certificates that might result in a reduction in the amount required to be paid to the federal government under Section 148(f) of the Code or the applicable regulations, such as through an arrangement that results in a smaller profit or a larger loss than would have resulted if the arrangement had been at arm's length and had the yield on the Certificate not been relevant to either party. 23 (j) The City will timely file or cause to be filed with the Secretary of the Treasury of the United States, an information statement required by Section 149(e) of the Code and applicable regulations thereunder with respect to the Certificates, on such form and in such place as the Secretary may prescribe from time to time. (k) The City hereby designates the Certificates as "qualified tax-exempt obligations" as defined in Section 265(b)(3) of the Code. With respect to such designation, the City represents the following: (a) that during the calendar year 1995, the City (including all entities which issue obligations on behalf of the City, has not designated nor will designate obligations, which when aggregated with the Certificates, will result in more than $10,000,000 of "qualified tax-exempt obligations" being issued and (b) that the City has examined its financing needs for the calendar year 1995 and reasonably anticipates that the amount of bonds, leases, loans or other obligations, together with the Certificates and any other tax- exempt obligations heretofore issued by the City (plus those other entities which issue obligations on behalf of the City during calendar year 1995), when the higher of the face amount or the issue price of each such tax-exempt obligation issued for calendar year 1995 by the City is taken into account, will not exceed $10,000,000. When used in this Section, the term Net Proceeds of the Certificates shall mean the proceeds from the sale of the issue of the Certificates, including investment earnings on the proceeds of such issue, less accrued interest with respect to such issue. All officers, employees and agents of the City are authorized and directed to provide certifications of facts and estimates that are material to the reasonable expectations of the City regarding the foregoing as of the date the Certificates are delivered. In complying with the foregoing covenants, the City may rely from time to time upon an opinion issued by a nationally recognized bond counsel to the effect that any action by the City or reliance upon any interpretation of the Code or Regulations contained in such opinion will not cause interest on the Certificates to be includable in gross income for federal income tax purposes under existing law. Notwithstanding any other provision of this Ordinance, the City's obligations under the covenants and provisions of this Section 7.5 shall survive the defeasance and discharge of the Certificates. ,Section 7, f : Related Matterg. In order that the City shall satisfy in a timely manner all of its obligations under this Ordinance, the Mayor, the Mayor Pro Tem, Interim City Secretary and all other appropriate officers, agents, representatives and employees of the City are hereby authorized and directed to take all other actions that are reasonably necessary to provide for the issuance and delivery of the Certificates, including, without limitation, executing and delivering on behalf of the City all certificates, consents, receipts, requests, notices, and other documents as may be reasonably necessary to satisfy the City's obligations under this Ordinance and to 24 direct the transfer and application of funds of the City consistent with the provisions of this Ordinance. ARTICLE VIII MISCELLANEOUS Section 8.1.: Defeasance. The City may defease the provisions of this Ordinance and discharge its obligations to the Registered Owners of any or all of the Certificates to pay the principal of and interest thereon in any manner permitted by law, including by depositing with the Paying Agent/Registrar or with the State Treasurer of the State of Texas either: (a) cash in an amount equal to the principal amount of such Certificates plus interest thereon to the date of maturity or redemption; or (b) pursuant to an escrow or trust agreement, cash and/or direct obligations of, or obligations the principal of and interest on which are guaranteed by the United States of America, in principal amounts and maturities and bearing interest at rates sufficient to provide for the timely payment of the principal amount of the Certificates plus interest thereon to the date of maturity or redemption; provided, however, that if any of the Certificates are to be redeemed prior to their respective dates of maturity, provision shall have been made for giving notice of redemption as provided in this Ordinance. Upon such deposit, such Certificates shall no longer be regarded to be Outstanding or unpaid. Any surplus amounts not required to accomplish such defeasance shall be returned to the City. Section 8.2: Legal Holidays. In any case where the date interest accrues and becomes payable on the Certificates or principal of the Certificates matures or the date fixed for redemption of any Certificates or a Record Date shall be in the City a Saturday, Sunday, legal holiday or a day on which banking institutions are authorized by law to close, then payment of interest or principal need not be made on such date, or the Record Date shall not occur on such date, but payment may be made or the Record Date shall occur on the next succeeding day which is not in the City a Saturday, Sunday, legal holiday or a day on which banking institutions are authorized by law to close with the same force and effect as if (i) made on the date of maturity or the date fixed for redemption and no interest shall accrue for the period from the date of maturity or redemption to the date of actual payment or (ii) the Record Date had occurred on the fifteenth day of that calendar month. Section 8.3: No Recourse Against City Officials No recourse shall be had for the payment of principal of or interest on any Certificates or for any claim based thereon or on this Ordinance against any official of the City or any person executing any Certificates. Section 8,4: Fu er Proceedings. The Mayor, Mayor Pro-Tem, City Secretary and other appropriate officials of the City are hereby authorized and directed to do any and all things necessary and/or convenient to carry out the terms of this Ordinance. 25 Section 8,5: Severability. If any Section, paragraph, clause or provision of this Ordinance shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such Section, paragraph, clause or provision shall not affect any of the remaining provisions of this Ordinance. Section 8.6: Open Meeting. It is hereby found, determined and declared that a sufficient written notice of the date, hour, place and subject of the meeting of the City Council at which this Ordinance was adopted was posted at a place convenient and readily accessible at all times to the general public at City Hall for the time required by law preceding this meeting, as required by the Open Meetings Law, Chapter 551, Texas Govemment Code, and that this meeting has been open to the public as required by law at all times during which this Ordinance and the subject matter thereof has been discussed, considered and formally acted upon. The City Council further ratifies, approves and confirms such written notice and the contents and posting thereof. Section 8.7: Repealer. All orders, resolutions and ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent of such inconsistency. Section 8.8: Emergency. It is hereby officially found and determined that this Ordinance relates to an immediate public emergency affecting life, health, property and the public peace, and that such emergency exists, the specific emergency being that the proceeds from the sale of the Certificates are required as soon as possible for necessary and urgently needed improvements, and that this Ordinance be passed and approved on the date of its introduction. Section 8.9: Effective Date. This Ordinance shall be in force and effect from and after its passage on the date shown below. 