Ord. 0429 07-27-81u.
ORDINANCE NO.'429
ORDINANCE AUTHORIZING ISSUANCE OF $400,000
CITY OF PEARLAND, TEXAS, WATERWORKS SYSTEM
CERTIFICATES OF OBLIGATION, SERIES 1981
THE STATE OF TEXAS
COUNTIES OF BRAZORIA AND HARRIS
CITY OF PEARLAND
§
WHEREAS, the City Council of the CITY OF PEARLAND,
TEXAS (the "City"), authorized the publication of a notice
of intention to issue certificates of obligation to the
effect that the City Council will meet in the City Hall of
the City on July 13, 1981, to adopt an ordinance authorizing
the issuance of certificates of obligation, payable from
City ad valorem taxes and revenues of the waterworks system
of the City, for the purpose of evidencing the indebtedness
of the City for all or any part of the cost of extending and
improving the waterworks system of the City, and the cost of
professional services incurred in connection therewith; and
WHEREAS, such notice was published at the times and in
the manner required by the Constitutions and laws of the
State of Texas and of -the United States of America, respec-
tively, particularly Article 2368a.1,., Vernon's Texas Civil
Statutes, as amended;
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF PEARLAND:
Section 1. The facts and recitations contained in the
preamble of this ordinance are hereby found and declared to
be true and correct.
Section 2. The City's negotiable certificates of
obligation, to be designated CITY OF PEARLAND, TEXAS, WATER-
• , r
credit of the Interest and Sinking Fund. During each year
while any of the Certificates or interest coupons appertain-
ing thereto are outstanding and unpaid, the City Council of
the City shall compute and ascertain a rate and amount of ad
valorem tax which will be sufficient to raise and produce
the money required to pay the interest on the Certificates
as such interest comes due_and to provide and maintain a
sinking fund adequate to pay the principal of the Certifi-
cates as such principal matures but never less than 2% of
the original principal amount of the Certificates as a
sinking fund each year; and said tax shall be based on the
latest approved tax rolls of the City, with full allowance
being made for tax delinquencies and the cost of tax collec-
tion. Said rate and amount of ad valorem tax are hereby
levied, and are hereby ordered to be levied, against all
taxable property in the City for each year while any of the
Certificates or interest coupons appertaining thereto are
outstanding and unpaid; and said tax shall be assessed and
collected each such year and deposited to the credit of the
Interest and Sinking Fund. Said ad valorem taxes sufficient
to provide for the payment of the interest on and principal
of the Certificates, as such interest comes due and such
principal matures, are hereby pledged for such payment
within the limits prescribed by law.
Section 8. The revenues to be derived from the opera-
tion of the waterworks system of the City, after the payment
of all operation and maintenance expenses of said system,
are hereby pledged to the payment of the principal of and
interest on the Certificates as the same -come due to the
extent that the taxes mentioned in Section 7 of this ordi-
nance may ever be insufficient or unavailable for said
purpose, provided that this pledge of said revenues is and
shall be in all things junior and subordinate to the exist-
-8-
Section 14. The approving opinion of Vinson & Elkins,
Houston, Texas, may be printed on the back of each of the
Certificates, but errors or omissions in such opinion shall
have_-rio effect on the validity of the Certificates.
Section 15. The Mayor and all other appropriate offi-
cers of the City are hereby authorized and directed to do
any and all things necessary or convenient to carry out the
provisions of this ordinance.
Section 16. This ordinance shall "take effect immedi-
ately upon its passage following the second and final read-
ing thereof.
Section 17. It is hereby officially found and deter-
mined that the need of the City for such financing creates
an emergency and an urgent public necessity for the holding,
at the scheduled time, of the meeting of the City Council at
which this ordinance is adopted and for the adoption of this
ordinance; and the NOTICE OF MEETING relating to said meeting
and heretofore posted by the City Secretary, and the posting
thereof, is hereby authorized, approved, adopted and ratified.
PASSED AND APPROVED this 13th day of July, 1981.
ATTEST:
Mayor
CITY OF PEARLAND, TEXAS
•
City Secretdry
CITY OF PEARLAND, TEXAS
(SEAL)=
a_
WORKS SYSTEM CERTIFICATES OF OBLIGATION, SERIES 1981 (here-
inafter called the "Certificates"), are hereby authorized to
be issued and delivered in the principal amount of $400,000
for the purpose of evidencing the indebtedness of the City
for all or any part of the cost of extending and improving
the waterworks system of the City, and the cost of profes-
sional services incurred in connection therewith.
Section 3. The Certificates shall be dated June 1,
1981, shall be numbered consecutively from 1 through 80,
shall be in the denomination of $5,000 each and shall mature,
serially on March 1 of each of the years, and in the amounts,
respectively, set forth in the following schedule:
YEAR AMOUNT
1990 $100,000
1991 100,000
1992. 100,000
1993 100,000
Section 4. The Certificates shall bear interest per
annum at the following rates, respectively, to -wit:
Certificates maturing 1990
Certificates maturing 1991
Certificates maturing 1992
Certificates maturing 1993
9.25%
9.40%
9..75%
9.75%
Section 5. The Certificates, and the interest coupons
appertaining thereto, shall be payable, shall have the
characteristics, and shall be signed and executed (and the
Certificates shall be sealed), all as provided and in the
manner indicated in the FORM OF CERTIFICATE set forth in
this ordinance.
Section 6. The form of the Certificates, including the
form of registration certificate of the Comptroller of
Public Accounts of the State of Texas to be printed and
endorsed on each of the Certificates, and the form of the
aforesaid interest coupons which shall appertain and be
attached initially to each of the Certificates, shall be,
respectively, substantially as follows:
NO.
FORM OF CERTIFICATE:
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTIES OF BRAZORIA AND HARRIS
CITY OF PEARLAND, TEXAS, WATERWORKS
SYSTEM CERTIFICATE OF OBLIGATION
SERIES 1981
$5,000
ON MARCH 1, 19, the CITY OF PEARLAND (the "City"), in
the Counties of Brazoria and Harris, in the State of Texas,
promises to pay to bearer the principal amount of
FIVE THOUSAND DOLLARS
and to pay interest thereon, from the date hereof, at the
-3-
r
rate of % per annum, evidenced by interest coupons
payable March 1, 1982, and semiannually thereafter on each
September 1. and March 1 while this Certificate is outstand-
ing. The principal of this Certificate and the interest
coupons appertaining hereto shall be payable to bearer, in
lawful money of the United States of America, without ex-
change or collection charges to the bearer, upon presenta-
tion and surrender of this Certificate or proper interest
coupon at the PEARLAND STATE BANK, Pearland, Texas, which
shall be the paying agent for this series of Certificates.
THIS CERTIFICATE is one of a series of negotiable,
coupon certificates, dated June 1, 1981, numbered consecu-
tively from 1 through 80, in the denomination of $5,000
each, aggregating $400,000, issued in accordance with the
Constitution and laws of the State of Texas, particularly
Article 2368a.1, Vernon's Texas Civil Statutes, as amended,
for the purpose of evidencing the indebtedness of the City
for all or any part of the cost of extending and improving
the waterworks system of the City, and the cost of profes-
sional services incurred in connection therewith, and pursu-
ant to an ordinance (the "Ordinance") duly adopted by the
City Council of the City, which Ordinance is of record in
the official minutes of said City Council.
IT IS HEREBY certified, recited, and covenanted that
this Certificate has been duly and validly authorized,
issued, and delivered; that all acts, conditions, and things
required or proper to be performed, exist, and be done
precedent to or in the issuance and delivery of this Certi-
ficate, have been performed, existed, and been done in
accordance with law; 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
against all taxable property in the City and have been
pledged for such payment within the limits prescribed by
law; that this Certificate shall be a debt of the City
within the meaning of Article XI, Sections 5 and 7 of the
Constitution of Texas; and that, when delivered, this Certi-
ficate
shall be deemed and construed (i) to be a "Security"
within the meaning
Uniform Commercial
of Chapter 8, Investment Securities,
Code (Chapter 785, Acts of the 60th
Legislature, Regular Session, 1967), and (ii) to be an
obligation of the City within the meaning of Chapter 784,
Acts of the 61st Legislature of Texas, Regular Session,
1969.
IT IS FURTHER CERTIFIED, RECITED AND REPRESENTED that
the revenues to be derived from the operation of the water-
works system of the City, after the payment of all operation
and maintenance expenses of said system, are also pledged to
the payment of the principal of and interest on this Certifi-
cate and the series of Certificates of which it is a part to
the extent that said taxes levied and collected for same may
ever be insufficient or unavailable for said purpose, the
said pledge of revenues being in all things junior and
subordinate to the existing and any future pledge of and
lien on said revenues for the payment of the interest on and
principal of all waterworks and sanitary sewer system revenue
bonds of the City, now outstanding or from time to time
hereafter issued, all as set forth in the Ordinance.
THE CITY HAS RESERVED THE RIGHT TO ISSUE ADDITIONAL
PARITY CERTIFICATES, and said certificates may be payable
from the same source, secured in the same manner and placed
on a parity with this Certificate and the series of which it
is a part, all as set forth in the Ordinance.
IN WITNESS WHEREOF, this Certificate of Obligation and
the interest coupons appertaining hereto have been signed
with the facsimile signature of the Mayor and countersigned
with the facsimile signature of the City Secretary of the
City, respectively, and the official seal of the City has
been duly impressed, or placed in facsimile, on this
Certificate.
COUNTERSIGNED: xxxxxxxxxx
Mayor
xxxxxxxxxx CITY OF PEARLAND, TEXAS
City Secretary
CITY OF PEARLAND, TEXAS
(SEAL)
FORM OF REGISTRATION CERTIFICATE:
COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this Certificate of Obligation
has been examined, certified as to validity, and approved by
the Attorney General of the State of Texas, and that this
Certificate of Obligation has been registered by the Comp-
troller of Public Accounts of the State of Texas.
WITNESS my signature and seal this
xxxxxxxxxx
(SEAL) Comptroller of Public Accounts of
the State of Texas
t� L
NO.
FORM OF INTEREST COUPON:
ON 1, 19 ,
the CITY OF PEARLAND, in the Counties of Brazoria and Harris,
State of Texas, promises to pay to bearer the amount shown
on this interest coupon, in lawful money of the United
States of America, without exchange or collection charges to
the bearer, upon presentation and surrender of this interest
coupon, at the PEARLAND STATE BANK, Pearland, Texas, said
amount being interest due that day on the Certificate of
Obligation bearing the number hereinafter designated of that
issue of CITY OF PEARLAND, TEXAS, WATERWORKS SYSTEM CERTIFI-
CATES OF OBLIGATION, SERIES 1981, dated June 1, 1981.
Certificate No.
xxxxxxxxxx xxxxxxxxxx
City Secretary Mayor
Section 7. A special fund or account, to be designated
the "City of Pearland, Texas, Waterworks System Certificates
of Obligation Interest and Sinking Fund" (hereinafter called
the "Interest and Sinking Fund"), is hereby created and
shall be established and maintained by the City at an official
depository bank of the City. The Interest and Sinking Fund
shall be kept separate and apart from all other funds and
accounts of the City and shall be used only for paying the
interest on and principal of the Certificates and any addi-
tional certificatesjhereafter issued on a parity herewith.
All ad valorem taxes levied and collected for and on account
of the Certificates shall be deposited, as collected, to the
credit of the Interest and Sinking Fund. During each year
while any of the Certificates or interest coupons appertain-
ing thereto are outstanding and unpaid, the City Council of
the City shall compute and ascertain a rate and amount of ad
valorem tax which will be sufficient to raise and produce
the money required to pay the interest on the Certificates
as such interest comes due_and to -provide and maintain a
sinking fund adequate to pay the principal of the Certifi-
cates as such principal matures but never less than 2% of
the original principal amount of the Certificates as a
sinking fund each year; and said tax shall be based on the
latest approved tax rolls of the City, with full allowance
being made for tax delinquencies and the cost of tax collec-
tion. Said rate and amount of ad valorem tax are hereby
levied, and are hereby ordered to be levied, against all
taxable property in the City for each year while any of the
Certificates or interest coupons appertaining thereto are
outstanding and unpaid; and said tax shall be assessed and
collected each such year and deposited to the credit of the
Interest and Sinking Fund. Said ad valorem taxes sufficient
to provide for the payment of -the interest on and principal
of the Certificates, as such interest comes due and such
principal matures, are hereby pledged for such payment
within the limits prescribed by law.
Section 8. The revenues to be derived from the opera-
tion of the waterworks system of the City, after the payment
of all operation and maintenance expenses of said system,
are hereby pledged to the payment of the principal of and
interest on the Certificates as the same come due to the
extent that the taxes mentioned in Section 7 of this ordi-
nance may ever be insufficient or unavailable for said
purpose, provided that this pledge of said revenues is and
shall be in all things junior and subordinate to the exist-
ing and any future pledge of and lien on said revenues for
the payment of the interest on and principal of all waterworks
and sanitary sewer system revenue bonds of the City now
outstanding or from time to time hereafter issued; and
provided, further, that this pledge of said revenues is and
shall be in all things on a parity with the pledge of and
lien on said revenues'for the payment of the interest on and
principal of the City's outstanding Waterworks System Certifi-
cates of Obligation, Series 1980, dated September 1, 1980.
Section 9. Immediately following delivery of the
Certificates to the purchaser thereof, the accrued interest
and premium, if any, shall be deposited in the Interest and
Sinking Fund.
