R2003-0145 10-13-03RESOLUTION NO. R2003-145
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, DECLARING INTENTION TO REIMBURSE
PROJECT EXPENDITURES.
WHEREAS, the members of the City Council previously approved, and the City
of Pearland (the "City") is proceeding with purchase of the City's property tax supported
capital equipment (herein, the "Equipment"); and
WHEREAS, the City anticipates providing funds to finance the capital costs of
the Equipment by issuing after the date hereof its Certificates of Obligation, Series
2004, (herein, the "Bonds"), all of which is expected to be used for the acquisition,
construction, repair and improvement of City roads, facilities and equipment; and
WHEREAS, no funds of the City are, or are reasonably expected to be allocated,
reserved, or otherwise set aside in the City's budget on a long-term basis to pay the
cost of the Equipment; and
WHEREAS, the Bonds will be payable from taxes levied, assessed and collected
by the City for the Bonds; and
WHEREAS, the City anticipates that after the date hereof and prior to the
issuance of the Bonds, it will be obligated to pay certain costs constituting expenditures
properly chargeable to a capital account (under general federal income tax principles) in
connection with the Equipment in the approximate amount of not more than
$300,920.00 (herein, the "Expenditures"); and
RESOLUTION NO. R2003-145
WHEREAS, the money to be used to pay the Expenditures set forth in this
Resolution exists in the 2003 General Obligation Bond fund, the general purpose and
function of which is to pay for certain capital projects and such money is not
appropriated for any other purpose; and
WHEREAS, after the issuance of the Bonds, it will: (1) evidence each allocation
of proceeds of the Bonds to the reimbursement of the Expenditures with an entry in its
books and records maintained with respect to the Bonds, and (2) identify in such entry
the actual prior Expenditure being reimbursed or the fund from which the Expenditure
was made.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That the City Council hereby adopts the findings set out in the
preamble hereof and hereby states that this Resolution is a "declaration of official intent"
pursuant to and within the meaning of Treasury Regulation {}1.1 50-2, as promulgated
under the Internal Revenue Code of 1986, as amended, and declares its intent to issue
Bonds, of which an approximate amount of $300,920.00 is expected to be used to
reimburse the City for capital expenditures paid in connection with the Equipment prior
to the issuance of the Bonds.
Section 2. That the City Council will maintain this Resolution at the office of
the City where such records are generally kept and make it continuously available for
inspection by the general public during normal business hours on business day
beginning with 30 days after the date of this Resolution.
RESOLUTION NO. R2003-145
PASSED, APPROVED and ADOPTED this the __
A.D., 2003.
13th
~-~"'~¢z'"~/
TOM REID
MAYOR
day of
October .,
ATTEST:
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
3
CAPITAL OUTLAY FUNDED BY SHORT TERM CERTIFICATES OF OBLIGATION
2003-2004
2215 POLICE(Support Services) 1 072-0000-565.73-00 Console and furniture for 2 new dispatchers
2 072-0000-565.73-00 Replace main frame computer
2220 FIRE
1 072-0000-565.71-00 Opticom program phase 2
2260
1
EMERGENCY MEDICAL SERVICES
072-0000-565.80 Refurbish ambulance
TOTAL CAPITAL OUTLAY FUNDED BY CERTIFICATE OF OBLIGATION
70,000
80,920
15~920
70,000
70,000
80,000
80,O0O
30~920