26 PASSED AND APPROVED on first reading pursuant to Section 3.10 of the City Charter this April 24 1995. , ATTEST Interim City SecrLtary (SEAL) CITY OF PEARLA , TEXAS Mayor Pro Tem' Exhibit A — Paying Agent/Registrar Agreement Exhibit B — Official Notice of Sale Exhibit C — Preliminary Official Statement Exhibit D — Official Statement 0216086.01 049521/1607 27 EXHIBIT A PAYING AGENT/REGISTRAR AGREEMENT See Tab No. 6 EXHIBIT B OFFICIAL NOTICE OF SALE See Tab No. 4 Pi EXHIBIT C PRELIMINARY OFFICIAL STATEMENT See Tab No. 4 EXHIBIT D OFFICIAL STATEMENT See Tab No. 5 0216086.01 069506/1129 CERTIFICATE OF ASSESSED VALUATION THE STATE OF TEXAS § COUNTIES OF BRAZORIA AND HARRIS § CITY OF PEARLAND § I, Rubye Jo Knight, the duly appointed, qualified and acting Tax Assessor-Collector of the City of Pearland, Texas (the "City"), do hereby certify that the following is a true and correct statement of the assessed value of taxable property within the City, as shown by the duly approved tax rolls for the tax year 1994 as of the date shown below, which are the last approved tax rolls for the City on file in my office, to wit: $ '7$1) 7 D 1) r25 7. r g 9 q egt �Ih WITNESS MY HAND this day of • Tax Ass or-C Rector City of Pearland, Texas 0216131.01 049526/1435 OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland,Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ — o — for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 �, 7.1" % Ma�Ctr Lt 199�8 1* 140,000 G.7/' % Ntg.ttcli r,'199� ` 150,000 G.71" % March 1, 2000 155,000 % March 1, 2001 165,000 7j % •Marc14,12002j 175,000 G.ems' March 1, 2003 185,000 .71� March 1, 2004 200,000 7J % March 1, 2005 210,000 �.7,I % March 1, 2006 225,000 G. % March 1, 2007 240,000 '10 % March 1, 2008 255,000 6,5b % March 1, 2009 270,000 Zr % March 1, 2010 500,000 --7c % March 1, 2011 500,000 S•7.T March 1, 2012 500,000 5: % March 1, 2013 500,000 % March 1, 2014 500,000 L 7f % Interest cost, in accordance with the above bid, is: Gross Interest Cost $ 3, s-41; /4 F. 33 Less: Premium $ — - NET INTEREST COST $ 3, / � 33 EFFFECTIVE INTEREST RATE f G W3 % The Initial Certificates shall be registered in the name of (syndicate manager). We will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. i• J. Cashier's Check of the Frost--- Bank, AA 5P , Texas, in the amount of$100,000, which represents our Good Faith Deposit (is attached hereto) or (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates, said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale, with such changes thereto as may be acceptable to the City. Respectfully submitted, t , elOSWORTH,PNC. CettzoAe By VP Authorized Representative ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland, Texas. 312-559-1683 Mayor A 1"1'h ST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland, Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ - v for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 7. /v % March 1, 1998 140,000 2. 'a % March 1, 1999 150,000 2'./o % March 1, 2000 155,000 7.'0 % March 1, 2001 165,000 �• /o % March 1, 2002 175,000 7,to % March 1, 2003 185,000 % March 1, 2004 200,000 1/4r.20 % March 1, 2005 210,000 ;Zd' % March 1, 2006 225,000 5:3l % March 1, 2007 240,000 S 31" % March 1, 2008 255,000 S SS % March 1, 2009 270,000 S. % March 1, 2010 500,000 ,✓rho % March 1, 2011 500,000 5.7J- % March 1, 2012 500,000 S 7.r- % March 1, 2013 500,000 S7f % March 1, 2014 500,000 5.7,T % Interest cost, in accordance with the above bid, is: Gross Interest Cost $ ✓,6 f , Less: Premium $ - 0 - NET INTEREST COST $ -;- C'% r E1.1r"ECTIVE INTEREST RATE 7JJ2 % The Initial Certificates shall be registered in the name of can Wi tter Reynolds (syndicate manager). We will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. Cashier's Check of the Na ti 0 n s ba n k Bank,Dallas , Texas, in the amount of$100,000, which represents our Good Faith Deposit (is attached hereto) or (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates, said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale, with such changes thereto as may be acceptable to the City. Respectfully submitted, Dean Witter Reynolds, Inc. Stephen J. Young Senior Vice President By / A orize R resentativ ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland, Texas. Mayor A FI'1 ST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) r OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland, Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ —p - for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 6.�(�j March 1, 1998 140,000 6,So % March 1, 1999 150,000 6. SU % March 1, 2000 155,000 .So March 1, 2001 165,000 G•Sv % March 1, 2002 175,000 6 •50 % March 1, 2003 185,000 ,SU % March 1, 2004 200,000 6•5E2 % March 1, 2005 210,000 G.so % March 1, 2006 225,000 ‘,5O % March 1, 2007 240,000 S.3S March 1, 2008 255,000 5• ,o % March 1, 2009 270,000 s•60 % March 1, 2010 500,000 .!: 'o % March 1, 2011 500,000 S,70 March 1, 2012 500,000 S do March 1, 2013 500,000 .S'Io % March 1, 2014 500,000 44 SO % Interest cost, in accordance with the above bid, is: Gross Interest Cost $ 3, (3,,Too Less: Premium $ - G - NET INTEREST COST $ ?, 6/3. .re:6 EFFECTIVE INTEREST RATE cJ % The Initial Certificates shall be registered in the name of First Southwest Cav manager). We will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. Cashier's Check of the Bank, , Texas, in the amount of$100,000, , represents our Good Faith Deposit (is attached hereto) or (has been made available to you prior to the openi this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and"O Statement." Upon delivery of the Certificates, said check will be cashed and applied to the purchase pr the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:0k A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale,with such changes thereto as may be acceptable to the City. Respectfully submitted, First Southwest Company - Mqr Morgan Keegan - Jt Mgr Stephens Inc - Jt Mqr By d/GI hil4--- Auth zed Representative Robert J. Isabella — Director ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland,Texas. Mayor ATt EST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) 1 OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland,Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ — for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 7.2. % March 1, 1998 ' • 140,000 7,ZSf % March 1, 1999 • 150,000 7.Z.r % March 1, 2000 155,000 '2 2 f % March 1, 2001 165,000 j" % March 1, 2002 175,000 7, zf % March 1, 2003 185,000 7 2�' % March 1, 2004 200,000 7.Zf % March 1, 2005 210,000 7,2r % March 1, 2006 225,000 V zr % March 1, 2007 240,000 .52c % March 1, 2008 255,000 5 37r % March 1, 2009 270,000 S'3Z/' % March 1, 2010 500,000 53v % March 1, 2011 500,000 5:5Z % March 1, 2012 500,000 .5:5z) % March 1, 2013 500,000 S SO % March 1, 2014 500,000 ,5750 % Interest cost, in accordance with the above bid, is: Gross Interest Cost $ 3, ygr CP/. 3P Less: Premium $ - - NET INTEREST COST $ 3, G ut,L,iy/.3f E1-1-hCTIVE INTEREST RATE . 7z3 SL % The Initial Certificates shall be registered in the name of Merrill Lynch Pierce, P �� teinic. will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. _ s Cashier's Check of the Frost Bank Austin , Texas, in the amount of$100,000, which represents our Good Faith Deposit (is attached hereto) or (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates,said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale, with such changes thereto as may be acceptable to the City. Respectfully submitted, Merrill Lynch & Co. Robert W. Baird & Co. , Inc. Service A s t Managmen B Authorized Representative Jack E. Addams ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland, Texas. • Mayor A I hST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) • OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland, Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ — D - for Certificates of Obligation maturing and bearing interest per annum as follows: . Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 7 % March 1, 1998 140,000 7 % March 1, 1999 150,000 7 March I, 2000 155,000 7 % March 1, 2001 165,000 7 % March 1, 2002 175,000 7 % March 1, 2003 185,000 7 % March 1, 2004 200,000 '7 oh March 1, 2005 210,000 5, 2< % March 1, 2006 225,000 v':io % March 1, 2007 240,000 5.Zo % March 1, 2008 255,000 30 % March 1, 2009 270,000 S Flo % March 1, 2010 500,000 c SU % March 1, 2011 500,000 5.G o % March 1, 2012 500,000 5*. March I, 2013 500,000 5-4-0 % March 1, 2014 500,000 S % Interest cost, in accordance with the above bid, is: Gross Interest Cost $ 3,516,ff3�. 3 3 Less: Premium $ -G - NET INTEREST COST $ 3 SEG (3.F. 3 3 EI I ECTIVE INTEREST RATE S;6Z effq % NationsBanc Capital Markets, Inc. The Initial Certificates shall be registered in the name of (syndicate manager). We will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. Cashier's Check of the The Frost National Austin, Texas Texas, in the amount of$100,000, which represents our Good Faith Deposit iternagtkg or (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates, said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale, with such changes thereto as may be acceptable to the City. Respectfully submitted, liationsBanc Capttal Markets, Inc. By c\c/W-tiAk �� (1.N.YLI -- Authob.zed Re resentative Cheryl Y. Barnes, Investment Officer ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland, Texas. Mayor A FThST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland,Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ — 0 for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 7, Z j % March 1, 1998 _ 140,000 % March 1, 1999 150,000 7. 