Section 10. The City expressly reserves the right to
(a) issue additional parity certificates, which may be
payable from the same source, secured in the same manner and
placed on a parity with the Certificates and (b) refund the
Certificates in any manner provided by law.
Section 11. The City certifies that based upon all
facts and estimates now known or reasonably expected to be
in existence on the date the Certificates are delivered and
paid for, 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 of the Certificates to
be an "arbitrage certificate" under Section 103(c)(2) of the
Internal Revenue Code of 1954, as amended, and the regula-
tions prescribed thereunder. Furthermore, 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 as of
the. date the Certificates are delivered and paid for. In
particular, all or any officers of the City are authorized
to certify for the City the facts and circumstances and
reasonable expectations of the City on the date the Certifi-
cates are delivered and paid for regarding the amount and
use of the proceeds of the Certificates. Moreover, the City
covenants that it shall make such use of the proceeds of the
Certificates, regulate investments of proceeds of the Certi-
ficates and take such other and further actions as may be
required so that the Certificates shall not be "arbitrage
certificates" under Section 103(c)(2) of the Internal Reve-
nue Code of 1954, as amended, and the regulations prescribed
from time to time thereunder.
Section 12. The Mayor of the City is hereby authorized
to have control of the Certificates and all necessary records
and proceedings pertaining to the Certificates pending their
delivery and their investigation, examination, and approval
by the Attorney General of the State of Texas and their
registration by the Comptroller of Public Accounts of the
State of Texas. Upon registration of the Certificates, the
Comptroller of Public Accounts (or a deputy designated in
writing to act for the Comptroller) shall manually sign the
Comptroller's Registration Certificate prescribed herein to
be printed and endorsed on each Certificate; and the seal of
the Comptroller shall be impressed, or placed in facsimile,
on each of the Certificates.
Section 13. The Certificates are hereby sold and shall
Underwood -Neuhaus & Company
be delivered to the Pearland State Bank for the par
value thereof and accrued interest thereon to date of delivery,
subject to the unqualified approving opinions, as to the
legality of the Certificates, of the Attorney General of the
State of Texas and of Vinson & Elkins, Houston, Texas,
market attorneys; and it is hereby officially found, deter-
mined, and declared that the Certificates are sold on the
best terms and for the best price possible.
t,.
Section.14. The approving opinion of Vinson & Elkins,
Houston, Texas, may, be printed on the back of each of the
Certificates, but errors or omissions in such opinion shall
have-lio effect on the validity of the Certificates.
Section 15. The Mayor and all other appropriate offi-
cers of the City are hereby authorized and directed to do
any and all things necessary or convenient to carry out the
provisions of this ordinance.
Section 16. This ordinance shall take effect immedi-
ately upon its passage following the second and final read-
ing thereof.
Section 17. It is hereby officially found and deter-
mined that the need of the City for such financing creates
an emergency and an urgent public necessity for the holding,
at the scheduled time, of the meeting of the City Council at
which this ordinance is adopted and for the adoption of this
ordinance; and the NOTICE OF MEETING relating to said meeting
and heretofore posted by the City Secretary, and the posting
thereof, is hereby authorized, approved, adopted and ratified.
PASSED AND APPROVED this 13th day of July, 1981.
ATTEST:
City Secretary
CITY OF PEARLAND, TEXAS
(SEAL)==
Mayor
CITY OF PEARLAND, TEXAS
r-
CITY OF PEARLAND, TEXAS
WATERWORKS SYSTEM
CERTIFICATES OF OBLIGATION
SERIES 1981
* * * * * * * *
$400,000
* * * * * * * *
9.25%, 9.40% and 9.75%
VINSON & ELKINS
ATTORNEYS AT LAW
FIRST CITY NATIONAL BANK BUILDING
HOUSTON, TEXAS 77002
CITY OF PEARLAND, TEXAS
WATERWORKS SYSTEM
CERTIFICATES OF OBLIGATION
SERIES 1981
* * * * * * * *
$400,000
* * * * * * * *
9.25%, 9.40% and 9.75%
VINSON & ELKINS
ATTORNEYS AT LAW
FIRST CITY NATIONAL BANK BUILDING
HOUSTON,TEXAS 77002
AUG 1 9 1981
WE HAVE ACTED as bond counsel for the CITY OF PEARLAND,
TEXAS (the "City"), in connection with the certificates of
obligation hereinafter described (the "Certificates"):
CITY OF PEARLAND, TEXAS, WATERWORKS SYSTEM CERTIFI-
CATES OF --OBLIGATION, SERIES 1981, dated June 1, 1981,
numbered consecutively from 1 through 80, both inclu-
sive, in the denomination of $5,000 each, aggregating
$400,000, bearing interest per annum at the respective
rates shown below, interest payable March 1, 1982, and
semiannually thereafter on September 1 and March 1 in
each year, and maturing serially on March 1 in each
year as follows:
$100,000
100,000
100,000
9.25%
9.40%
9.75%
1990
1991
1992/93
WE HAVE ACTED as bond counsel for the sole purpose of
rendering an opinion with respect to the legality and validity
of the Certificates under the Constitution and laws of the State
of Texas, under which the City is acting as an incorporated city
of the State of Texas, and with respect to the exemption of in-
terest on the Certificates from Federal income taxation. We
have not been requested to investigate or verify and have not
investigated or verified original proceedings, records, data,
or other material, but have relied solely upon certificates
executed by public officials and representatives of the City.
We have not assumed any responsibility with respect to the
financial condition or capabilities of the City or the dis-
closure thereof in connection with the sale of the Certificates.
IN OUR CAPACITY as bond counsel, we have examined a trans-
cript of certified proceedings pertaining to the Certificates
which contains certified copies of certain proceedings of the
City Council of the City, customary certificates of officers,
agents and representatives of the City, and other certified
showings relating to the authorization and issuance of the
Certificates. We have also made a limited examination of the
Official Statement prepared by the City's financial advisors
in connection with the sale of the Certificates, such examina-
tion having been limited solely to matters concerning the de-
scription of certain terms of the Certificates to verify that
such description conforms to the provisions of the ordinance
adopted by the City Council of the City authorizing the Cer-
tificates. We have also examined executed Certificate No. 1
of this issue.
BASED ON SAID EXAMINATION, IT IS OUR OPINION that the
transcript of certified proceedings evidences complete legal
authority for the issuance of the Certificates in full compliance
with the Constitution and laws of the State of Texas presently
effective; that therefore the Certificates constitute valid and
legally binding obligations of the City, and that taxable prop-
erty within the City is subject to the levy of ad valorem taxes,
Page 1 of 2 pages
within the limits prescribed by law, to pay the Certificates
and the interest thereon.
IT IS OUR FURTHER OPINION that the revenues to be derived
from the operation of the waterworks system of the City, after
the payment of all operation and maintenance expenses of said
system, are also pledged to the payment of the principal of
and interest on the Certificates to the extent that said taxes
levied and colleeted for same may ever be insufficient or un-
available for'"said purpose, the said pledge of revenues being
in all things junior and subordinate to the existing pledge
of and lien on said revenues for the payment of the interest
on and principal of all waterworks and sanitary sewer system
revenue bonds of the City, now outstanding or from time to
time hereafter issued, all as set forth in the ordinance
adopted by the City Council of the City authorizing the Cer-
tificates (the "Ordinance").
THE CITY has reserved the right, subject to the restric-
tions stated in the Ordinance, to issue additional certificates
of obligation, for any lawful purpose, to be on a parity with
the Certificates and to be payable from, and secured by a lien
on and pledge of the aforesaid Net Revenues in the same manner
and to the same extent as the Certificates.
IT IS OUR FURTHER OPINION that the interest on the Cer-
tificates is exempt from all present Federal income taxation
under existing statutes, egulations, published rulings and
court decisions.
Page 2 of 2 pages
GENERAL CERTIFICATE
THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND HARRIS §
CITY OF PEARLAND §
I, the undersigned, City Secretary of the CITY OF PEARLAND,
TEXAS (the "City"), do hereby make and execute this certificate
for the benefit of the Attorney General of the State of Texas
and all other persons interested in the City's $400,000 WATER-
WORKS SYSTEM CERTIFICATES OF OBLIGATION, SERIES 1981, dated
June 1, 1981, now in process of issuance. I certify that:
1. The following persons constitute the City Council
of the City:
Tom Reid
Carlton McComb
Charles Mack
Alfred E. Lentz
Harry Farley
Terry Gray
Dorothy L. Cook
Mayor
Council
Council
Council
Council
Council
Member
Member
Member
Member
Member
City Secretary
2. James O. DeShazer is City Tax Assessor -Collector of
the City.
3. The Home -Rule Charter of the City has not been amended,
altered, changed, or repealed since the issuance of the City's
Waterworks System Certificates of Obligation, Series 1980, dated
September 1, 1980, Comptroller's Registration No. 45793.
4. The following is a true, correct, and complete
statement of the indebtedness of the City payable from taxes,
to -wit:
Purpose
Brazoria
Co. WC&ID
#3 WW&SS
Ser. '61
WW&SSS
Ser. '64
Date Interest
4.20%
3.60%
3-3/4%
3.80%
3.90%
Maturities
$ 10M 4-1-1982/87
35M 6-1-1982/83
40M 1984
30M 1985/86
35M 1987
45M 1988
50M 1989/91
55M 1992/94
Amt. Outst.
$ 60,000
565,000
Page 1 of 3 pages
Purpose Date Interest Maturities Amt. Outst.
G.O.
Ser. '66 6-1-66 4-7/8% $ 15M 6-1-1982/84
30M 1985
4.30% 30M 1986/88
4.35% 30M 1989/90
35M 1991
4.40% 35M 1992/93
40M 1994
100M 1995
G.O.
Ser. '68
8-1-68 4.80% 25M 2-1-1982
30M 1983/84
5% 30M 1985/87
35M 1988/89
5.10% 40M 1990/91
5-1/4% 40M 1992
50M 1993/95
G. 0.
Ser. '75 6-1-75 5.90% 30M 2-1-1982
35M 1983/85
45M 1986/87
6% 50M 1988/89
6.10% 55M 1990
6.25% 60M 1991
6.40% 65M 1992
6.50% 65M 1993
Cert. of
Oblig.
Ser. '76 7-1-76 6.25% 25M 8-1-1981
30M 1982
25M 1983
30M 1984/85
25M 1986
$ 470,000
515,000
570,000
165,000
Cert. of
Oblig.
Ser.'76-A 7-1-76 6.25% 5M 8-1-1986
35M 1987/88
40M 1989
1M 1990 116,000
Time
Wts. 7-1-77 6-1/2% 15M 7-1-1982 15,000
Cert. of
Oblig.
Ser. '78
5-1-78 5.00% 20M 2-1-1982/84
25M 1985
30M 1986
60M 1987/88
Cert. of
Oblig.
Ser. '78A 6-1-78
235,000
6.00% 25M 2-1-1982/86
5M 1987 130,000
Perm. Imp.
Ser. '78 9-1-78 5.90% 30M 3-1-1982
50M 1983/86
30M 1987
Page 2 of 3 pages
Purpose Date Interest
4.90%
5.00%
5.10%
5.20%
5.25%
5. 30%
5.40%
5.50%
Cert. of
Oblig.
Ser. '78B 12-1-78 6.25%
Med. Serv.
Time Wts.
Ser. '79 10-1-79 6.50%
Drainage
Study
Time Wts.
Ser. '79 12-1-79 6.50%
Cert. of
Oblig.
Ser. '80 9-1-80 6.50%
Maturities
$ 50M 1988
125M 1989/90
125M 1991
125M 1992
125M 1993
200M 1994
200M 1995
250M 1996/97
11M 12-1-1981
10M 1982
15M 10-1-1981/82
6M 12-1-1981
10M 3-1-1983
40M 1984
45M 1985
50M 1986
65M 1987
60M 1988
55M 1989
CERTIFICATES IN PROCESS OF ISSUANCE
WW Cert.
of Oblig.
Ser. '81 6-1-81
9.25%
9.40%
9.75%
100M 3-1-1990
100M 1991
100M 1992/93
Amt. Outst.
$ 1,835,000
21,000
30,000
6,000
325,000
400,000
TOTAL $ 5,458,000
WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this
27th day of July, 1981.
(SEAL)
41-7411(
pity Secretary/
CITY OF PEAR '' D, TEXAS
Page 3 of 3 pages
CERTIFICATE FOR RESOLUTION
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
the 22nd day of June, 1981, 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 and the City Secretary, to -wit:
Tom Reid
Carlton McComb
Charles Mack
Alfred E. Lentz
Harry Farley
Terry Gray
Dorothy L. Cook
Mayor
Council
Council
Council
Council
Council
Member
Member
Member
Member
Member
City Secretary
and all of said persons were present, except the following absentees:
Council Members McComb and Farley , thus constituting a quorum.
Whereupon, among other business, the following was transacted at said
meeting: a written
RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE $400,000 CITY OF PEARLAND, TEXAS,
CERTIFICATES OF OBLIGATION, SERIES 1981
(the "Resolution") was duly introduced for the consideration of the City
Council and read in full. It was then duly moved and seconded that the
Resolution be adopted; and, after due discussion, said motion, carrying
with it the adoption of the Resolution, prevailed and carried by the fol-
lowing vote:
AYES: All members of the City Council shown present above
voted "Aye".
NAYS: None.
2. That a true, full and correct copy of the Resolution adopted at
the meeting described in the above and foregoing paragraph is attached to
and follows this certificate; that the Resolution has been duly recorded
in the City Council's minutes of said meeting; that the above and fore-
going paragraph is a true, full and correct excerpt from the City Council's
minutes of said meeting pertaining to the adoption of the Resolution; 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
Resolution would be introduced and considered for adoption at said meeting,
and each of said officers and members consented, in advance, to the
holding of such meeting for such purpose; that said meeting was open to
the public as required by law; and that public notice of the date, hour,
place and subject of said meeting was given as required by Vernon's
Article 6252-17, as amended.
SIGNED AND SEALED this 22nd day of June, 1981.
(SEAL)
*to/
Ci ,< 8ecr tary
RESOLUTION AUTHORIZING PUBLICATION OF NOTICE OF
INTENTION TO ISSUE $400,000 CITY OF PEARLAND, TEXAS,
CERTIFICATES OF OBLIGATION, SERIES 1981
THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND HARRIS §
CITY OF PEARLAND §
WHEREAS, the City Council of the CITY OF PEARLAND, TEXAS
(the "City"), deems it advisable to issue Certificates of
Obligation of the City in accordance with the notice herein-
after set forth; therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS:
Section 1. The facts and recitations contained in the
preamble of this resolution are hereby found and declared to
be true and correct.
Section 2. The City Secretary is hereby authorized and
directed to cause to be published in the manner required by
law a notice of intention to issue Certificates of Obligation
in substantially the following form:
NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the City Council of the City
of Pearland, Texas (the "City"), will meet in the City Hall,
City of Pearland, Texas, at 7:30 p.m. on July 13, 1981, and on
July 27, 1981, respectively, to adopt an ordinance, on first
and second readings, authorizing the issuance of the City's
Certificates of Obligation, payable from City ad valorem taxes
and a subordinate pledge of the revenues of the waterworks
system of the City, in the maximum aggregate principal amount
of $400,000, bearing interest at such rate or rates as shall
be determined by the City Council, provided that such interest
rate or rates shall not exceed the maximum legal limit in
effect at the time of their issuance, and maturing over a
period of years not to exceed twenty (20) years from the date
thereof, for the purpose of evidencing the indebtedness of the
City for all or any part of the cost of extending and improving
the waterworks system of the City, and the cost of professional
services incurred in connection therewith.
WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this
22nd day of June, 1981.
(SEAL)
/s/ Dorothy L. Cook
City Secretary
CITY OF PEARLAND, TEXAS
Section 3. The notice set forth in Section 2 above shall
be published once a week for two (2) consecutive weeks in a
newspaper which is of general circulation in the City, the date
of the first publication to be not less than fourteen (14) days
prior to July 13, 1981, the date tentatively set in said notice
for the passage on first reading of the ordinance authorizing
the issuance of such Certificates of Obligation.
Section 4. The Mayor, City Secretary, and other officers
of the City are hereby authorized and directed to do any and
all things necessary or desirable to carry out the provisions
of this resolution.
Section 5. This resolution shall take effect immediately
upon its passage.
Section 6. It is hereby officially found and determined
that the need of the City for such financing creates an emer-
gency and an urgent public necessity for the holding, at the
scheduled time, of the meeting of the City Council at which
this resolution is adopted and for the adoption of this resolu-
tion; and the NOTICE OF MEETING relating to said meeting and
heretofore posted by the City Secretary, and the posting thereof,
are hereby authorized, approved, and ratified.
PASSED AND APPROVED this 22nd day of June, 1981.
ATTEST:
/s/ Dorothy L. Cook
City Secretary
CITY OF PEARLAND, TEXAS
(SEAL)
/s/ Tom Reid
Mayor
CITY OF PEARLAND, TEXAS
AVISO DE INTENCION DE EMITIR
CERTIFICADOS DE OBLIGACION
SE NOTIFICA POR EL PRESENTE que el Cabildo Municipal de
la Ciudad de Pearland, Texas (la "Ciudad"), se reunira en
el Edificio del Cabildo Municipal, Ciudad de Pearland,
Texas, a las 7:30 p.m. en el 13 de julio de 1981, y en el 27
de julio de 1981, respectivamente, para adoptar una ordenanza,
en primera y segunda lecturas, autorizando la emision de
los Certificados de Obligacion de la Ciudad, pagaderos de
impuestos al valor de la Ciudad y de una prenda subordinada
de los ingresos del sistema de abastecimiento de aguas de la
Ciudad, en la cantidad total maxima principal de $400,000,
llevando inters a cualquiera tasa o tasas segfin sea deter-
minado por el Cabildo Municipal, condicionado a que dicha
tasa o tasas de interes no excederan el limite legal maximo
en efecto al tiempo de su emision, y con vencimiento sobre
un periodo de anos a no exceder veinte (20) ailos a partir de
la fecha de los mismos, con el proposito de evidenciar el
adeudo de la Ciudad por todo o alguna parte del costo de
ampliar y mejorar el sistema de abastecimiento de aguas de
la Ciudad, y el costo de servicios profesionales incurridos
en relacion a to mismo.
OTORGADO ANTE MI Y EL SELLO OFICIAL DE LA CIUDAD, este
dia 22 de junio de 1981.
(SELLO)
/fdo/ Dorothy L. Cook
Secretario Municipal
CIUDAD DE PEARLAND, TEXAS
(h 27. Legal Notices
AFFIDAVIT OF P
THE STATE OF TEXAS
COUNTY OF BRAZORIA
NOTICE OF INTENTION
TO ISSUE
CERTIFICATES OF
OBLIGATION
NOTICE IS HEREBY GIVEN that the
City Council of the City of Pearland,
Texas (the "City"), will meet in the
City Hall, City of Pearland, Texas. at -
7:30 p.m. on July 13, 1981, and on
July 27, 1981. respectively, to adopt
an ordinance, on first and second
readings, authorizing the issuance of
the City's Certificates of Obligation.
payable from City ad valorem taxes
and a subordinate pledge of the
BEFORE ME, the undersigned i revenues of the waterworks system of
the City, in the maximum aggregate
principal amount of $400,000, bear-
sonally appeared Annie Alexande ing interest at such rate or rates as
§
(Editor/Publisher) of The Journ
duly sworn, upon oath, deposes al
The attached clippings
one in Spanish) of a NC
TO ISSUE CERTIFICATES C
published in The Jour
paper which is of genes
the City of Pearland, 7
lowing issues, to -wit:
June 25
July 2
shall be determined by the City
Council, provided that such interest
rate or rates shall not exceed the
maximum legal limit in effect at the
time of their issuance, and maturing
over a period of years not to exceed
twenty (20) years from the date
thereof, for the purpose of evidenc-
ing the indebtedness of the City for
all or any part of the cost of exten-
ding and improving the waterworks
system of the City, and the cost of
professional services incurred in con-
nection therewith.
WITNESS MY HAND AND THE OF-
FICIAL SEAL OF THE CITY, this 22nd
day of June, 1981.
/s/ DOROTHY L. COOK
CITY SECRETARY
CITY OF PEARLAND,
TEXAS
(SEAL)
and the attached newspaper clippings a
true and correct copies of said publis
notice. (SELLO)
27. Legal Notices
AVISO DE INTENCION
DE EMITIR
CERTIFICADOS DE
OBLIGACION
SE NOTIFICA POR EL PRESENTE
que el Cabildo Municipal de la
Ciudad de Pearland, Texas (la
"Ciudad''). se reunira en el Edrflcio
del Cabildo Municipal, Ciudad de
Pearland, Texas. a las 7.30 p.m. en
el 13 de Julio de 1981. y en el 21 de
Julio de 1981, respectivamente. para
adoptar una ordenanza, en primera y
segunda lecturas, autorizando la
emision de los Certificados de
Obligation de la Ciudad. pagaderos
de impuestos al valor de la Ciudad y
de una prenda subordinada de los in-
gresos del sistema de abastecimiento
de aguas de la Ciudad, en la can-
tidad total maxima principal de
$400.000, Ilevando interes a cual-
quiera tasa o tasas sequn sea deter-
minado por el Cabildo Municipal.
condicionado a que dicha tasa o
tasas de interes no excederan el
limite legal maximo en efecto al
tiempo de su emision, y con venci-
miento sobre un periodo de ands a
no exceder veinte (20) anos a partir
de la fecha de los mismos, con el
proposito de evidenciar el adeudo de
la Ciudad por todo o alguna parte del
costo de ampliar y melorar el sistema
de abastecimiento de aguas de la
Ciudad. y el costo de sernclos profe-
sionales incurridos en relation a to
mismo.
OTORGADO ANTE MI Y EL SELLO
OFICIAL DE LA CIUDAD, este dia 22
de junix de 1981.
/tdo/ DOROTHY L. COOK
SECRETARIO MUNICIPAL
CIUDAD DE PEARLAND,
TEXAS
gs
SWORN TO AND SUBSCRIBED BEFORE ME, this \-' day of
(NOTARY SEAL)
, 1981.
Notary
Brazoria unty, Texas
—� A�st.. 1
Pu is in and for
MARY JANE WEISS
Notary Public State of Texas
My Commission Expires March 31, 1985
Bonded by L. A..le a�r'^r ° ov⁢ i--•. Su ^ty Corp.
NOTICE OF MEETING
THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND HARRIS §
CITY OF PEARLAND §
NOTICE is hereby given of a meeting of the City Council
of the CITY OF PEARLAND, Brazoria and Harris Counties, Texas
(the "City"), to be held on the 13th day of July, 1981, at
7:30 p.m. in the:
City Council Chamber
City Hall
Pearland, Texas
for the purpose of adopting an ordinance authorizing the issu-
ance of certificates of obligation of the City and for the
purpose of conducting, considering, and acting upon such other
business as shall come before the meeting.
The need of the City for such financing creates an emer-
gency and an urgent public necessity for the holding of the
meeting and for the adoption of such ordinance at the meeting.
WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this
day of July, 1981.
/s/ Dorothy L. Cook
City Secretary
CITY OF PEARLAND, TEXAS
(SEAL)
CERTIFICATE OF POSTING OF
NOTICE OF MEETING
THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND HARRIS §
CITY OF PEARLAND §
I, the undersigned officer of the CITY OF PEARLAND,
Brazoria and Harris Counties, Texas (the "City"), do hereby
execute this certificate for the benefit of all persons in-
terested in the posting of notice of a meeting of the City
Council of the City as required by the Open Meetings Act
(Article 6252-17, Vernon's Texas Civil Statutes, as amended)
and the validity of all actions and proceedings taken at such
meeting and I do hereby certify as follows:
1. I am the duly chosen, qualified and acting officer
of the City for the office shown beneath my signature, and
in such capacity I am familiar with the matters contained in
this certificate.
2. The attached and foregoing is a true and correct
copy of the Notice of Meeting which was posted by me at
- ' -- o'clock P.m. on the r day of �c_P�.� , 1981,
in a place readily accessible to e gene public at all
times, to -wit: „1. ,
in the City Hall of the City.
WITNESS M HAND AND THE OFFICIAL SEAL OF THE CITY, this
f day of , 1981.
ity Secretary
CITY OF PEARL AGND , TEXAS
(SEAL)
CERTIFICATE 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
the 13th day of July, 1981, 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 and the City Secretary, to -wit:
Tom Reid
Carlton McComb
Charles Mack
Alfred E. Lentz
Harry Farley
Terry Gray
Dorothy L. Cook
Mayor
Council
Council
Council
Council
Council
Member
Member
Member
Member
Member
City Secretary
and all of said persons were present, except the following absentees:
thus constituting a quorum.
Whereupon, among other business, the following was transacted at said
meeting: a written
ORDINANCE AUTHORIZING ISSUANCE OF $400,000 CITY OF
PEARLAND, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 1981
(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, said motion, carrying
with it the adoption of the Ordinance, prevailed and carried by the fol-
lowing vote:
AYES: All members of the City Council shown present above
voted "Aye".
NAYS: None.
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 said meeting; that the above and fore-
going paragraph is a true, full and correct excerpt from the City Council's
minutes of said 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 said meeting,
and each of said officers and members consented, in advance, to the
holding of such meeting for such purpose; that said meeting was open to
the public as required by law; and that public notice of the date, hour,
place and subject of said meeting was given as required by Vernon's
Article 6252-17, as amended.
SIGNED AND SEALED this 13th day of July, 1981.
, 1)
ecretary Mayor
(SEAL)
ORDINANCE AUTHORIZING ISSUANCE OF $400,000
CITY OF PEARLAND, TEXAS, WATERWORKS SYSTEM
CERTIFICATES OF OBLIGATION, SERIES 1981
THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND HARRIS §
CITY OF PEARLAND §
WHEREAS, the City Council of the CITY OF PEARLAND,
TEXAS (the "City"), authorized the publication of a notice
of intention to issue certificates of
effect that the City Council
the City on July 13, 1981, to
the issuance
of certificates
obligation to the
will meet in the City Hall of
adopt an ordinance authorizing
of obligation, payable from
City ad valorem taxes and revenues of the waterworks system
of the City, for the purpose of evidencing the indebtedness
of the City for all or any part of the cost of extending and
improving the waterworks system of the City, and the cost of
professional services incurred in connection therewith; and
WHEREAS, such notice was published at the times and in
the manner required by the Constitutions and laws of the
State of Texas and of the United States of America, respec-
tively, particularly Article 2368a.1, Vernon's Texas Civil
Statutes, as amended;
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF PEARLAND:
Section 1. The facts and recitations contained in the
preamble of this ordinance are hereby found and declared to
be true and correct.