2_1 % March 1, 2000 155,000 7.?f % March 1, 2001 165,000 7. f % March 1, 2002 175,000 % March 1, 2003 185,000 7 ZT % March 1, 2004 200,000 2 Zf % March 1, 2005 210,000 �,2.I % March 1, 2006 225,000 221 % March 1, 2007 240,000 V7 % March 1, 2008 255,000 .i y/ % March 1, 2009 270,000 S,30 % March 1, 2010 500,000 .s T Zd" % March 1, 2011 500,000 5 ZJ % March 1, 2012 500,000 s Zl" % March 1, 2013 500,000 % March 1, 2014 500,000 f'ZJ % Interest cost, in accordance with the above bid, is: Gross Interest Cost $ 3 S 'f 7'l1•'-7 Less: Premium $ - G — NET INTEREST COST $ .3 5-,1` �'�• '7 EFFECTIVE INTEREST RATE /,3 % Inc The Initial Certificates shall be registered in the name of Southwest Securities, manager). We will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. Cashier's Check of the Frost Bank, , Texas, in the amount of$100,000, which represents our Good Faith Deposit (is attached hereto) or (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates,said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale, with such changes thereto as may be acceptable to the City. Respectfully submitted, Principal Financial Securities, Inc. Southwest Securities, Inc. Kemper Securities, Inc. Chicago By �~- Authorized Representativ ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland, Texas. • Mayor A 1'1'EST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland,Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ —O - for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 7.2 f % March 1, 1998 140,000 7.2.i March 1, 1999 150,000 7,ZI" % March 1, 2000 155,000 7.?f % March 1, 2001 165,000 7.21 % March 1, 2002 175,000 7.2/� % March 1, 2003 185,000 7.2[ % March 1, 2004 200,000 f 3 7I % March 1, 2005 210,000 �ZJ' % March 1, 2006 225,000 ✓=3) % March 1, 2007 240,000 % March 1, 2008 255,000 5:�� % March 1, 2009 270,000 S SO % March 1, 2010 500,000 S6z,1' % March 1, 2011 500,000 51'o % March 1, 2012 500,000 % March 1, 2013 500,000 v7-70 % March 1, 2014 500,000 % Interest cost, in accordance with the above bid, is: Gross Interest Cost $ 3,�ZS, ',<'O.3 Less: Premium $ — a NET INTEREST COST $ 3 6?r/ `74/0.,E3 EFFECTIVE INTEREST RATE % The Initial Certificates shall be registered in the name of Rauscher Pierce Ref sn di I manager). We will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. Cashier's Check of the Frost Bank, Austin ,Texas, in the amount of$100,000, which represents our Good Faith Deposit (' ) or (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates, said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale, with such changes thereto as may be acceptable to the City. Respectfully submitted, RAUSCHER PIERCE REFSNES, INC. LEGG MASON WOOD WALKER, INC. PAINEWEBBER INC. SMITH BARNEY, INC. By Authorized Representative ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland, Texas. Mayor A FIEST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland, Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ J/.6 5 for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 % March 1, 1998 140,000 •7-r % March 1, 1999 150,000 6-7f % March 1, 2000 155,000 G.7l % March 1, 2001 165,000 G.7.r- % March 1, 2002 175,000 % March 1, 2003 185,000 6• % March 1, 2004 200,000 G.71 % March 1, 2005 210,000 G•7,r' % March 1, 2006 225,000 % • March 1, 2007 240,000 % March 1, 2008 255,000 1 D % March 1, 2009 270,000 5760 070 March 1, 2010 500,000 % March 1, 2011 500,000 S 42' % March 1, 2012 500,000 % March 1, 2013 500,000 % March 1, 2014 500,000 4<7.( % Interest cost, in accordance with the above bid, is: Gross Interest Cost $ ,� (O-/, 512 Less: Premium $ 3/ SJ NET INTEREST COST $ 3,LO�_ SG3. EF"FhCTIVE INTEREST RATE .r 66 0.s-e % The Initial Certificates shall be registered in the name o -+ UGksyndicate manager). We will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. Cashier's Check of the 1 W\ Bank, �S �u r) ,Texas, in the amount of$100,000, which represents our Good Faith Deposit (is attached hereto) or (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates, said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale, with such changes thereto as may be acceptable to the City. Respectfully submitted, ?V\HPADnt s �-1�o\ 1-eCO Z - S&40� Io s- �v - 31 ?- Ltrcf- L0co OA-LetuploocPcx_e_ _ ol�e,�/r- �.►mod, By r Th Authorized Representative ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland,Texas. Mayor A I'1'lST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) CERTIFICATE OF ASSESSED VALUATION THE STATE OF TEXAS § COUNTIES OF BRAZORIA AND HARRIS § CITY OF PEARLAND § I, Rubye Jo Knight, the duly appointed, qualified and acting Tax Assessor-Collector of the City of Pearland, Texas (the "City"), do hereby certify that the following is a true and correct statement of the assessed value of taxable property within the City, as shown by the duly approved tax rolls for the tax year 1994 as of the date shown below, which are the last approved tax rolls for the City on file in my office, to wit: $ rlgl) ?O1) A57. ct i ' d, ig9q e-o-tt WITNESS MY HAND this day of • Tax Asse or-C+llector City of Pearland, Texas 0216131.01 049526/1435 OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland, Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ - 0 - for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 % �. 7,1 Mach-i, 19943,, � , ` ` 140,000 % ?J V40:..33 A ` Mardi"1, 1999 150,000 G 7f March 1, 2000 155,000 6,7 f % March 1, 2001 165,000 � 7j March�1 2002 175,000 4.7S' % March 1, 2003 185,000 March 1, 2004 200,000 March 1, 2005 210,000 C,7J' % March 1, 2006 225,000 G. rf % March 1, 2007 240,000 ,ro % March 1, 2008 255,000 5,5v March 1, 2009 270,000 % March 1, 2010 500,000 S 7o March 1, 2011 500,000 .5 7J- % March 1, 2012 500,000 5. ,Fro % March 1, 2013 500,000 u 7,j % March 1, 2014 500,000 % Interest cost, in accordance with the above bid, is: Gross Interest Cost $ 3,S�iri i rl 33 Less: Premium $ - d- NET INTEREST COST $ 3, f4s " E, 33 EFFECTIVE INTEREST RATE f 6 VV3 % The Initial Certificates shall be registered in the name of (syndicate manager). We will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. Cashier's Check of the Frost Bank, Austin ,Texas, in the amount of$100,000,which represents our Good Faith Deposit( ) or (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates,said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale,with such changes thereto as may be acceptable to the City. Respectfully submitted, RAUSCHER PIERCE REFSNES, INC. LEGG MASON WOOD WALKER, INC. PAINEWEBBER INC. SMITH BARNEY, INC. By ( �p , 7vite-J-‘A) Authorized Representative ACCEPTED this 24th day of April, 1995,by the City Council,City of Pearland,Texas. Mayor A FIhST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) • OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland, Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ — D - for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 7 % March 1, 1998 140,000 7 % March 1, 1999 150,000 7 % March 1, 2000 155,000 7 % March 1, 2001 165,000 7 % March 1, 2002 175,000 -7 % March 1, 2003 185,000 7 % March 1, 2004 200,000 7 % March 1, 2005 210,000 S.20 % March 1,2006 225,000 cT /o % March 1, 2007 240,000 S.Zo % March 1, 2008 255,000 6 3© % March 1, 2009 270,000 S Vo % March 1,2010 500,000 5"SO % March 1, 2011 500,000 5.6 0 % March 1, 2012 500,000 ,S=7o % March 1, 2013 500,000 S6o % March 1,2014 500,000 5 % Interest cost,in accordance with the above bid, is: Gross Interest Cost $ 3,3- 6,.1' 3 Less: Premium $ —o — NET INTEREST COST $ 3,cE (31. 3 3 EFFECTIVE INTEREST RATE 4/9 % NatlonsBanc Capital Markets, Inc. The Initial Certificates shall be registered in the name of (syndicate manager). We will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. - Cashier's Check of the Frost National Austin, Texas ,Texas, in the amount of$100,000,which represents our Good Faith Deposit itvxmxtuatbniftor (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates,said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale,with such changes thereto as may be acceptable to the City. Respectfully submitted, NationsBanc Capttal Markets, Inc. ByOcC6.}11Ai � 01/4 '��--- Auth zed Re resentative Cheryl Y. Barnes, Investrsent Officer ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland,Texas. Mayor A 1ThST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland,Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ — for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 7, /v % March 1, 1998 140,000 2• 'a % March 1, 1999 150,000 7./u % March 1,2000 155,000 7,'o % March 1,2001 165,000 `?