Section 2. The City's negotiable certificates of
obligation, to be designated CITY OF PEARLAND, TEXAS, WATER-
WORKS SYSTEM CERTIFICATES OF OBLIGATION, SERIES 1981 (here-
inafter called the "Certificates"), are hereby authorized to
be issued and delivered in the principal amount of $400,000
for the purpose of evidencing the indebtedness of the City
for all or any part of the cost of extending and improving
the waterworks system of the City, and the cost of profes-
sional services incurred in connection therewith.
Section 3. The Certificates shall be dated June 1,
1981, shall be numbered consecutively from 1 through 80,
shall be in the denomination of $5,000 each and shall mature
serially on March 1 of each of the years, and in the amounts,
respectively, set forth in the following schedule:
YEAR AMOUNT
1990 $100,000
1991 100,000
1992 100,000
1993 100,000
Section 4. The Certificates shall bear interest per
annum at the following rates, respectively, to -wit:
Certificates maturing 1990
Certificates maturing 1991
Certificates maturing 1992
Certificates maturing 1993
9.25%
9.40%
9.75%
9.75%
Section 5. The Certificates, and the interest coupons
appertaining thereto, shall be payable, shall have the
characteristics, and shall be signed and executed (and the
Certificates shall be sealed), all as provided and in the
manner indicated in the FORM OF CERTIFICATE set forth in
this ordinance.
Section 6. The form of the Certificates, including the
form of registration certificate of the Comptroller of
Public Accounts of the State of Texas to be printed and
endorsed on each of the Certificates, and the form of the
aforesaid interest coupons which shall appertain and be
attached initially to each of the Certificates, shall be,
respectively, substantially as follows:
FORM OF CERTIFICATE:
NO. $5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTIES OF BRAZORIA AND HARRIS
CITY OF PEARLAND, TEXAS, WATERWORKS
SYSTEM CERTIFICATE OF OBLIGATION
SERIES 1981
ON MARCH 1, 19, the CITY OF PEARLAND (the "City"), in
the Counties of Brazoria and Harris, in the State of Texas,
promises to pay to bearer the principal amount of
FIVE THOUSAND DOLLARS
and to pay interest thereon, from the date hereof, at the
rate of % per annum, evidenced by interest coupons
payable March 1, 1982, and semiannually thereafter on each
September 1 and March 1 while this Certificate is outstand-
ing. The principal of this Certificate and the interest
coupons appertaining hereto shall be payable to bearer, in
lawful money of the United States of America, without ex-
change or collection charges to the bearer, upon presenta-
tion and surrender of this Certificate or proper interest
coupon at the PEARLAND STATE BANK, Pearland, Texas, which
shall be the paying agent for this series of Certificates.
THIS CERTIFICATE is one of a series of negotiable,
coupon certificates, dated June 1, 1981, numbered consecu-
tively from 1 through 80, in the denomination of $5,000
each, aggregating $400,000, issued in accordance with the
Constitution and laws of the State of Texas, particularly
Article 2368a.1, Vernon's Texas Civil Statutes, as amended,
for the purpose of evidencing the indebtedness of the City
for all or any part of the cost of extending and improving
the waterworks system of the City, and the cost of profes-
sional services incurred in connection therewith, and pursu-
ant to an ordinance (the "Ordinance") duly adopted by the
City Council of the City, which Ordinance is of record in
the official minutes of said City Council.
IT IS HEREBY certified, recited, and covenanted that
this Certificate has been duly and validly authorized,
issued, and delivered; that all acts, conditions, and things
required or proper to be performed, exist, and be done
precedent to or in the issuance and delivery of this Certi-
ficate, have been performed, existed, and been done in
accordance with law; 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
IN WITNESS WHEREOF, this Certificate of Obligation and
the interest coupons appertaining hereto have been signed
with the facsimile signature of the Mayor and countersigned
with the facsimile signature of the City Secretary of the
City, respectively, and the official seal of the City has
been duly impressed, or placed in facsimile, on this
Certificate.
COUNTERSIGNED: xxxxxxxxxx
Mayor
xxxxxxxxxx CITY OF PEARLAND, TEXAS
City Secretary
CITY OF PEARLAND, TEXAS
(SEAL)
FORM OF REGISTRATION CERTIFICATE:
COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this Certificate of Obligation
has been examined, certified as to validity, and approved by
the Attorney General of the State of Texas, and that this
Certificate of Obligation has been registered by the Comp-
troller of Public Accounts of the State of Texas.
WITNESS my signature and seal this
xxxxxxxxxx
(SEAL) Comptroller of Public Accounts of
the State of Texas
FORM OF INTEREST COUPON:
NO. $
ON 1, 19 ,
the CITY OF PEARLAND, in the Counties of Brazoria and Harris,
State of Texas, promises to pay to bearer the amount shown
on this interest coupon, in lawful money of the United
States of America, without exchange or collection charges to
the bearer, upon presentation and surrender of this interest
coupon, at the PEARLAND STATE BANK, Pearland, Texas, said
amount being interest due that day on the Certificate of
Obligation bearing the number hereinafter designated of that
issue of CITY OF PEARLAND, TEXAS, WATERWORKS SYSTEM CERTIFI-
CATES OF OBLIGATION, SERIES 1981, dated June 1, 1981.
Certificate No.
xxxxxxxxxx xxxxxxxxxx
City Secretary Mayor
Section 7. A special fund or account, to be designated
the "City of Pearland, Texas, Waterworks System Certificates
of Obligation Interest and Sinking Fund" (hereinafter called
the "Interest and Sinking Fund"), is hereby created and
shall be established and maintained by the City at an official
depository bank of the City. The Interest and Sinking Fund
shall be kept separate and apart from all other funds and
accounts of the City and shall be used only for paying the
interest on and principal of the Certificates and any addi-
tional certificates hereafter issued on a parity herewith.
All ad valorem taxes levied and collected for and on account
of the Certificates shall be deposited, as collected, to the
credit of the Interest and Sinking Fund. During each year
while any of the Certificates or interest coupons appertain-
ing thereto are outstanding and unpaid, the City Council of
the City shall compute and ascertain a rate and amount of ad
valorem tax which will be sufficient to raise and produce
the money required to pay the interest on the Certificates
as such interest comes due and to provide and maintain a
sinking fund adequate to pay the principal of the Certifi-
cates as such principal matures but never less than 2% of
the original principal amount of the Certificates as a
sinking fund each year; and said tax shall be based on the
latest approved tax rolls of the City, with full allowance
being made for tax delinquencies and the cost of tax collec-
tion. Said rate and amount of ad valorem tax are hereby
levied, and are hereby ordered to be levied, against all
taxable property in the City for each year while any of the
Certificates or interest coupons appertaining thereto are
outstanding and unpaid; and said tax shall be assessed and
collected each such year and deposited to the credit of the
Interest and Sinking Fund. Said ad valorem taxes sufficient
to provide for the payment of the interest on and principal
of the Certificates, as such interest comes due and such
principal matures, are hereby pledged for such payment
within the limits prescribed by law.
Section 8. The revenues to be derived from the opera-
tion of the waterworks system of the City, after the payment
of all operation and maintenance expenses of said system,
are hereby pledged to the payment of the principal of and
interest on the Certificates as the same come due to the
extent that the taxes mentioned in Section 7 of this ordi-
nance may ever be insufficient or unavailable for said
purpose, provided that this pledge of said revenues is and
shall be in all things junior and subordinate to the exist-
ing and any future pledge of and lien on said revenues for
the payment of the interest on and principal of all waterworks
and sanitary sewer system revenue bonds of the City now
outstanding or from time to time hereafter issued; and
provided, further, that this pledge of said revenues is and
shall be in all things on a parity with the pledge of and
lien on said revenues for the payment of the interest on and
principal of the City's outstanding Waterworks System Certifi-
cates of Obligation, Series 1980, dated September 1, 1980.
Section 9. Immediately following delivery of the
Certificates to the purchaser thereof, the accrued interest
and premium, if any, shall be deposited in the Interest and
Sinking Fund.
Section 10. The City expressly reserves the right to
(a) issue additional parity certificates, which may be
payable from the same source, secured in the same manner and
placed on a parity with the Certificates and (b) refund the
Certificates in any manner provided by law.
Section 11. The City certifies that based upon all
facts and estimates now known or reasonably expected to be
in existence on the date the Certificates are delivered and
paid for, 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 of the Certificates to
be an "arbitrage certificate" under Section
Internal Revenue Code
of 1954,
tions prescribed thereunder.
as amended,
Furthermore,
103(c)(2) of the
and the regula-
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 as of
the date the Certificates are delivered and paid for. In
particular, all or any officers of the City are authorized
to certify for the City the facts and circumstances and
be
reasonable expectations of the City on the date the Certifi-
cates are delivered and paid for regarding the amount and
use of the proceeds of the Certificates. Moreover, the City
covenants that it shall make such use of the proceeds of the
Certificates, regulate investments of proceeds of the Certi-
ficates and take such other and further actions as may be
required so that the Certificates shall not be "arbitrage
certificates" under Section 103(c)(2) of the Internal Reve-
nue Code of 1954, as amended, and the regulations prescribed
from time to time thereunder.
Section 12. The Mayor of the City is hereby authorized
to have control of the Certificates and all necessary re-
cords and proceedings pertaining to the Certificates pending
their delivery and their investigation, examination, and
approval by the Attorney General of the State of Texas and
their registration by the Comptroller of Public Accounts of
the State of Texas. Upon registration of the Certificates,
the Comptroller of Public Accounts (or a deputy designated
in writing to act for the Comptroller) shall manually sign
the Comptroller's Registration Certificate prescribed herein
to be printed and endorsed on each Certificate; and the seal
of the Comptroller shall be impressed, or placed in
simile, on each of the Certificates.
Section 13. The Certificates are hereby sold and shall
delivered to the UNDERWOOD, NEUHAUS & CO., INCORPORATED,
fac-
Houston, Texas, and PEARLAND STATE BANK, Pearland, Texas, for
the par value thereof and accrued interest thereon to date
of delivery, subject to the unqualified approving opinions,
as to the legality of the Certificates, of the Attorney
General
of the
Houston, Texas,
State of Texas and of Vinson & Elkins,
market attorneys; and it is hereby offi-
cially found, determined, and declared that the Certificates
are sold on the best terms and for the best price possible.
Section 14. The approving opinion of Vinson & Elkins,
Houston, Texas, may be printed on the back of each of the
Certificates, but errors or omissions in such opinion shall
have no effect on the validity of the Certificates.
Section 15. The Mayor and all other appropriate offi-
cers of the City are hereby authorized and directed to do
any and all things necessary or convenient to carry out the
provisions of this ordinance.
Section 16. This ordinance shall take effect immedi-
ately upon its passage following the second and final read-
ing thereof.
Section 17. It is hereby officially found and deter-
mined that the need of the City for such financing creates
an emergency and an urgent public necessity for the holding,
at the scheduled time, of the meeting of the City Council at
which this ordinance is adopted and for the adoption of this
ordinance; and the NOTICE OF MEETING relating to said meeting
and heretofore posted by the City Secretary, and the posting
thereof, is hereby authorized, approved, adopted and ratified.
PASSED AND APPROVED this 13th day of July, 1981.
ATTEST:
/s/ Dorothy L. Cook
City Secretary
CITY OF PEARLAND, TEXAS
(SEAL)
/s/ Tom Reid
Mayor
CITY OF PEARLAND, TEXAS
NOTICE OF MEETING
THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND HARRIS §
CITY OF PEARLAND 5
NOTICE is hereby given of a meeting of the City Council
of the CITY OF PEARLAND, Brazoria and Harris Counties, Texas
(the "City"), to be held on the 27th day of July, 1981, at
7:30 p.m. in the:
City Council Chamber
City Hall
Pearland, Texas
for the purpose of adopting an ordinance authorizing the issu-
ance of certificates of obligation of the City and for the
purpose of conducting, considering, and acting upon such other
business as shall come before the meeting.
The need of the City for such financing creates an emer-
gency and an urgent public necessity for the holding of the
meeting and for the adoption of such ordinance at the meeting.
WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this
23 day of July, 1981.
(SEAL)
/s/ Dorothy L. Cook
City Secretary
CITY OF PEARLAND, TEXAS
CERTIFICATE OF POSTING OF
NOTICE OF MEETING
THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND HARRIS §
CITY OF PEARLAND §
I, the undersigned officer of the CITY OF PEARLAND,
Brazoria and Harris Counties, Texas (the "City"), do hereby
execute this certificate for the benefit of all persons in-
terested in the posting of notice of a meeting of the City
Council of the City as required by the Open Meetings Act
(Article 6252-17, Vernon's Texas Civil Statutes, as amended)
and the validity of all actions and proceedings taken at such
meeting and I do hereby certify as follows:
1. I am the duly chosen, qualified and acting officer
of the City for the office shown beneath my signature, and
in such capacity I am familiar with the matters contained in
this certificate.
2. The attached and foregoing is a true and correct
copy of the Notice of Meeting which was pos .qd by me at
` 10n o'clock -P.m. on the ,r4-,3 day of , 1981,
in a place readily accessible to tie gener pub is at all
times, to -wit:
in the City Hall of the City.
WITNESS MHAND AND THE OFFICIAL SEAL OF THE CITY, this
day of
(SEAL)
, 1981.
eity Secretary
CITY OF PEARL','' D , TEXAS
c,„(
CERTIFICATE 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
the 27th day of July, 1981, 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 and the City Secretary, to -wit:
Tom Reid
Carlton McComb
Charles Mack
Alfred E. Lentz
Harry Farley
Terry Gray
Dorothy L. Cook
Mayor
Council Member
Council Member
Council Member
Council Member
Council Member
City Secretary
and all of said persons were present, except the following absentees:
, thus constituting a quorum.