• /v % March 1, 2002 175,000 7.(o % March 1, 2003 185,000 •cfs' % March 1, 2004 200,000 s 20 % March 1,2005 210,000 J;24— % March 1, 2006 225,000 S 3l % March 1, 2007 240,000 S.31" % March 1, 2008 255,000 .S SS % March 1,2009 270,000 % March 1, 2010 500,000 ,.%6o % March 1, 2011 500,000 5.7J- % March 1, 2012 500,000 S 7.f % March 1, 2013 500,000 57 7,% % March 1, 2014 500,000 5.7.T % Interest cost, in accordance with the above bid, is: Gross Interest Cost $ 6 91 /�✓'.2J Less: Premium $ o - NET INTEREST COST $ EFFECTIVE INTEREST RATE . 7J72 % 1.Dean Wi tter Reynol ds We The Initial Certificates shall be registered in the name o (syndicate manager).g ). will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. Cashier's Check of the N a t i o n s b a n k Bank Dallas ,Texas, in the amount of$100,000,which represents our Good Faith Deposit (is attached hereto) or (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates, said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale,with such changes thereto as may be acceptable to the City. Respectfully submitted, Dean Witter Reynolds, Inc. Stephen J. Young Senior Vice President By _ �J A oriz 12 resentative// ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland, Texas. Mayor A 1'1'EST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland, Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ —p - for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 6, j % March 1, 1998 140,000 % March 1, 1999 150,000 6. 5 .' % March 1, 2000 155,000 G-So March 1, 2001 165,000 % March 1, 2002 175,000 .5V % March 1, 2003 185,000 .50 % March 1, 2004 200,000 6.5U % March 1, 2005 210,000 G,57, % March 1, 2006 225,000 e,60 % March 1, 2007 240,000 S. 35' % March I, 2008 255,000 % March 1, 2009 270,000 S:60 % March 1, 2010 500,000 : 70 % March 1, 2011 500,000 .3-, 70 % March 1, 2012 500,000 .S% cv March 1, 2013 500,000 .S'Jo % March 1, 2014 500,000 S/SD Interest cost, in accordance with the above bid, is: Gross Interest Cost $ 3, (3,,,oO Less: Premium $ - NET INTEREST COST $ E1 r hCTIVE INTEREST RATE c/-G G % The Initial Certificates shall be registered in the name of First Southwest Comic manager). We will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. Cashier's Check of the Bank, ,Texas, in the amount of$100,000, represents our Good Faith Deposit (is attached hereto) or (has been made available to you prior to the openi this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" ane'O Statement." Upon delivery of the Certificates,said check will be cashed and applied to the purchase pr the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:0‘ A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale,with such changes thereto as may be acceptable to the City. Respectfully submitted, First Southwest Company - Mgr Morgan Keegan - Jt Mgr Stephens Inc - Jt Mgr lideeBy �JJGc I e& Auth zed Representative Robert J. Isabella — Director ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland,Texas. Mayor ArIEST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland,Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ _ for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 7,24' % March 1, 1998 140,000 7,24- % March 1, 1999 150,000 7.2 % March 1, 2000 155,000 7 2 j % March 1, 2001 165,000 % March 1, 2002 175,000 7, zj' % March 1, 2003 185,000 7.2 1` % March 1, 2004 200,000 7.Lf % March 1, 2005 210,000 7,2r % March 1, 2006 225,000 V-2,f % March 1,2007 240,000 .5 2c % March 1, 2008 255,000 5.37J % March 1, 2009 270,000 S 3Zr March 1, 2010 500,000 5) % March 1, 2011 500,000 5:S'v % March 1,2012 500,000 5.-50 % March 1, 2013 500,000 S-5D % March 1, 2014 500,000 57.50 Interest cost, in accordance with the above bid, is: Gross Interest Cost $ 3, G yq CS Y. 31 Less: Premium $ - o- NET INTEREST COST $ 3, y .S7 38 EFFECTIVE INTEREST RATE v . 72_3 4/ % The Initial Certificates shall be registered in the name of Merrill Lynch Pierce, lltuteir► is, v, c, will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. Cashier's Check of the Frost Bank, Austin ,Texas, in the amount of$100,000, which represents our Good Faith Deposit (is attached hereto) or (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates,said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale,with such changes thereto as may be acceptable to the City. Respectfully submitted, Merrill Lynch & Co. Robert W. Baird & Co. , Inc. Service A s t Managmen Authorized Representative Jack E. Addams ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland,Texas. Mayor A F1'hST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland,Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ —O for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 7.2 f % March 1, 1998 140,000 '72 % March 1, 1999 150,000 7.ZJ` % March 1, 2000 155,000 7.2J' % March 1,2001 165,000 7 .1[ % March 1, 2002 175,000 7.2,% % March 1, 2003 185,000 721 March 1, 2004 200,000 .f 71 % March 1, 2005 210,000 �zJ� % March 1, 2006 225,000 ✓ 3� % March 1, 2007 240,000 % March 1, 2008 255,000 5=,7/Q % March 1, 2009 270,000 S 5o % March 1, 2010 500,000 % March 1, 2011 500,000 ,5.» % March 1, 2012 500,000 5=[2 % March 1, 2013 500,000 /T % March 1, 2014 500,000 2✓' % Interest cost, in accordance with the above bid, is: Gross Interest Cost $ 3,C)5, elJO J 3 Less: Premium $ — NET INTEREST COST $ 3 'V�D.S 3 EFFECTIVE INTEREST RATE % The Initial Certificates shall be registered in the name of Rauscher Pierce Ref sn adiatt;manager). We will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. Cashier's Check of the Frost Bank, Austin ,Texas, in the amount of$100,000,which represents our Good Faith Deposit (' ) or (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates,said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale,with such changes thereto as may be acceptable to the City. Respectfully submitted, RAUSCHER PIERCE REFSNES, INC. LEGG MASON WOOD WALKER, INC. PAINEWEBBER INC. SMITH BARNEY, INC. By Authorized Representative ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland,Texas. Mayor A VI EST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland,Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation,we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ — D - for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 7 March 1, 1998 140,000 7 March 1, 1999 150,000 7 March 1,2000 155,000 '7 March 1, 2001 165,000 7 March 1, 2002 175,000 '7 March 1,2003 185,000 7 March 1, 2004 200,000 -7 March 1, 2005 210,000 S;20 March 1, 2006 225,000 c/":/o % March 1, 2007 240,000 S.20 % March 1, 2008 255,000 5. 3o % March 1,2009 270,000 S•V0 March 1,2010 500,000 S'Sp March 1, 2011 500,000 5.G o % March 1, 2012 500,000 .S=7o % March 1,2013 500,000 5710 % March 1,2014 500,000 % Interest cost, in accordance with the above bid, is: Gross Interest Cost $ 3,sea/d'36. ?3 Less: Premium $ —a — NET INTEREST COST $ 3,SF6 131. 3 3 EFFECTIVE INTEREST RATE 6 CZ 5E9 % t4ationsBanc Capital Markets, Inc. The Initial Certificates shall be registered in the name of (syndicate manager). We will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. Cashier's Check of the The Frost National Austin, Texas ,Texas, in the amount of$100,000,which represents our Good Faith Deposit kq ,xgl>xglgt kor (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates,said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale,with such changes thereto as may be acceptable to the City. Respectfully submitted, NationsBanc Capttal Markets, Inc. By Nia}ui 11 an.vl -- Authd Reidresentative Cheryl Y. Barnes, Investment Officer ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland,Texas. Mayor ATTEST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland,Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation, we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ — U for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 7. L s % March 1, 1998 140,000 2 2 % March 1, 1999 150,000 7. 2,f % March 1,2000 155,000 7.7,1' % March 1, 2001 165,000 7.2r % March 1, 2002 175,000 7.Z,r % March 1, 2003 185,000 7.2 r % March 1,2004 200,000 ' % March 1, 2005 210,000 7,?,I % March 1,2006 225,000 72f % March 1,2007 240,000 3,1" % March 1,2008 255,000 J t/ % March 1,2009 270,000 .57 34) % March 1, 2010 500,000 s:2j' % March 1, 2011 500,000 5:Z_1 % March 1, 2012 500,000 3,ZI' % March 1,2013 500,000 1" % March 1, 2014 500,000 v ZJ % Interest cost, in accordance with the above bid, is: Gross Interest Cost $ 3 3 1 7�1. Less: Premium $ - NET INTEREST COST $ 3 5 r.