Whereupon, among other business, the following was transacted at said
meeting: a written
ORDINANCE AUTHORIZING ISSUANCE OF $400,000 CITY OF
PEARLAND, TEXAS, CERTIFICATES OF OBLIGATION, SERIES 1981
(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, said motion, carrying
with it the adoption of the Ordinance, prevailed and carried by the fol-
lowing vote:
AYES: All members of the City Council shown present above
voted "Aye".
NAYS: None.
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 said meeting; that the above and fore-
going paragraph is a true, full and correct excerpt from the City Council's
minutes of said 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 said meeting,
and each of said officers and members consented, in advance, to the
holding of such meeting for such purpose; that said meeting was open to
the public as required by law; and that public notice of the date, hour,
place and subject of said meeting was given as required by Vernon's
Article 6252-17, as amended.
SIGNED AND SEALED this 27th day
(SEAL)
ORDINANCE AUTHORIZING ISSUANCE OF $400,000
CITY OF PEARLAND, TEXAS, WATERWORKS SYSTEM
CERTIFICATES OF OBLIGATION, SERIES 1981
THE STATE OF TEXAS
COUNTIES OF BRAZORIA AND HARRIS
CITY OF PEARLAND
WHEREAS, the City Council of the CITY OF PEARLAND,
TEXAS (the "City"), authorized the publication of a notice
of intention to issue certificates of obligation to the
effect that the City Council will meet in the City Hall of
the City on July 13, 1981, to adopt an ordinance authorizing
the issuance of certificates of obligation, payable from
City ad valorem taxes and revenues of the waterworks system
of the City, for the purpose of evidencing the indebtedness
of the City for all or any part of the cost of extending and
improving the waterworks system of the City, and the cost of
professional services incurred in connection therewith; and
WHEREAS, such notice was published at the times and in
the manner required by the Constitutions and laws of the
State of Texas and of the United States of America, respec-
tively, particularly Article 2368a.1, Vernon's Texas Civil
Statutes, as amended;
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF PEARLAND:
Section 1. The facts and recitations contained in the
preamble of this ordinance are hereby found and declared to
be true and correct.
Section 2. The City's negotiable certificates of
obligation, to be designated CITY OF PEARLAND, TEXAS, WATER-
WORKS SYSTEM CERTIFICATES OF OBLIGATION, SERIES 1981 (here-
inafter called the "Certificates"), are hereby authorized to
be issued and delivered in the principal amount of $400,000
for the purpose of evidencing the indebtedness of the City
for all or any part of the cost of extending and improving
the waterworks system of the City, and the cost of profes-
sional services incurred in connection therewith.
Section 3. The Certificates shall be dated June 1,
1981, shall be numbered consecutively from 1 through 80,
shall be in the denomination of $5,000 each and shall mature
serially on March 1 of each of the years, and in the amounts,
respectively, set forth in the following schedule:
YEAR AMOUNT
1990 $100,000
1991 100,000
1992 100,000
1993 100,000
Section 4. The Certificates shall bear interest per
annum at the following rates, respectively, to -wit:
Certificates maturing 1990 9.25%
Certificates maturing 1991 9.40%
Certificates maturing 1992 9.75%
Certificates maturing 1993 9.75%
Section 5. The Certificates, and the interest coupons
appertaining thereto, shall be payable, shall have the
characteristics, and shall be signed and executed (and the
Certificates shall be sealed), all as provided and in the
manner indicated in the FORM OF CERTIFICATE set forth in
this ordinance.
Section 6. The form of the Certificates, including the
form of registration certificate of the Comptroller of
Public Accounts of the State of Texas to be printed and
endorsed on each of the Certificates, and the form of the
aforesaid interest coupons which shall appertain and be
attached initially to each of the Certificates, shall be,
respectively, substantially as follows:
FORM OF CERTIFICATE:
NO. $5,000
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTIES OF BRAZORIA AND HARRIS
CITY OF PEARLAND, TEXAS, WATERWORKS
SYSTEM CERTIFICATE OF OBLIGATION
SERIES 1981
ON MARCH 1, 19 , the CITY OF PEARLAND (the "City"), in
the Counties of Brazoria and Harris, in the State of Texas,
promises to pay to bearer the principal amount of
FIVE THOUSAND DOLLARS
and to pay interest thereon, from the date hereof, at the
rate of % per annum, evidenced by interest coupons
payable March 1, 1982, and semiannually thereafter on each
September 1 and March 1 while this Certificate is outstand-
ing. The principal of this Certificate and the interest
coupons appertaining hereto shall be payable to bearer, in
lawful money of the United States of America, without ex-
change or collection charges to the bearer, upon presenta-
tion and surrender of this Certificate or proper interest
coupon at the PEARLAND STATE BANK, Pearland, Texas, which
shall be the paying agent for this series of Certificates.
THIS CERTIFICATE is one of a series of negotiable,
coupon certificates, dated June 1, 1981, numbered consecu-
tively from 1 through 80, in the denomination of $5,000
each, aggregating $400,000, issued in accordance with the
Constitution and laws of the State of Texas, particularly
Article 2368a.1, Vernon's Texas Civil Statutes, as amended,
for the purpose of evidencing the indebtedness of the City
for all or any part of the cost of extending and improving
the waterworks system of the City, and the cost of profes-
sional services incurred in connection therewith, and pursu-
ant to an ordinance (the "Ordinance") duly adopted by the
City Council of the City, which Ordinance is of record in
the official minutes of said City Council.
IT IS HEREBY certified, recited, and covenanted that
this Certificate has been duly and validly authorized,
issued, and delivered; that all acts, conditions, and things
required or proper to be performed, exist, and be done
precedent to or in the issuance and delivery of this Certi-
ficate, have been performed, existed, and been done in
accordance with law; 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
against all taxable property in the City and have been
pledged for such payment within the limits prescribed by
law; that this Certificate shall be a debt of the City
within the meaning of Article XI, Sections 5 and 7 of the
Constitution of Texas; and that, when delivered, this Certi-
ficate shall be deemed and construed (i) to be a "Security"
within the meaning of Chapter 8, Investment Securities,
Uniform Commercial Code (Chapter 785, Acts of the 60th
Legislature, Regular Session, 1967), and (ii) to be an
obligation of the City within the meaning of Chapter 784,
Acts of the 61st Legislature of Texas, Regular Session,
1969.
IT IS FURTHER CERTIFIED, RECITED AND REPRESENTED that
the revenues to be derived from the operation of the water-
works system of the City, after the payment of all operation
and maintenance expenses of said system, are also pledged to
the payment of the principal of and interest on this Certifi-
cate and the series of Certificates of which it is a part to
the extent that said taxes levied and collected for same may
ever be insufficient or unavailable for said purpose, the
said pledge of revenues being in all things junior and
subordinate to the existing and any future pledge of and
lien on said revenues for the payment of the interest on and
principal of all waterworks and sanitary sewer system revenue
bonds of the City, now outstanding or from time to time
hereafter issued, all as set forth in the Ordinance.
THE CITY HAS RESERVED THE RIGHT TO ISSUE ADDITIONAL
PARITY CERTIFICATES, and said certificates may be payable
from the same source, secured in the same manner and placed
on a parity with this Certificate and the series of which it
is a part, all as set forth in the Ordinance.
IN WITNESS WHEREOF, this Certificate of Obligation and
the interest coupons appertaining hereto have been signed
with the facsimile signature of the Mayor and countersigned
with the facsimile signature of the City Secretary of the
City, respectively, and the official seal of the City has
been duly impressed, or placed in facsimile, on this
Certificate.
COUNTERSIGNED: xxxxxxxxxx
Mayor
xxxxxxxxxx CITY OF PEARLAND, TEXAS
City Secretary
CITY OF PEARLAND, TEXAS
(SEAL)
FORM OF REGISTRATION CERTIFICATE:
COMPTROLLER'S REGISTRATION CERTIFICATE: REGISTER NO.
I hereby certify that this Certificate of Obligation
has been examined, certified as to validity, and approved by
the Attorney General of the State of Texas, and that this
Certificate of Obligation has been registered by the Comp-
troller of Public Accounts of the State of Texas.
WITNESS my signature and seal this
xxxxxxxxxx
(SEAL) Comptroller of Public Accounts of
the State of Texas
NO.
FORM OF INTEREST COUPON:
ON 1, 19 ,
the CITY OF PEARLAND, in the Counties of Brazoria and Harris,
State of Texas, promises to pay to bearer the amount shown
on this interest coupon, in lawful money of the United
States of America, without exchange or collection charges to
the bearer, upon presentation and surrender of this interest
coupon, at the PEARLAND STATE BANK, Pearland, Texas, said
amount being interest due that day on the Certificate of
Obligation bearing the number hereinafter designated of that
issue of CITY OF PEARLAND, TEXAS, WATERWORKS SYSTEM CERTIFI-
CATES OF OBLIGATION, SERIES 1981, dated June 1, 1981.
Certificate No.
xxxxxxxxxx xxxxxxxxxx
City Secretary Mayor
Section 7. A special fund or account, to be designated
the "City of Pearland, Texas, Waterworks System Certificates
of Obligation Interest and Sinking Fund" (hereinafter called
the "Interest and Sinking Fund"), is hereby created and
shall be established and maintained by the City at an official
depository bank of the City. The Interest and Sinking Fund
shall be kept separate and apart from all other funds and
accounts of the City and shall be used only for paying the
interest on and principal of the Certificates and any addi-
tional certificates hereafter issued on a parity herewith.
All ad valorem taxes levied and collected for and on account
of the Certificates shall be deposited, as collected, to the
credit of the Interest and Sinking Fund. During each year
while any of the Certificates or interest coupons appertain-
ing thereto are outstanding and unpaid, the City Council of
the City shall compute and ascertain a rate and amount of ad
valorem tax which will be sufficient to raise and produce
the money required to pay the interest on the Certificates
as such interest comes due and to provide and maintain a
sinking fund adequate to pay the principal of the Certifi-
cates as such principal matures but never less than 2% of
the original principal amount of the Certificates as a
sinking fund each year; and said tax shall be based on the
latest approved tax rolls of the City, with full allowance
being made for tax delinquencies and the cost of tax collec-
tion. Said rate and amount of ad valorem tax are hereby
levied, and are hereby ordered to be levied, against all
taxable property in the City for each year while any of the
Certificates or interest coupons appertaining thereto are
outstanding and unpaid; and said tax shall be assessed and
collected each such year and deposited to the credit of the
Interest and Sinking Fund. Said ad valorem taxes sufficient
to provide for the payment of the interest on and principal
of the Certificates, as such interest comes due and such
principal matures, are hereby pledged for such payment
within the limits prescribed by law.
Section 8. The revenues to be derived from the opera-
tion of the waterworks system of the City, after the payment
of all operation and maintenance expenses of said system,
are hereby pledged to the payment of the principal of and
interest on the Certificates as the same come due to the
extent that the taxes mentioned in Section 7 of this ordi-
nance may ever be insufficient or unavailable for said
purpose, provided that this pledge of said revenues is and
shall be in all things junior and subordinate to the exist-
ing and any future pledge of and lien on said revenues for
the payment of the interest on and principal of all waterworks
and sanitary sewer system revenue bonds of the City now
outstanding or from time to time hereafter issued; and
provided, further, that this pledge of said revenues is and
shall be in all things on a parity with the pledge of and
lien on said revenues for the payment of the interest on and
principal of the City's outstanding Waterworks System Certifi-
cates of Obligation, Series 1980, dated September 1, 1980.
Section 9. Immediately following delivery of the
Certificates to the purchaser thereof, the accrued interest
and premium, if any, shall be deposited in the Interest and
Sinking Fund.
Section 10. The City expressly reserves the right to
(a) issue additional parity certificates, which may be
payable from the same source, secured in the same manner and
placed on a parity with the Certificates and (b) refund the
Certificates in any manner provided by law.
Section 11. The City certifies that based upon all
facts and estimates now known or reasonably expected to be
in existence on the date the Certificates are delivered and
paid for, 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 of the Certificates to
be
an "arbitrage
Internal
certificate" under Section
Revenue Code of 1954,
tions prescribed thereunder.
as amended,
Furthermore,
103(c)(2) of the
and the regula-
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 as of
the date the Certificates are delivered and paid for. In
particular, all or any officers of the City are authorized
to certify for the City the facts and circumstances and
reasonable expectations of the City on the date the Certifi-
cates are delivered and paid for regarding the amount and
use of the proceeds of the Certificates. Moreover, the City
covenants that it shall make such use of the proceeds of the
Certificates, regulate investments of proceeds of the Certi-
ficates and take such other and further actions as may be
required so that the Certificates shall not be "arbitrage
certificates" under Section 103(c)(2) of the Internal Reve-
nue Code of 1954, as amended, and the regulations prescribed
from time to time thereunder.
Section 12. The Mayor of the City is hereby authorized
to have control of the Certificates and all necessary re-
cords and proceedings pertaining to the Certificates pending
their delivery and their investigation, examination, and
approval by the Attorney General of the State of Texas and
their registration by the Comptroller of Public Accounts of
the State of Texas. Upon registration of the Certificates,
the Comptroller of Public Accounts (or a deputy designated
in writing to act for the Comptroller) shall manually sign
the Comptroller's Registration Certificate prescribed herein
to be printed and endorsed on each Certificate; and the seal
of the Comptroller shall be impressed, or placed in fac-
simile, on each of the Certificates.