-215. '7 EFFECTIVE INTEREST RATE 123 g-t(J The Initial Certificates shall be registered in the name of Southwest Securities, ksyntdicate manager). We will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. Cashier's Check of the Frost Bank, ,Texas, in the amount of$100,000, which represents our Good Faith Deposit(is attached hereto) or (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates,said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale,with such changes thereto as may be acceptable to the City. Respectfully submitted, Principal Financial Securities, Inc. Southwest Securities, Inc. Kemper Securities, Inc. Chicago By �-- Authorized Representativ ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland, Texas. Mayor A ITEST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) OFFICIAL BID FORM April 24, 1995 Mayor and City Council City of Pearland 3519 Liberty Drive Pearland,Texas 77581 Ladies and Gentlemen: Subject to the terms of your Official Notice of Sale and Official Statement, dated April 13, 1995, which are incorporated herein by reference, we hereby submit the following bid for $5,000,000 CITY OF PEARLAND, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995, dated May 1, 1995. This offer is being made for all of the Certificates and for not less than all. For said legally issued Certificates of Obligation,we will pay you the par value thereof, plus accrued interest from their date to the date of delivery to us, plus a cash premium of$ J/.66 for Certificates of Obligation maturing and bearing interest per annum as follows: Maturity Date Principal Amount Interest Rate March 1, 1997 $ 130,000 4,s-o March 1, 1998 140,000 C•7-r % March 1, 1999 150,000 6-7f % March 1,2000 155,000 C. % March 1,2001 165,000 L.7.Y % March 1,2002 175,000 6.7c March 1,2003 185,000 6.7,1' % March 1,2004 200,000 G,7,r % March 1, 2005 210,000 G.7c % March 1,2006 225,000 G.7C % March 1,2007 240,000 Car % March 1,2008 255,000 676-0 % March 1,2009 270,000 S.60 % March 1,2010 500,000 S 7.r % March 1, 2011 500,000 S.4 % March 1, 2012 500,000 S. % March 1,2013 500,000 4/..7.(' % March 1,2014 500,000 4 .f % Interest cost,in accordance with the above bid,is: Gross Interest Cost $ g (.0g Less: Premium $ 3/,Sa NET INTEREST COST $ 3/ 24, 5G3. d2 EFFECTIVE INTEREST RATE .r 66 o.sf % The Initial Certificates shall be registered in the name o j -+ tSOU( yndicate manager). We will advise Texas Commerce Bank National Association, Houston, Texas the Paying Agent/Registrar, on forms to be provided by the Paying Agent/Registrar and on registration instructions at least five business days prior to the date set for Initial Delivery. Cashier's Check of the +.-(W Bank, 4\uS 11 ,Texas, in the amount of$100,000,which represents our Good Faith Deposit (is attached hereto) or (has been made available to you prior to the opening of this Bid), and is submitted in accordance with the terms as set forth in the "Official Notice of Sale" and "Official Statement." Upon delivery of the Certificates, said check will be cashed and applied to the purchase price of the Certificates on the date of delivery of the Certificates. We agree to accept delivery of and make payment for the Initial Certificates in immediately available funds at the Corporate Trust Office of Texas Commerce Bank National Association, Houston, Texas not later than 10:00 A.M., on May 24, 1995, or thereafter on the date the Certificates are tendered for delivery, pursuant to the terms set forth in the Official Notice of Sale. The undersigned agrees to complete, execute and deliver to the City, by the date of delivery of the Certificates, a certificate relating to the "issue price" of the Certificates in the form and to the effect attached to or accompanying the Official Notice of Sale, with such changes thereto as may be acceptable to the City. Respectfully submitted, \{ 12 UG1 )-ffi - to c. � VI-12 PI I- 312- 4PQcO C1i\-tecit Looceoce_ ‘11.\d_ By Authorized Representative ACCEPTED this 24th day of April, 1995,by the City Council, City of Pearland,Texas. Mayor AFIEST: City Secretary Return of Good Faith Check is hereby acknowledged: Firm: By: (For your information you will find attached a list of the group of underwriters associated with us in this proposal) TABULATION OF BIDS $5,000,000 CITY OF PEARLAND,TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 1995 SELLING: 6:00 P.M.,MONDAY,APRIL 24, 1995 ( 3) (2 ( 5) ( ?) ( 1) (C.) ( z) Underwriting Group: Damn Bosworth, Inc. Dean Witter First Southwest Co. Merrill Lynch NationsBank Capital Rauscher Pierce Southwest Securitie Christine A. Kalivas Kathy Arrington Robert J. Isabella Jack E. Addams Cheryl Y. Barnes Joyce Holder Ross Moring 312/559-1683 214/774-6610 +47-437— 214/999-6400 214/508-2812 (.ro.w) 214/978-5307 214/658-9462 a, /`>y? /,rJ 2i4//g5 3_c/o4710 (-mg) 3-73- )3 31 7iy i - 2r6.3 i`:>%L is iiiiit::;:;<::iiii'i:r;isi::iiiii;;: ;::; :iIiii:}ii::i;i:%::iiiiiS i!iiifi:;:<:2:::: iii ii:;i:;k ii is2 i igii':3:>.:::?iiili ..,..�;;�'�i;�i:;'iiii.`•:;L:�i:;:::iii ii ii:ii';;ii ; :;;:;;i iiiiir.;�ii'ii:�i:ii ::i::::'<ii Yi:;� :tiiiiii:ii;i;:;;:;:%;:;::ii i:ii:?."•:Siir"`:;;;iiiiii:2;�::;;::f;:3(itii:;;;;iiii:;;;�;: ::::::::::::;�:%::::;:iiiiii:: ?i>':i ; i::;::::: ,�: ::::::::::::::::::::: :::::::: ::::.i ::::::::•:.�:::.�:::::::: ::::::.::: :.�:::::::::::.:::::::::::::: .�:::::•::::: 1997 1o.7,s' -7. .o G,So 7.2j-- 7,0c., 7, zs' 7. it 1998 i 1999 2000 2001 - 2002 2003 G. ,5' 2004 S, 2 0 l _ .57 3 71- 2005 cr,2/• _ 6-,2-o 5; 2006 C 7 f .S, ?,I 5.2-" S, /o .5-3 2007 G. •o 5.3. ' .s.3 s- s. z,- 3,31'' 3.3,..r 2008 .r.J v S. 5S :,' 549 5.3 7S- .S. 3p s.c/o s'cS 2009 s.C2.1' S, So ,TGv 5.37s S.L(o S.",--o S.30 2010 S, 7o ./ .Go .S 70 6..So .5.So s`,G21 S. z.f 2011 .I' 7. ,r7S- S.-7o I ,r. o S 70 2012 5790 .5; ('4,. S.70 5.. le) 2013 </.7,.J S ,c, 5, fG .577v 2014 if,7J .//..S o I S ov ✓. 1 Gross Interest Cost: $ 3 s- /9J. ?3 $ 3 664 9.r/, 2r $ 3 6 /3, cr.00 $ 3, 6 514• c.,Yy .,�' $ 3 376, e3(f. 73 $ 3 G21,t )b,S3 $ 9,J4t;7/7'r Premium/(Discount) - o - -. o- - D - - e - - a - --b - b - Net Interest Cost: $ 3,5 is'8• 3 3 $ 3,e49,4s-7.2..r $ .3, 6 '3 .l-00.©0 $ 3 6ciq 4gel,?S' $ 3,f'&, i 3 P. '3 $ 3 4 .ci.5/.l 7.k3 $ 3, 5-4,)"7 iq.' Effective Interest Rate: '1":6(l`/3 % ,S,71-S % S. G 71'11 % sr. 7 2_3-I % 3.. 6L t/c1 t/2. % ._67-G y/7 % 5-•63€eG CA/ 77) $/1,cr-vP 4 y' °EAR Ciiuj� o oll • o 00 oorllond Jo TEXAS CITY ADMINISTRATION P. O. BOX 2068 - PEARLAND, TEXAS 77588-2068 (713) 485-2411, EXT. 302 FAX (713) 485-7992 FAX TRANSMITTAL COVER SHEET TO: Cheryl Rosenberg - (713) 225-7047 Mayor, Day, Caldwell & Keeton, L.L.P. FROM: Richard Burdine, Assistant City Manager DATE/TIME: May 19, 1995; 10:12am NO. OF PAGES (including cover sheet): 2 MESSAGE: Executed letter to Attorney General K K K K K K K K K K K K K K K K K K K K N * W * * )i * N )i * » * M al )1 H » » M l/ li H If any part of this fax transmission is missing or not clearly received, please call Lisa Jones at (713) 485-2411 x316. Pooto1 on Recycled Pape, CITY OF PEARLAND, TEXAS 3519 LtwwTy DRIVE PEARLAND, TEXAS 77581 May 19, 1995 The Attorney General of Texas Public Finance Division 300 West 15th Street, 10th Floor Austin, Texas 78701 Re: City of Pearland, Texas Combination Tax and Revenue Certificates of Obligation, Series 1495 Ladies and Gentlemen: The captioned Certificates of Obligation are being sent to your office and it is requested that you examine and approve the Certificates of Obligation in accordance with law. After such approval, please deliver the Certificates of Obligation to the Comptroller of Public Accounts for registration. Enclosed herewith are signed but undated copies of the GENERAL CERTIFICATE and SIGNATURE IDENTIFICATION AND NO-LITIGATION CERTIFICATE for said Certificates of Obligation. You axe hereby authorized and directed to date the CERTIFICATES concurrently with the date of approval of the Certificates of Obligation. If any litigation or contest should develop pertaining to the Certificates of Obligation or any other matters covered by said CLRTIFICATES, the undersigned will uutify yuu thereof immediately by telephone. With this assurance you can rely on the absence of any such litigation or contest, and on the veracity and currency of said CERTIFICATES, at the time you approve the Certificates of Obligation unless you are notified otherwise as aforesaid. Sincerely, CITY OF PEARLAND, TEXAS By Mayor Pro Tem ous797.01 059519/0842 moody s Invest& M 5 service One Sansome Street Suite 3100 San Francisco,CA 94104 415.274.1700 April 20, 1995 Ms. Janet Eastburn Director of Finance City of Pearland 3519 Liberty Drive Pearland, Texas 77581 Dear Ms. Eastburn: We wish to inform you that our Rating Committee has reviewed and revised the rating of the $5, 000, 000 Pearland, Texas General Obligation Limited Tax Bonds to be sold April 24, 1995 to A from Baa 1. In order that we may maintain the rating, we will require current updating information. We will appreciate your continued cooperation in the future. We would appreciate receiving a copy of the final Official Statement when available. You will be receiving a copy of our credit report on the above referenced bond sale. Should you have any questions regarding the above, please do not hesitate to contact Juist Hinds at (212) 553-4424 . Sincerely, Daniel N. Heimowitz Executive Vice President Director Public Finance Department JQH: lt cc: Mr. Frank Ildebrando Rauscher Pierce Refsnes, Inc. 1001 Fannin Suite 700 Houston, Texas 77002 Moodys Investors service aimissa W. Public Finance Telecopy Transmittal Please deliver this material as soon as possible. To: Janet Fasthurn, Dir. of Fin. Telephone: (71 3) 485-241 1 FAX; (713) 485-8764 From: Moody's Public Finance Rating Desk Date Sent: 04/20/95 A RATING WAS ASSIGNED TO YOUR DEBT ISSUE(S) TODAY Moody's has already undertaken these two immediate actions to disseminate your rating throughout the investment and municipal communities: • • Rating Recap—The second page of this fax is an excerpt of MotKiy's Municipal Daily Rating Recap for your issue. Immediately atter you were notified of the rating, Moody's made your Recap available electronically to every major participant in the municipal investment community. Your rating will also appear in the printed copy of today's Rating Recap, a daily summary of Moody's rating activity, which is delivered to all our Public Finance subscribers, Rating Desk—Immediately after you were notified, information about your issue's rating was made available to the public via Moody's Rating Desk_ Our Rating Desk received more than 90,00(1 rating inquiries last year from fund managers, bankers, financial advisors and issuers. Up to date information about your issue is provided to them throughout the year. This immediate dis.vemination of your rating provides the broadest possible awareness of your issue, which enhances its marketability. If you have any questions about the att:ichRri Recap or how Moody's distributes rating information, please don't hesitate to call the analyst whose name and telephone number appear at the bottom of the Recap. If the. transmission is interrupted or if it is of poor quality, please notify us iuuncciiately by calling (212) 553-1352 and asking for Marie Joseph. tly ' sMu (niclip Mo Daily Rating Recap Pearland, Texas Rating date: April 20, 1995 Moody's rating: A(revised from Baal) Combination Tax and Rcvenue Certificates of Obligation, Series 1995 Sale: 55,000.0(X) o owth rate and associated high debt burden due to Date of Sale: April 24 the infianuucturc needs of the city. As a frequent Type; Competitive issuer necessary to meet the growth, debt service Security: General obligation, limited tax,and a Junior abscrbs 1y.5%. of operating expenditures. Peariand's and subordinate pledge of the net revenues of the city's population grew almost 200%from 197(}to 1990 waterworks and sewer system in an amount not to through both annexation and development. The rapid exceed S],000, grnwih required infrastructure development funded USG of Proceeds: Fund street improvements, library through city general obligation debt,as well as the expansion and drainage?. Pearland Independent School District and 8razoria Last Rating change: April l988: A to Baal County. Currently, the city anticipates revenue debt . Credit Comment: Improved credit rating reflects issuance for water and sewer system purposes,and improved financial operation,tax base growth and sales tax revenue bonds within the near future.Ability favorable sueioecunomic trends. Medium grade security to manage continuous debt needs without overiever is provided by the following credit characteristics: aging city resources will remain important to future . Taxable Values Continue Moderate Growth Trend, credit evaluations. Primarily Reflecting New Housing Construction: Adequate Financial Operations, Despite Gen- City maintains favorable proximity to the City of Hous- era!Fund Reserve Fluctuations: ton offering residents employment opportunities which Gradual consistent a wssed valuation growth,corn contributes to and allows for above average wealth levels hined with increasing sales tax revenues, allowed the comparable to state norms. The city's median per eipita city to maintain an adequate financial position.Opera- income levels have increased faster than the state's and Lions arc currently supiruatrcl by the presence of above remain above national levels. Primarily a residential average General Fund reserves, Draw downs over the community, the city maintains some light industrial last two years primarily reflect use of substantial activity,and a giowirag wt»inercial and retail sector reserves to fund capital projects. Budgeted fiscal 1995 providing a firm sales tax revenue base. operations indicate a modest operating surplus.City -- Above Average Debt Burden Partly Reflects Over- officials have indicated deisre to maintain a General lapping Entities.Annual Debt Requirements Absorb Fund balance of?5�o is positive factor providing a Large Share of Expenditures but Remain financial flexibility during this pciiud of expansion, . Manageable: •City's attractiveness as a residential community bor- dering the City of Houston contributes to rapid A - Moodys Investors Service La Public Finance Telecopy Transmittal Please deliver this material as soon as possible. To: 3anet Eastburn, Dir. of Fin. __ - Telephone: (713) 485-2411 FAX: (713) 485-8764 Fran: Moody's Public Finance Rating Desk Date Sent: 04/20/95 A RATING WAS ASSIGNED TO YOUR DEBT ISSUE(S) TODAY __ . Moody's has already undertaken these two immediate actions to disseminate your rating throughout the investment and municipal communities: Rating Recap—The second page of this fax is an excerpt of Moody's Municipal Daily Rating Recap for your issue. Immediately after you were notified of the rating, 'Moody's made your Recap available electronically to every major participant in the • municipal investment community. Your rating will also appear in the printed copy of -- - today's Rating Recap, a daily summary of Moody's rating activity, which is dclivcrcd Ito all our Public Finance subscribers. Rating Desk—Immediately after you were notified, information about your issue's rating was made available to the public via Moody's Rating Desk. Our Rating Desk received more than 90,000 rating inquiries last year from fund managers, bankers, financial advisors and issuers. Up-to-date information about your issue is provided to them throughout the year. This immediate dissemination of your rating provides the broadest possible awareness of your issue, which enhances its marketability. Tf ylu have any questions about the attached Recap or how Moody's distributes rating information, please don't hesitate to call the analyst whose name and telephone number appear at the bottom of the Recap. If the transmission is interrupted or if it is of poor quality, please notify us immediately by calling (212.) 553-1352 and asking for Marie Joseph. Standard & Poor's Ratings Group, A Division of McGraw-Hill, Inc. Public Finance Department 25 Broadway New York, New York 10004-1064 Hyman C. Grossman Managing Director Telephone 212/208-1752 February 27, 1995 Ms. Janet Eastburn Finance Director City of Pearland P.O. Box 2068 Pearland, TX 77588 Re: $100,000 City of Pearland, Texas, General Obligation Bonds, due: June 1, 1995 Dear Ms. Eastburn: We have reviewed the latest financial report and other relevant data on the above debt. After such review, we have changed the rating to 'A' from `A-'. The rating was changed primarily because of the city's good trend in tax base growth and diversification within the local economy as well as slightly lower, though still high, debt level. If you have any questions, please feel free to contact us. Very truly yours, ed cc: Mr. Frank Ildebrando D uscher Pierce Refsnrs 1001 Fannin - Suite 700 Houston, TX 77002 UPDATES CONTINUED As a result, NWCC's unrestricted monies total OUTLOOK:STABLE S&P anticipates that break- 3.6%of overall budget and,when combined with even financial operations will continue,property the debt service reserve fund,12.9%of debt.Debt tax collections will remain constant,and that debt totals$11.2 million($7.1 million G.O.bonds,$4.1 levels will not increase.In addition,slow enroll- million revenue bonds). Maximum annual debt ment growth is expected to continue. service is high at$1.6 million,or 14%of budget; however, debt amoritization is rapid, with the series 1992 due in 2002. OHIO WATER DEVELOPMENT AUTHORITY S&P Contacts:Seth Lehman(212)208-1356,David Woodrow(212)208-1789 RATING AFFIRMED Ohio Water Development Authority (OWDA) identity of such communities to receive loans are $114.4 mil.wtr.dev.rev. has modified some legal provisions in the pro- not yet known.The program's structure,under a bnds.1995 Fresh