Section 13. The Certificates are hereby sold and shall
be delivered to the UNDERWOOD, NEUHAUS & CO., INCORPORATED,
Houston, Texas, and PEARLAND STATE BANK, Pearland, Texas, for
the par value thereof and accrued interest thereon to date
of delivery, subject to the unqualified approving opinions,
as to the legality of the Certificates, of the Attorney
General of the State of Texas and of Vinson & Elkins,
Houston, Texas, market attorneys; and it is hereby offi-
cially found, determined, and declared that the Certificates
are sold on the best terms and for the best price possible.
Section 14. The approving opinion of Vinson & Elkins,
Houston, Texas, may be printed on the back of each of the
Certificates, but errors or omissions in such opinion shall
have no effect on the validity of the Certificates.
Section 15. The Mayor and all other appropriate offi-
cers of the City are hereby authorized and directed to do
any and all things necessary or convenient to carry out the
provisions of this ordinance.
Section 16. This ordinance shall take effect immedi-
ately upon its passage following the second and final read-
ing thereof.
Section 17. It is hereby officially found and deter-
mined that the need of the City for such financing creates
an emergency and an urgent public necessity for the holding,
at the scheduled time, of the meeting of the City Council at
which this ordinance is adopted and for the adoption of this
ordinance; and the NOTICE OF MEETING relating to said meeting
and heretofore posted by the City Secretary, and the posting
thereof, is hereby authorized, approved, adopted and ratified.
PASSED AND APPROVED this 27th day of July, 1981.
ATTEST:
/s/ Dorothy L. Cook
City Secretary
CITY OF PEARLAND, TEXAS
(SEAL)
/s/ Tom Reid
Mayor
CITY OF PEARLAND, TEXAS
CERTIFICATE OF ASSESSED VALUATION
THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND HARRIS §
CITY OF PEARLAND §
I, the undersigned, the duly appointed, qualified, and
acting Tax Assessor -Collector of the CITY OF PEARLAND of
Brazoria and Harris Counties, Texas, do hereby certify that
the following is a true and correct statement of the assessed
valuation of taxable property in said City as shown by the
duly approved tax rolls for the year 1980, which are the last
approved tax rolls for said City on file in my office, to -wit:
$176,465,914
WITNESS MY HAND AND THE OFFICIAL SEAL OF SAID CITY, this
3/ day of July, 1981.
ax Assessor-Collec r
CITY OF PEARLAND, TEXAS
(SEAL)
SIGNATURE IDENTIFICATION AND NO -LITIGATION CERTIFICATE
THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND HARRIS §
We, the undersigned officers of the CITY OF PEARLAND, TEXAS, certify
that we officially signed, by our facsimile signatures, on behalf of said
City, the following described certificates of obligation, to -wit:
CITY OF PEARLAND, TEXAS, WATERWORKS SYSTEM CERTIFICATES OF
OBLIGATION, SERIES 1981, dated June 1, 1981, numbered consecu-
tively from 1 through 80, in the denomination of $5,000 each,
aggregating $400,000, maturing serially on March 1 in each of
the years 1990 through 1993,
(the "Certificates") being on the date of such signing and on the date
hereof the duly chosen, qualified, and acting officers authorized to
execute the Certificates, and holding the official titles set forth
below opposite our signatures. We further certify that said facsimile
signatures have been affixed to the Certificates with our full knowledge
and consent, and we hereby respectively adopt the same as our own
signatures.
We further certify that, to our knowledge, no litigation of any
nature is now pending or threatened, either in the State or Federal courts
contesting or attacking the Certificates or restraining or enjoining their
issuance, execution or delivery, or restraining or enjoining the levy
and/or collection and/or pledge of the funds from which the Certificates
are payable, or in any manner questioning the authority or proceedings
for the issuance, execution or delivery of the Certificates, or affecting
the title of the present officials, and that no proceedings or authority
for the issuance, execution or delivery of the Certificates have been
repealed, rescinded or revoked.
The undersigned officers whose facsimile signatures do appear on
each of the coupons attached to the Certificates further certify that
said facsimile signatures have been so affixed with their full knowledge
and consent, and are hereby respectively adopted.
We further certify that the seal which has been impressed, or placed
in facsimile, upon each of the Certificates is the legally adopted, proper
and only official seal of the issuer of the Certificates, said official
seal being impressed on this certificate.
We further certify that no petition or other request has been filed
with or presented to any official of the issuer of the Certificates re-
questing that any of the proceedings authorizing the Certificates be sub-
mitted to a referendum or other election.
We further certify that the information and data contained in the
General Certificate dated July 27, 1981, is still true and correct as of
this date.
WITNESS OUR HANDS AND SAID SEAL, this /Z day/off (,��� - , 1981.
D'oro by L. Co
City Secreta
(SEAL)
Tom Reid
Mayor
The signatures of the above officers are hereby certified to be
genuine.
Pearland State Bank
Name of Bank
Pearland, Texas
City
(BANK SEAL)
ature of Bank Officer
Sr. Vice President
Title of Bank Officer
r
MARK WHITE
Attorney General
^;uprerne Court Building
P 0 Box 12548
Austin. TX 78711
512,475 2501
The Attorney General of Texas
August 12, 1981
THIS IS TO CERTIFY that the following described
certificates, together with authenticated copies
of the proceedings relating to and authorizing the
issuance of same, have been submitted to me for
examination in accordance with the requirements of
the statutes of the State of Texas, to -wit:
CITY OF PEARLAND, TEXAS, WATERWORKS SYSTEM CERTIFICATES OF
OBLIGATION, SERIES 1981, issued by virtue of Ordinance adopted
by the City Council of said City on the 13th day of July, 1981,
for the purpose of evidencing the indebtedness of the City
for all or any part of the cost of extending and improving
the waterworks system of the City, and the cost of professional
services incurred in connection therewith; dated June 1, 1981;
numbered consecutively from 1 to 80, inclusive; in the
denomination of Five Thousand Dollars ($5,000) each; aggregating
the principal sum of Four Hundred Thousand Dollars ($400,000);
maturing serially on March 1 in each of the years as follows:
1990/1993 $100,000
bearing interest from date at the following rates per annum,
to -wit:
Certificates maturing
Certificates maturing
Certificates maturing
1990
1991
1992/1993
9.25%
9.40%
9.75%
payable on March 1, 1982, and semiannually thereafter on
September 1 and March 1 in each year while these Certificates
are outstanding; both principal and interest payable at the
Pearland State Bank, Pearland, Texas.
From a careful examination of said certificates and
proceedings and the Constitution and laws of the State of
Texas on the subject of the execution and issuance thereof,
I find the following facts, to -wit:
(1) That the City of Pearland, Texas was, at the time of the
adoption of the Ordinance above referred to, and is, as
of this date, legally incorporated;
I
Page -2-
(2) That annual ad valorem taxes sufficient to provide for
the payment of the interest on and principal of these
Certificates, as such interest comes due and such principal
matures, have been levied and ordered to be levied against
all taxable property in the City and have been pledged
for such payment within the limits prescribed by law,
and that the revenues to be derived from the operation
of the waterworks system of the City, after the payment
of all operation and maintenance expenses of said system,
are also pledged to the payment of the principal of and
interest on these Certificates to the extent that said
taxes levied and collected for same may ever be insufficient
or unavailable for said purpose, the said pledge of revenues
being in all things junior and subordinate to the existing
and any future pledge of and lien on said revenues for
the payment of the interest on and principal of all
waterworks and sanitary sewer system revenue bonds of
the City, now outstanding or from time to time hereafter
issued, all as set forth in the Ordinance;
(3) That said City has reserved the right to issue additional
parity Certificates, and said Certificates may be payable
from the same source, secured in the same manner and
placed on a parity with these Certificates, all as set
forth in the Ordinance;
(4) That the Ordinance authorizing the issuance of said
certificates is in proper form and was legally adopted;
(5) That said certificates and interest coupons attached thereto
are proper in form and in accordance with the Ordinance
authorizing their issuance.
IT IS MY JUDGMENT, and I so find, that all of the require-
ments of the laws under which said certificates were issued
have been met; that said certificates were issued in conformity
with the Constitution and laws of the State of Texas; and that
said certificates are valid and binding obligations of said
City of Pearland, Texas.
WHEREFORE, said certificates are hereby approved.
IN TESTIMONY WHEREOF, I have hereunto signed my name offi-
cially and caused the seal of my office to be impressed hereon,
in the City of Austin, Texas.
AttorGeneral of the State
No. 17805
Book No. 70
jh
FORM 2P40-1.04
OFFICE OF COMPTROLLER
OF THE STATE OF TEXAS
1
I, Bob Bullock, Comptroller of Public Accounts of the State of Texas, do hereby
certify that the foregoing hereof is a true and correct copy of the opinion of the Attorney
General approving the City of Pearland, Texas, Waterworks System
Certificates of Obligation, Series 1981
numbered consecutively from
1
to 80 of the denomination of
$ 5,000.00 each, dated June 1 , 19 81 ,due See foregoing
interest Various percent, under and by authority of which said bonds were registered
in this office, on the 14th day of August 19 81 , as the same appears of record
on page 84 Bond Register of the Comptroller's Office, Vol 83 Register Number
46204
day of
Given under my hand and seal of office, at Austin, Texas, the 14th
August
,1981
Bob Bullock
Comptroller of Public Accounts of the
State of Texas
TREASURER'S RECEIPT
THE STATE OF TEXAS §
COUNTIES OF BRAZORIA AND HARRIS §
I, the undersigned Treasurer of the CITY OF PEARLAND, TEXAS, certify
as follows: AUG 19 1981
1. That on , I delivered to the purchaser
thereof the following certificates of obligation:
CITY OF PEARLAND, TEXAS, WATERWORKS SYSTEM CERTIFICATES OF
OBLIGATION, SERIES 1981, dated June 1, 1981, numbered consecu-
tively from 1 through 80, in the denomination of $5,000 each,
aggregating $400,000, maturing serially on March 1 in each of
the years 1990 through 1993 (the "Certificates").
2. At the time of such delivery, there were no matured coupons
attached to the Certificates, and all unmatured coupons were attached
to the Certificates.
3. At the time of such delivery, I received from said purchaser
full payment for the Certificates in keeping with the ordinance autho-
rizing the issuance thereof and the ordinance awarding the sale thereof,
said full purchase price being $400,000 plus accrued interest from date
to delivery.
IN WITNESS WHEREOF, I //--1► YJ,� e11ae;�»pto set my hand and the official
seal of said City, on yy I
(SEAL)
5,c1„cti,
Treasur
rl
NO -LITIGATION CERTIFICATE
We, the undersigned officers of said CITY OF PEARLAND, TEXAS, do
hereby certify that at the time of delivery of the Certificates, as set
forth in the Treasurer's Receipt above, there was not pending, and, to
our knowledge, there was not threatened, any litigation affecting the
validity of the Certificates, or the levy and/or collection and/or pledge
of funds for the payment thereof, or the organization or boundaries of
said City, or the title of the officers thereof to their respective
offices, and that no additional certificates of obligation, bonds,
warrants, or other indebtedness have been issued since the date of the
statement of indebtedness or non -encumbrance certificate submitted to
the Attorney General of Texas in connection with the approval of the
Certificates. AUG 1 9 1981
WITNESS OUR HANDS AND THE OFFICIAL SEAL OF SAID ,TY, on
(SEAL)
Mayor:
City Secretary:
The foregoing signatures of the above Treasurer, Mayor, and City
Secretary are hereby certified to be genuine.
(RANK SEAL)
Pearland Stara Bank
Name of Bank
Pearland, Texas
City
LI.G�
Si ture of Bank Officer
Sr. Vice President
Title of Bank Officer
VINSON & ELKINS
ATTORNEYS AT LAW
FIRST CITY NATIONAL BANK BUILDING
HOUSTON,)TEXAS 77002
of oWE HAVE ACTED as bond co F, for the CI1 JF PEARLAND, TEXAS (the "City"), in connection with the certificates
gation hereinafter described kij"Certificates") :
CI
Y OF
WATERWORKS
1 81, dated June 1, PEARLAND, 81 TEXAS,
consecutively f omS 1Ethrough M T80,1 both e inS clusive, OBLIGATION,, nhedenSERIES
m nation
of $5,000 each, aggregating $400,000, bearing interest per annum at the respective rates shown below.
interest payable March 1, 1982, and semiannually thereafter on September 1 and March 1 in each year,
and maturing serially on March 1 in each year as follows:
$100,000 9.25% 1990
100,000 9.40
100,000 9.75%
1991
WE RAVE 1992/93
of the Certificatesunderthe Constitution nTED as bond counsel for the and lawse ofthe State of Texas, under which the City is acting as an incorporated
city of purpose of rendering an opinion with respect to the legality and validity
city
the State of Texas, and with respect to the exemption of interest on the Certificates from Federal income taxation. We
oth r not been requested to investigate or verify and have not investigated or verified original radata, or
not aeMaterial, but have relied soles upon certificates executed b y con-
nection any responsibility with respct to the financial condition porbeapabilities of the c officials and eCityeo 8the edilsc disclosure thereof eof in con
n with an sale of the Certith res.
which contains
CAPACITY as bond counsel, we have examined a transcript of certified proceedings
and repro certified copies of the City, andtain otherertifedgsh wingsCrelat relating totheauthorizationto d issuance of the Certificates. We
have y cepertificatengs
ofto the officeCertrs,
agents
hale also made a limited examination of the Official Statement solely byCityconcerning
the Certificates Certificates.
verify that suchnation description conforms toe the provisions matters
theordinancethe
adoptedbyCity Council ofterms
the
been prepared the e financial advisors in connection with the
City nUthorizing the Certificates. We have also examined executed Certificate No. 1 of this issue.
D OH
IT IS
'egaBautho ity for EXAMINATION, ohCertificaesRin full comp ianceN that hwithatheriCon Constitution laws of the State of Texas
Presently effective; that therefore the Certificates constitute valid and legally binding obligations of the City, and that taxable
Propertynwithin the City is subject to the levy of ad valorem taxes, within the limits prescribed by law, to
interest thereon.
pay the Certificates
e Dal 18 OUR FURTHER OPINION that the revenues to be derived from the operation of the waterworks system of the
ter the payment of all operation and maintenance expenses of said system, are also pledged to the payment of the
unat of and interest on the Certificates to the extent that said taxes levied and collected for same may ever be insufficient or
and peable for said purpose, the said pledge of revenues being in all things junior and subordinate to the existingprin
n on said revenues for the payment of the interest on and
of
nu bonds of the City, now outstanding or from time to time hereafter issued, all as set forth in the ordinance adopted pledge by the
y Council of the Cityprincipal of all waterworks and sanitary sewer system reve-
authorizing the Certificates (the "Ordinance").
ga.. TTH, E CITY has reserved the right, subject to the restrictions stated in the Ordinance. to issue additional certificates of obli-
for any lawful purpose, to be on a parity with the Certificates and to be Payable from, and secured by a lien on and
Dledge of the aforesaid Net Revenues in the same manner and to the same extent as the Certificates.
anderT IS OUR FURTHER OPINION that the interest on the Certificates is exempt from all present Federal Income taxation
existing statutes, regulations, published rulings and court decisions.
VINSON & ELKINS
HEREBY C
�edr°tp'a �eaerlbed CERTIFY that the above and foregoing is a true and correct copy of the legal opinion upon the Certificates
yvent for said was manually signed by Vinson & Eikine, Houston, Texas, and was dated as of the date of delivery of
d Certificates.
Secreta
CITY OF PEARLAND TEXAS
lieninrn
IWO
II IIIII II�1
iiiii
UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTIES OF BRAZORIA AND HARRIS
CITY OF PEARLAND, TEXAS,
WATERWORKS SYSTEM
CERTIFICATE OF OBLIGATION
SERIES 1981
Dated June 1, 1981
Principal Due March 1, 1993
No Option
INTEREST 9 75 PER CENT
Interest coupons payable March 1, 1982, and
semiannually thereafter on each September 1
and March 1 while this Certificate
is outstanding
Principal and interest payable at
the PEARLAND STATE BANK,
Pearlland, Texas
t�l ����������\\1"111�11�����I\\I\\��
2014;411010fAlti
REGISTER NO
COMPTROLLER'S REGISTRATION
CERTIFICATE
Texas, and that
0
w
w
v
w
1
counts of the State of Texas.
WITNESS my signature and seal this
•
FISCAL YEAR
'ENDING
9/30
DEBT SERVICE REQUIREMENT SCHEDULE
$400,000
CITY OF PEARLAND
WATERWORKS SYSTEM C.O.'S
SERIES 1981
CURRENT ISSUE
PRESENT
DEBT PRINCIPAL INTEREST
REQUIREMENT COUPON DUE: 3/ 1 DUE: 3/ 1
1982
1983
1984
19:35
1986
1987
1988
1989
1990
1991
1992
1993
DATED:
FIRST COUPON DATE:
MATURITIES::
PAYING AGENT:
$0
0
0
0
0
0
0
0
0
0
0
0
9.250
9.400
9.750
9.750
100,000
100,000
100,000
100,000
PRINCIPAL 4<
INTEREST
DUE: 3/ 1
$28,612.501
19,075.00
19,075.005
19,075.007
19,075.009
19,075.00ii
19,075.001'5
19,075.0915
19, 075. 0011 \
14,450.00tq '
9,750.00 -xi
4,875.00 1,1,
$28,612.50
19,075.00
19,075.00
19,075.00
19,075.00
19,075.00.
19,075.00`'
19,075.00j
119,075:00
114,450.00
109,750.00
104,875.00
JUNE 1, 1981
MARCH 1, 1982
MARCH 1, 1990/93
PEARLAND STATE BANK, PEARLAND, TEXAS
LEGAL OPINION
INTEREST
DUE: 9/ 1
TOTAL
PRINCIPAL
4 INTEREST
$19, 075.00
19,075.00
19,075.00G,
19,075.00?
19,075.001r
19,075.001'
19,075.00 ,Y
19, 075.00 Ib
14,450.0018
9, 7E0.00 10 _
4,875.00 7-Y
$47,687.50
38,150.00
38,150.00
38,150.00
38,150.00
38,150.00
38,150.00
38,150.00
133,525.00
124,200.00
114,625.00
104,875.00
TOTAL ANNUAL
REQUIREMENTS
$47,688
38,150
38,150
38,150
38,150
38,150
38,150
38,150
133,525
124,200
114,625
104,875
YEAR TOTAL INTEREST
1982 47,687.50
1983 38,150.00
1984 38,150.00
1985 38,150.00
1986 38,150.00
1987 38,150.00
1988 38,150.00
1939 38,150.00
1990 33,525.00
1991 24,200.00
1992 14,625.00
1993 4,875.00
391, 962.50
READY
I101 CONNECTICUT AVE. N. W..SUITE 900
WASHINGTON, D. C. 20036
TELEPHONE 202 862-6500
CABLE VINELKINS TELEX 89680
VINSON & ELKINS
ATTORNEYS AT LAW
FIRST CITY TOWER
HOUSTON, TEXAS 77002
TELEPHONE 713 651-2222 TWX 9108816391 TELEX 762 146
47 CHARLES ST.. BERKELEY SQUARE
LONDON WIX 7PB, ENGLAND
TELEPHONE 44 01 491-7236
CABLE VINELKINS LONOON W. I.TELEX 24140
February 10, 1982
Mr. Frank Ildebrando
Underwo,d, Neuhaus & Co., Inc.
724 Tr,vis Street at Rusk Avenue
Hous n, Texas 77002
Re:
$400,000 City of Pearland, Texas,
Waterworks System Certificates of
Obligation, Series 1981
Dear Frank:
AUSTIN NATIONAL BANK TOWER
AUSTI N, TEXAS 78701
TELEPHONE 512 478-2500
Enclosed is a bound transcript of proceedings authorizing
the, issuance of these certificates of obligation. It is for
you as financial advisor and co -purchaser of the certificates.
With copies of this letter, I am also sending bound trans-
cripts to the City for their permanent records and to Pearland
State Bank, co -purchaser of the certificates.
Very truly yours,
Howard W. May's
185:51B
Enclosures
cc: Mrs. Dorothy L. Cook
7 City Secretary
P. 0. Box 1157
Pearland, Texas 77581
Pearland State Bank
P. O. Box 66
Pearland, Texas 77581
LI. 1,
2, ..g i N,tv:es
AVISO DE INTENCION
DE EMITIR
CERTIFICADOS DE
OBLIGACION
NOTICE OF INTENTION
TO ISSUE
CERTIFICATES OF
OBLIGATION
NOTICE IS HEREBY GIVEN that the
SE NOTIFICA P0R EL PRESENTE City Council of the City of Pearland,
que el Cabildo Municipal de la Texas (the "City'), will meet in the
Ciudad de Pearland, Texas (la City Hall, City of Pearland, Texas, at
"Ciudad''), se reunira en el Edificio 7:30 p.m. on July 13, 1981, and on
del Cabildo Municipal. Ciudad de i July 27, 1981, respectively. to adopt
Pearland, Texas, alas 7:30 p.m. en an ordinance, on first and second
el 13 de julio de 1981, y en el 27 de . readings, authorizing the issuance of
Julio de 1981 respectivamente. pars the City's Certificates of Obligation.
adopter una ordenanza, en primers y payable from City ad valorem taxes
segunda lectures, autorizando la
emision de los Certificados de
Obligation de la Ciudad, pagaderos
de impuestos al valor de la Ciudad y
de una prenda subordinada de los in-
gresos del sistema de abastecimiento
de agues de la Ciudad.
r la alcan-
tided total maxima pnciP
de
$400,000, Ilevando interes a cual-
gwera tasa o tasas sequn sea deter-
minado por el Cabildo Municipal,
condreionado a que dicha tasa o
tasas de interes no excederan el
limite legal maxim° en efecto al
tiempo de su emision, y con venci-
miento sobre un period° de anos a
ng,exceder vente (20) anos a partir
de za hda de los mism°s, con el
proposito de ev denciar el adeudo de
la Ciudad por todo o alguna parte del
costo de ampliar y n °iorar el sistema
M r . de abastecimiento de aguas de la
Uncle Ciudad, y el costo de servicios profe-
7 2 4 sionales incurridos en relation a to
O U S mismo.
OTORGADO ANTE MI Y EL SELLO
Dear OFICIAL DE LA CIUDAD, este dia 22
de junio de 1981.
/fdo/ DOROTHY L COOK
The ( SECRETARIO MUNICIPAL
1981. CIUDAD DE PEARLAND,
TEXAS
as s L _�SEuo)
and a subordinate pledge of the
revenues of the waterworks system of
the City, in the maximum aggregate
principal amount of $400,000, bear-
ing interest at such rate or rates as
shall be determined by the City
Council, provided that such interest
rate or rates shall not exceed the
maximum legal limit in effect at the
time of their issuance, and maturing
over a period of years not to exceed
twenty (20) years from the date
thereof, for the purpose of evidenc-
ing the indebtedness of the City for
all or any part of the cost of exten-
ding and improving the waterworks
system of the City, and the cost of
professional services incurred in con-
nection therewith.
WITNESS MY HAND AND THE OF-
FICIAL SEAL OF THE CITY, this 22nd
day of lune. 1981.
r /s/ DOROTHY L. COOK
CITY SECRETARY
CITY OF PEARLAND,
i
(SEAL)
1981
TELEPHONE (713) 485-2411
POST OFFICE BOX 1157
PEARLAND, TEXAS 77581
a regular meeting held on August 24,
'ficial Statement dated July 27, 1981,
office, for the sale of the $400,000
in Certificates of Obligation.
This is for your information.
very truly,
Dorothy L.
City Secreta
DLC:tjv
ok
y
OFFICIAL STATEMENT DATED JULY 27, 1981
THE ISSUANCE OF THE CERTIFICATES IS SUBJECT TO THE OPINION OF BOND COUNSEL TO THE EFFECT
THAT INTEREST ON THE CERTIFICATES IS EXEMPT FROM FEDERAL INCOME TAXATION UNDER
EXISTING STATUTES, REGULATIONS, PUBLISHED RULINGS AND COURT DECISIONS.
$400,000
CITY OF PEARLAND
(A political subdivision of the State of Texas
located within Brazoria and Harris Counties)
WATERWORKS SYSTEM
CERTIFICATES OF OBLIGATION
SERIES 1981
Principal and interest payable at the Pearland State Bank, Pearland, Texas. Interest
is payable March 1, 1982 (9 month coupon), and each September 1 and March 1 thereafter
until maturity. The Certificates are not subject to redemption prior to their scheduled
maturities. The Certificates are issued in $5,000 denominations and are not registrable.
MATURITY SCHEDULE
Dated: June 1, 1981 Due: March 1
Amount Maturity Coupon Amount Maturity Coupon
$100,000
100,000
1990 9.25% $100,000 1992 9.75%
1991 9.40 100,000 1993 9.75
The $400,000 Waterworks System, Certificates of Obligation, Series 1981 (the
"Certificates"), constitute the entire amount of waterworks system certificates of
obligation authorized by the City of Pearland, Texas (the "City"), for that purpose on
July 27, 1981. The Certificates, when issued, will constitute valid and binding
obligations of the City, payable as to principal and interest from the proceeds of a
continuing, direct annual ad valorem tax levied, within the limits prescribed by the
Constitution and laws of the State of Texas, against taxable property within the City and
further payable from a junior lien on the net revenues derived from the operation of the
waterworks system of the City.
The Certificates are offered subject to prior sale, when, as an if issued by the City
and accepted by the Purchaser, subject to the approval of the Attorney General of Texas
and approval of certain legal matters by Messrs. Vinson & Elkins, Bond Counsel for the
City (the "Bond Counsel"). Delivery of the Certificates is expected on or about
August 3, 1981.
OFFICIAL STATEMENT DATED JULY 27, 1981'
THE ISSUANCE OF THE CERTIFICATES IS SUBJECT TO THE OPINION OF BOND COUNSEL TO THE EFFECT
THAT INTEREST ON THE CERTIFICATES IS EXEMPT FROM FEDERAL INCOME TAXATION UNDER
EXISTING STATUTES, REGULATIONS, PUBLISHED RULINGS AND COURT DECISIONS.
$400,000
CITY OF PEARLAND
(A political subdivision of the State of Texas
located within Brazoria and Harris Counties)
WATERWORKS SYSTEM
CERTIFICATES OF OBLIGATION
SERIES 1981
Principal and interest payable at the Pearland State Bank, Pearland, Texas. Interest
is payable March 1, 1982 (9 month coupon), and each September 1 and March 1 thereafter
until maturity. The Certificates are not subject to redemption prior to their scheduled
maturities. The Certificates are issued in $5,000 denominations and are not registrable.