Water gram's trust indenture since S&P initially as- new indenture, incorporates adequate security OUTLOOK:STABLE set A signed its 'A' rating to OWDA's fresh water provisions by pledging surplus funds availabl bonds on Feb. 13, 1995. The most important from three prior OWDA pool programs—Pure LONG TERM change establishes an additional dedicated re- Water,Safe Water,and Clean Water—in addition serve through a restricted account within the to loan repayments from existing fresh water , l cross-collateralization fund, equal to 50% of borrowers. Prior to releasing accumulated sur- maximum annual debt service (MADS). How- pluses for any lawful purpose, a minimum re- ever,despite the new program feature,a higher serve equal to 50%MADS must be maintained for rating is precluded because of the average credit the Fresh Water program. Security also is pro- _____________:: ; profile of existing borrowers with fairly high con- vided by a separate reserve fund equal to one-half centration levels and a weak additional bonds MADS.However,uncertainty remains about the test of 1.05 times(x)coverage.Over the long term, program's future coverage requirements and reduced concentration of the program's largest borrower concentration levels, given the pool's borrowers,through additional loans,could lead open nature structure and management's ability to a higher rating. to issue parity obligations by meeting only a 1.05x Credit strengths for the fresh water program coverage test. are provided by underlying cash flows. These The six-largest borrowers account for about underlying cash flows comprise loan repayments 65% of total loan repayments. The largest bor- from local governmental agencies and surpluses rower, Southwest Licking Water & Sewer Dis- from previous OWDA pool programs to meet'A' trict, Ohio (unrated), accounts for 25% of loans category cash flow sufficiency under S&P's de- outstanding and is expected to remain the pro- fault tolerance criteria for large pool financings. gram's dominant borrower.OWDA has an excel- Also factored in the rating is OWDA's historical lent track record of ensuring timely loan repay- financial management of pool programs. ment for all of its programs over the past 26 years. The fresh water program was established in 1992 and already has 48 participating communi- OUTLOOK:STABLE The outlook reflects suffi- ties,with about$120 million of originated loans. ciency of cash flow tests for based on existing and Bond proceeds will be used to finance various future financings under this indenture,given the water and sewer system projects; however, the weak additional bonds test. PEAR LA N D, TEXAS S&P Contacts:Amy Mullen Luster(212)208-8687,Alex Fraser(212)208-1747 UPGRADED The upgrade on Pearland,Texas' bonds reflects Mart,with only one oilfield equipment company TO FROM the city's strong tax base growth and diversifica- remaining in the top-10 taxpayers.Over the past $100.000 unenhanced tion within the local economy,as well as slightly five years,the city's assessed value has grown by G.O.debt A A- lower,although still high,debt levels.Other un- $210 million(an average annual rate of 6.5%)to RATING AFFIRMED derlying credit characteristics include the city's $786 million in fiscal 1995,which reflects the local $18.98 mil.ins.G.O. access to Houston metropolitan statistical area economy's recovery and expansion. debt AAA and stable financial position with strong reserve The city's financial operations are sound. De- OUTLOOK:STABLE levels. spite rapid budget growth because of population LONG TERM Located about 15 miles southeast of downtown growth,the city has been able to lower its tax rate Houston, Pearland's population has grown by and maintain strong reserves.As the tax base has almost 8,000(44%)to 27,000 from 1990-1995.Al- grown, the city has lowered its 1995 tax rate by S though still predominantly residential,Pearland almost 15%to 6.974 mills from 8.25 mills in 1990.' c, ,pN has an established employment base of small oil Since fiscal 1988,annual operating expenses have equipment manufacturing companies, which is increased by $4.4 million to about$9 million at expanding to new manufacturing and more year-end Sept.30,1994(unaudited).In 1994,un- trade-related employment. Among the leading designated general fund balance was $2.1 mil- • taxpayers is a new airplane parts manufacturer lion,or 24%of annual operating expenses,versus (Aerospace International)and an expanded Wal- $247,000, or 4.9% of expenses, in 1988. During STANDARD & POOR'S CREDITWEEK MUNICIPAL MARCH 6, 1995 61 ' ECONOARY MARKET fiscals 1993-1994,the city did draw down its fund Sept.30,1994 but far lower than the high of 41% balance from its high in 1992 of 45% of annual in 1989. The city's debt service reserve of $1.2 operating expenses,or$3.1 million,to the current million at Sept.30,1994 provides further liquid- level.These drawdowns were for previous budg- ity.The city plans to issue about$5 million of G.O. eted capital projects not completed as planned in bonds in late spring or early summer. prior years and for an accounting change in ex- pense recognition. The city manager plans to OUTLOOK:STABLE The outlook reflects the ex- keep reserves around the 1994 reserve of 24%. pectation that the city will maintain strong finan- As expected with a growing city,debt levels are cial operations and continue to experience diver- high.Overall net debt per capita is$1,%1 and 6% sification in the local economy with an ongoing of true value. The city has reduced carrying high debt level. charges to a still high 20%of annual expenses at STARTEX-JACKSON-WELLFORD-DUNCAN WATER DISTRICT, SOUTH C A R O L I N A S&P Contact Jeffrey Panger(212)208-8935 RATING AFFIRMED The rating on Startex-Jackson-Wellford-Duncan ers.The district's customer base has continued its $2.1 m;i.G.O.tines.sec. Water District,S.C.'sbondsreflectsgood tax-base trend of expansion,increasing 7%in fiscal 1994. 1988 A- growth,solid tax collection rates,adequate finan- Financial operations remain solid.The district OUTLOOK:STABLE cial position, and low debt levels, offset by the has posted operating surpluses in each of the last LONG TERM single-purpose nature of the district. three years.Water sales constitute 76%of district The district levies property taxes for debt serv- revenues, while property taxes account for the ice costs associated with these bonds.The district bulk of the remaining revenue base.The district has experienced strong property value growth, had $175,000 in unrestricted cash at fiscal year- G ;7'4- ttS with nearly 10%average annual increases in as- end 1994,equivalent to 5.6%of operating expen- sessed values over the past five years. This ditures.Carrying charges account for a manage- growth enabled the district to cut the tax rate in able 6% of operating expenses, while the debt 1993 to 10 mills from 11.6 mills.Current tax col- burden is low at$264 per capita and 0.6%of true lections have continued at their traditionally high value. 95%level. The district, located in the rapidly growing OUTLOOK: STABLE The outlook is based on the Spartanburg, S.C. metropolitan statistical area district's participation in the Spartanburg MSA (MSA),provides water service to 11,600 custom- and the anticipation that tax-base growth will continue. TULSA JUNIOR COLLEGE, OKLAHOMA S&P Contact Kara Glover(212)208-1264 RATINGS AFFIRMED The rating on Tulsa Junior College Okla.'s(TJC) (often the University of Oklahoma or Oklahoma $1.435 mil.stud.ctr.rev. bonds is based on good and improving debt serv- State University) to complete their undergradu- bnds.set.1976 and ice coverage provided by the revenues of the ate education.The other 50%are enrolled in tech- 1978 A student center system.Additional rating factors nical occupational programs. The college has a $2.235 mil.stud.ctr.rev. bnds.ser.1994 include strong community support and utiliza- state required open admissions policy. Admis- (MBIA-ins.) AM tion of the institution and the consistent genera- sion is granted with a high school diploma or a $2.5 mil.stud.dr.rev. tion of operating surpluses.These factors are off- G.E.D. equivalent. TJC is the only community buds,ser.) set byTJC's open admissions policyby virtue of college in the countyand receives much support (MBIAans.) AAA J Pe e'g PPo OUTLOOK:STABLE its community college status,giving it no admis- from the community in local tax revenues as well sions flexibility. as through close relationships with business and LONG 'TERM TJC is a two-year comprehensive community civic groups in the surrounding area. r1.".6"44' college. It is the largest and only multicampus The bonds are secured by net revenues of the junior college in Oklahoma.Almost all students student center system, including the bookstore, come from within the state,with 82%living in or dining facility, surface parking, and the gross just around Tulsa County.Approximately 64%of receipts of the student activity and student center students in Tulsa County begin their education at fees.System revenues continue,to grow allowing TIC.The college presently has three campuses in net available to increase to$1.47 million in fiscal operation and is constructing its fourth campus 1994 from$1.27 million the previous year.These scheduled to open in the fall of 1995.The addition surpluses provided maximum annual debt serv- . of the West Campus is a result of many years of ice(MADS)coverage of 1.64 times(x)and 1.41x enrollment growth.Total headcount enrollment in fiscal 1994 and 1993,respectively.MADS will for 1994 was 30,359, translating into 9,766 full- occur in 1995.Therefore,if net available contin- time equivalents (FTEs)—a 12.0% increase in ues at the present level, coverage would only headcount but a 30.3%increased in FTEs over the improve. The college presently has no plans to past six year period.Approximately 50%of stu- issue additional bonds off this revenue stream. dents are enrolled in university parallel programs The overall financial performance of the college and plan to transfer to a four-year institution remains strong.Operating surpluses average$3.1 ...AunAon a POOR'S CREDITWEEK MUNICIPAL MARCH 6, 1995 I'IM1 GJ -7J 11•1J rR I'I L L MINI) YK LLB' f 1J CGJ 1141 IU 7 1 144414 1Jfi14F40J r".V_IG/k7G INVOICE MAYOR, DAY, CALDWELL & KEETON, L.L.P. ATTORNEYS Al' LAW 700 Louisiana,Suite 1900 alouaoa,Tam?7002-2778 Telhrbooc 713.225.7000 Date; May 24,1995 Auer.:N.: 441473-1 76.0004006 City of Pearland, Texas 3519 Liberty Drive Pearland, Texas 77581 Attention: Mr. RichardBurdine Please Return Rea►ittance Copy With Payment Re: $5,000,000 City of Pearland, Texas Combination Tax and Revenue Certificates of Obligation, Series 1995 FOR SERVICES RENDERED as Bond Counsel in connection with the issuance, sale and delivery of the captioned Bonds. $ 7;300.00 FOR EXPENSES INCURRED, including photocopying, delivery, long distance and teleoopier charges: 770.70 Supplemental Attorney General filing fee 250,00 TOTAL FEES AND EXPENSES DUE THIS INVOICE $ 8.529.70 Wire Transfer Instructions: First Interstate Bank of Texas Mayor, Day, Caldwell & Keeton ABA Routing Nu. 113001064 Account No. 0407446388 Please request First Interstate to contact Emma Rice - 225-7038 upon receipt of funds 0229619.01 05DS2411447 ,kk TOTAL rAGC.©2 ** u./. ,na i 'JD A:.� r v�L:.% i i;.i���L i�L IV '4n5fllllq fUl)ci 1 1142P,„., e. f �+ RAUSCHER PIERCE REFSNES,INC. Frank J. Ildebraado C.ni r vice Pr.ciApiftt May 23, 1995 ; Ms. Arta Scott Texas Commerce Balk 600 Travis, Ste. 1150 Houston, Texas 77002 M AY 3 1995 R�: $5,000,000 Ci �► ► iviANAGEF Tax and Revers 1495 Dear Aria: The delivery of the above captioned bonds (the "Bonds") is scheduled for Wednesday. May 24, 1995 at 10:00 a.m. at your bank. Rick Witte of Mayor Day Caldwell & Keeton, L.L.P., Houston, Texas, Bond Counsel, will handle all legal matters relating to the closing. The City will endorse the Good Faith Check and return it to Levon Murray NationsBanc Capital Markets, Inc NationsBanc Corporate Center 100 North Tryon, 6th floor Charlotte, NC 28255 via overnight courricr on the day of closing. At or prior to closing, NationsBanc Capital Markets, Inc. will wire $5,018,635.64 in imtncd.iatcly available funds to Texas Commerce Bank, N.A. ABA Routing No. I130-0060-9 Trust Clearing Account 7001109635800 for the account of City of Pearland, Texas Issue Code 1-IYP1 to the Attention of Arta Scott. The funds are calculated as follows: Principal Amount of the Bonds $5,000,000.00 Accrued Interest 18,653.64 Total Amount to be Wired $5,018,653.64 Upon receipt of the total amount, please wire the immediately available funds to the City's depository bank, Pearland State Bank ABA Routing Number 11312357-3, to be deposited in ttic City of Pearland Acrrnlnt 743542. 1001 Fannin • Suite 700 • Ftousron,Texas 77002 • (713)651-3370 Member New York Stock Exchange, Inc. Ili (,J- 15 I) . h1,11 il�val .,l '. � l Ms. Arla Scott May 23, 1995 Page 2 NationsBanc Capital Market , Inc. has committed to purchase insurance from Capital Guaranty Insurance Company. NationsBanc will wire transfer on the day of closing a premium in the amount of$12,000 to; Unionla 370 California Street San Francisco, CA 94104 ABA #1 22999496 For the account of Capital Guaranty Insurance Company Account #27-1 1 6662 evidence of Payment is required before the release of the bonds via telecopy advise. to Capital Guaranty Counsel at (415)995-8008 as follows: Name, phone number and company name of individual authorizing wire trdnsfc1 Name, phone. number and company name of individual at sending bank responsible for wire transfer Federal Wire number Time sent and Amount sent If I may be of further assistance, please do not hesitate to contact me at 713-651-3387. Sincerely, Amy Lewis Assistant Vice President cc: Rick Witte; Mayor, Day, Caldwell & Keeton Devon Murray; Nat+rmcRanc Capital Markets, Inc. Janet Eastburn, City of Pearland Ann McGehee; Rausdiei Pierce Rcfsnes, Inc. Alan F. Morcos, Capital Guaranty Insurance Company K), EAR CC. ` JV6-C fU o P ©iiII© deCliff o� C v EXAS CITY ADMINISTRATION P. O. BOX 2068 - PEARLAND, TEXAS 77588-2068 (713) 485-2411 , EXT. 302 FAX (713) 485-7992 FAX TRANSMITTAL COVER SHEET TO: Kathryn V. Garner - (713) 225-7047 FROM: Richard Burdine, Assistant City Manager DATE/TIME: May 23, 1995; 1:57pm NO. OF PAGES (including cover sheet): 2 MESSAGE: K K K 4( K K K K K K K (( K K K K K K K K H H M » » » H H M H M N H » M M » » » If any part of this fax transmission is missing or not clearly received, please call Lisa Jones at (713) 485-2411 x316. 0 P tod ort RocycIo<f'a(k+r higher than the yield on the Certificates or to pay principal and interest on another issue of obligations of the City. (c) No Sale of a Conduit Loan. No portion of the gross proceeds of the Certificates has been or will be used to acquire, finance or refinance a conduit loan. 26. No Arbitrage. On the basis of the foregoing facts, estimates and circumstances, it is expected that the proceeds of the Certificates will not be used in a manner that would cause any of the Certificates to be an "arbitrage bond" within the meaning of Section 148 of the Code and the Regulations. To the best of the knowledge and belief of the undersigned, there are no other facts, estimates or circumstances that would materially change such expectations. WITNESS MY HAND, this 24th day of May, 1995. CITY OF PEARLAND, TEXAS By: Paul Grohman City Manager EXHIBIT A -- Certificate Regarding Issue Price EXHIBIT B — Certificate of Financial Advisor 0228958.01 059522/1844 10 0flujor P ©rrII© d U O TE0"--j XAS CITY ADMINISTRATION P. O. BOX 2068 - PEARLAND, TEXAS 77588-2068 (713) 485-2411, EXT. 302 FAX (713) 485-7992 FAX TRANSMITTAL COVER SHEET TO: Cheryl Rosenberg - (713) 225-7047 Mayor, Day, Caldwell & Keeton, L.L.P. FROM: Richard Burdine, Assistant City Manager DATE/TIME: May 19, 1995; 10:12am NO. OF PAGES (including cover sheet): 2 MESSAGE: Executed letter to Attorney General K K K K K K K K K K K K K K K K K K K 44 )4 » )► )► )► )► A » » * M » ) * * )1 » * » » )i If any part of this fax transmission is missing or not clearly received, please call Lisa Jones at (713) 485-2411 x316. CITY OF PEARLAND, TEXAS 3519 LIBERTY DRIVE PEARLAND, TEXAS 77581 May 19, 1995 The Attorney General of Texas Public Finance Division 300 West 15th Street, 10th Floor Austin, Texas 78701 Re: City of Pearland, Texas Combination Tax and Revenue Certificates of Obligation, Series 1995 Ladies and Gentlemen: The captioned Certificates of Obligation are being sent to your office and it is requested that you examine and approve the Certificates of Obligation in accordance with law. After such approval, please deliver the Certificates of Obligation to the Comptroller of Public Accounts for registration. Enclosed herewith are signed but undated copies of the GENERAL CERTIFICATE and SIGNATURE IDENTIFICATION AND NO-LITIGATION CERTIFICATE for said Certificates of Obligation. You are hereby authorized and directed to date the CERTIFICATES concurrently with the date of approval of the. Certificates of Obligation_ If any litigation or contest should develop pertaining to the Certificates of Obligation or any other matters covered by said CERTIFICATES, the undersigned will notify yuu thereof immediately by telephone. With this assurance you can rely on the absence of any such litigation or contest, and on the veracity and currency of said CERTIFICATES, at the time you approve the Certificates of Obligation unless you are notified otherwise as aforesaid. Sincerely, CITY OF PEARLAND, TEXAS By Mayor Pro Tern t U797.01 059519/0342