MATURITY SCHEDULE
Dated: June 1, 1981 Due: March 1
Amount Maturity Coupon Amount Maturity Coupon
$100,000 1990 9.25% $100,000 1992 9.75?
100,000 1991 9.40 100,000 1993 9.75
The $400,000 Waterworks System, Certificates of Obligation, Series 1981 (the
"Certificates"), constitute the entire amount of waterworks system certificates of
obligation authorized by the City of Pearland, Texas (the "City"), for that purpose on
July 27, 1981. The Certificates, when issued, will constitute valid and binding
obligations of the City, payable as to principal and interest from the proceeds of a
continuing, direct annual ad valorem tax levied, within the limits prescribed by the
Constitution and laws of the State of Texas, against taxable property within the City and
further payable from a junior lien on the net revenues derived from the operation of the
waterworks system of the City.
The Certificates are offered subject to prior sale, when, as an if issued by the City
and accepted by the Purchaser, subject to the approval of the Attorney General of Texas
and approval of certain legal matters by Messrs. Vinson & Elkins, Bond Counsel for the
City (the "Bond Counsel"). Delivery of the Certificates is expected on or about
August 3, 1981.
TABLE OF CONTENTS
Page
USE OF INFORMATION IN OFFICIAL STATEMENT 3
OFFICIAL STATEMENT SUMMARY 3
SALE AND DISTRIBUTION OF THE CERTIFICATES 4
Registration and Qualification of Certificates for Sale 4
Municipal Certificates Rating 4
DEBT SERVICE REQUIREMENTS. 5
THE CERTIFICATES 6
Description 6
Source of Payment 6
Authority for Issuance. 6
Future Debt 6
Use of Proceeds 6
Legal lneestments in Texas 6
No Arbitrage 6
Holders' Remedies 7
DEBT STATEMENT 7
General 7
Bonded Indebtedness 7
Estimated Oyerlappirio Debt 7
Debt Ratios 8
TAX DATA 8
General. 8
Authority for Ad Valorem Taxation 8
Recent Legislation 9
Historical Analysis of Ad Valorem Taxation 10
Analysis of lax Base 10
Tax Adequacy 10
Sales Tax 10
FINANCIAL DATA 11
Historical Operations of the City's General Fund 11
Pension Fund 11
Financial Statements 12
ADMINISTRATION OF THE CITY 12
Mayor and City Council 12
Administraton 12
Consultants 12
LEGAL MATTERS 13
Legal Opinion 13
No -Litigation Certificate 13
SOURCES AND COMPILATION OF INFORMATION 13
General 13
Updating of Official Statement 13
Certification of Official Statement 14
APPENDIX A - Economic and Demographic Characteristics
APPENDIX 8 - Financial Statements of the City
2
USE OF INFORMATION IN OFFICIAL STATEMENT
No dealer, broker, salesman or other person has been authorized to give any
information or to make any representations other than those contained in this Official
Statement and if given or made, such other information or representations must not be
relied upon as having been authorized by the City. This Official Statement is not to be
used in connection with an offer to sell or the solicitation of an offer to buy in any
state in which such offer or solicitation is not authorized, or in which the person making
such offer or solicitation is not qualified to do so or to any person to whom it is
unlawful to make such offer or solicitation. Any information and expressions of opinion
herein contained are subject to change without notice, and neither the delivery of this
Official Statement nor any sale made hereunder shall, under any circumstances, create any
implication that there has been no change in the affairs of the City or other matters
described herein since the date hereof.
SUMMARY
The following material is qualified in its entirety by the detailed information and
financial statements appearing elsewhere in this Official Statement, reference to which is
made for all purposes.
- General -
The Issuer The City of Pearland, a political subdivision of the State
of Texas, located in Brazoria and Harris Counties, Texas.
The Issue $400,000 Waterworks System Certificates of Obligations,
Series 1981, dated June 1, 1981, maturing March 1, 1990
through 1993, both inclusive. Interest due March 1, 1982,
and semi-annually thereafter until maturity. The Certi-
ficates contain no provision for registration. The Certi-
ficates are not subject to redemption prior to their
scheduled maturities.
Source of Payment Principal of and interest on the Certificates are payable
solely from the proceeds of an annual ad valorem tax
levied, within the limits prescribed by the Constitution
and laws of the State of Texas, against taxable property
within the City.
Use of Proceeds The Certificates are being issued to provide funds for the
construction of a water well and related facilities.
Proceeds will also be used to pay engineering costs and
costs incurred through the issuance of the Certificates.
Rating Moody's Investors Service Inc
Population 13,130 (1980 Census)
3
- Financial Highlights -
(Unaudited)
1981 Estimated Assessed Valuation (100% of Estimated Market Value) $315,500,000 (a)
1980 Assessed Valuation (60% of Estimated Market Value) $175,727,435
Bonded Indebtedness
Outstanding City Debt (as of May 1, 1981) $ 5,087,000
The Certificates $ 400,000
Direct Debt $ 5,487,000
Estimated Overlapping Debt $ 7,549,203
Direct and Estimated Overlapping Debt $ 13,036,203
Interest & Redemption Fund Balance (as of May 1, 1981) $ 320,653
(a) Provided by the City's Tax Assessor/Collector; does not. represent a final assessed
valuation, as the Board of Equalization may determine to raise or lower all or a part
of such valuation.
%of 1980 of 1981
Ass'd Value Est. A.V. Per Capita
Debt Ratios:
Direct Debt 3.12% 1.74% $413
Direct and Estimated Overlapping Debt 7.42% 4.13% $980
Debt Service Requirements
Average (1982/1997)
Maximum (1982)
$500,448
$576,702
Tax Collections (through May 30, 1981)
Tax Year (1979/1980) - Current year 95.02%
Current and prior years 96.82%
Arithmetic Average
Tax Years (1976/1980) - Current year 96.16%
Current and prior years 98.91%
SALE AND DISTRIBUTION OF THE CERTIFICATES
Registration and Qualification of Certificates for Sale:
No registration statement relating to the Certificates has been filed with the
Securities and Exchange Commission under the Securities Act of 1933, as amended, in
reliance upon exemptions provided thereunder. The Certificates have not been registered
or qualified under the Securities Act of Texas in reliance upon various exemptions
contained therein; nor have the Certificates been registered or qualified under the
securities act of any jurisdiction. The City assumes no responsibility for registration
or qualification of the Certificates under the securities laws of any jurisdiction in
which the Certificates may be offered, sold, or otherwise transferred. This disclaimer of
responsibility for registration or qualification for sale or other disposition of the
Certificates shall not be construed as an interpretation of any kind with regard to the
availability of any exemptions from securities registration or qualification provisions.
Municipal Certificates Rating:
Application has been made to Moody's Investor's Service, Inc. ("Moody's") for a
municipal rating, and a rating of " " has been assigned to the Certificates and the
other outstanding City indebtedness which ranks on a parity with the Certificates. An
explanation of the significance of such rating may be obtained from Moody's. The rating
reflects only the view of Moody's and the City makes no representation as to the
appropriateness of the rating.
There is no assurance that such rating will continue for any given period of time or
that it will not be revised or withdrawn entirely by Moody's, if, in its sole judgment,
circumstances so warrant. Any such revision or withdrawal may have an effect on the
market price of the Certificates.
4
Fiscal
Ending
Year
9-30
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
DEBT SERVICE SCHEDULE
Outstanding Debt
(Principal and
Interest
$ 528,014
527,138
526,658
525,262
527,605
523,901
525,239
528,615
423,689
418,689
412,866
406,127
406,142
394,012
277,500
263,750
$7,215,207
The Certificates
Principal
$100,000
100,000
100,000
100,000
Interest
$ 47,688
38,150
38,150
38,150
38,150
38,150
38,150
38,150
33,525
24,200
14,625
4,875
$400,000 $391,963
A%.erage Annual Requirements• $500,448
Total Debt
SerN,ice
$ 575,702
565,288
564,808
563,412
565,755
562,051
563,389
566,765
557,214
542,889
527,491
511,002
406,142
394,012
277,500
263,750
$8,007,170
5
THE CERTIFICATES
Description:
The Certificates are dated June 1, 1981, and bear interest from such date at the rates
specified under "MATURITY SCHEDULE", which interest is payable on March 1, 1982, and each
September 1 and March 1 thereafter until maturity. the Certificates maturing
March 1, 1990 through 1993, both inclusive, are issued as coupon certificates in the
denomination of $5,000 each, and are not registrable. The Certificates are not subject to
redemption prior to their scheduled maturities. Principal of and interest on the
Certificates are payable at Pearland State Bank, Pearland, Texas.
The Certificates are bearer certificates and are fully negotiable. Safekeeping must
be employed by the holder. In accordance with Article 715a, Vernon's Texas Civil
Statutes, lost, stolen, destroyed or mutilated Certificates may be replaced by the City
upon request of the holder and the furnishing of indemnity to the satisfaction of the
City, proof of ownership, explanation of loss and costs incurred by the City. Such
replacement certificates are subject to the approval of the Attorney General of Texas.
Replacement is a time-consuming and expensive process.
Source of Payment:
The Certificates, when issued, will constitute valid and binding obligations of the
City and, together with other outstanding debt on a parity with the Certificates are
payable as to principal and interest from the proceeds of an annual ad valorem tax levied,
within the limits prescribed by the Constitution and laws of the State of Texas, against
taxable property within the City and further payable from a junior lien on the net
revenues derived from the operation of the waterworks system of the City.
The Council covenants in the ordinance authorizing issuance of the Certificates (the
"Ordinance") that while the Certificates or any part of them are outstanding, it will levy
and assess, considering delinquencies and costs of collection, an annual ad valorem tax,
within the aforementioned limitations, against taxable property within the City, which
will be sufficient to pay the interest and principal, when due, on the Certificates, and
will undertake collection of such tax.
Authority for Issuance:
The Certificates are issued pursuant to an Ordinance which authorizes issuance and
awards sale of the Certificates. The Certificates were authorized on July 27, 1981,
pursuant to authority granted by Article 2368a.1, Vernon's Texas Civil Statutes, as
amended.
Future Debt:
Upon issuance of the Certificates, there will be no ad valorem tax debt authorized but
unissued. The City currently has no plans to authorize and issue additional ad valorem
tax debt, however, nothing herein should be construed as precluding the right of the City
to seek such approval and to issue such authorized debt in the future.
Use of Proceeds:
The Certificates are being issued to provide funds for the construction of a water
well and related facilities. Proceeds will also be used to pay the placement agent's fee
of S10,440, the Bond Counsels fee, engineering fees and the cost of issuance of the
Certificates.
Legal Investments in Texas:
The Certificates are legal investments for sinking funds of Texas counties, cities and
towns. They are eligible to secure Texas state and school district funds, and constitute
legal investment for insurance companies in the State of Texas. No representation is made
with respect to the laws of the states other than Texas as to whether the Certificates are
legal investments for various institutions or purposes in those states.
No Arbitrage:
The City certifies that based upon all facts and estimates now known or reasonably
expected to be in existence on the date the Certificates are delivered and paid for, 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 of the Certificates to be an "arbitrage
certificate" under Section 103(c)(2) of the Internal Revenue Code of 1954, as amended, and
the regulations prescribed thereunder. Futhermore, 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 as of the date the Certificates
are delivered and paid for. In particular, all or any officers of the City are authorized
to certify for the City the facts and circumstances and reasonable expectations of the
City on the date the Certificates are delivered and paid for regarding the amount and use
of the proceeds of the Certificates. Moreover, the City covenants that it shall make such
use of the proceeds of the Certificates, regulate investments of proceeds of the
Certificates and take such other and further actions as may be required so that the
Certificates shall not be "arbitrage certificates" under Section 103(c)(2) of the Internal
Revenue Code of 1954, as amended, and regulations prescribed from time to time thereunder.
6
Remedies in the Event of Default:
The Ordinance provides that while any part of the Certificates are outstanding there
shall be levied, assessed and collected an ad valorem tax, within the limits prescribed by
law, against taxable property within the City, sufficient to pay principal of and interest
on the Certificates when due and to pay the expenses necessary in collecting such taxes.
In the event the City defaults on the payment of the principal of or interest on any of
the Certificates when due, fails to make required payments into the Interest and Sinking
Fund or any other fund, or defaults in the observance or performance of any of the
covenants set forth in the Ordinance, any holder of the Certificates shall be entitled at
any time to seek a writ of mandamus from a court of competent jurisdiction requiring the
City to observe the covenants, obligations, or conditions contained in the Ordinance:
however, the mandamus remedy may be impracticable and difficult to enforce and may have to
be relied upon from year to year.
The Ordinance does not specifically provide for other remedies to a holder of the
Certificates in the event of default nor does it provide for the appointment of a trustee
to protect Certificates upon the occurrence of such a default. Further, the holders of
the Certificates cannot themselves foreclose on or sell property within the City in order
to pay the principal of or interest on the Certificates. While holders of the
Certificates could obtain a judgment against the City, such a judgment could not be
enforced by a direct levy and execution against property within the City. The
enforceability of the rights and remedies of the holders of the Certificates may further
be limited by laws relating to bankruptcy, reorganization or other similar laws of general
application affecting the rights of creditors of political sudivisions such as the City.
In addition, court decisions other than in Texas have upheld the right of a state, in
appropriate emergency circumstances and in the exercise of the state's police power, to
modify the terms and conditions of contractual covenants relating to the payments of
indebtedness of a political subdivision. Such an exercise of the state's police power
could further serve to limit the enforceability of the rights and remedies of holders of
the Certificates.
DEBT STATEMENT
General:
The following tables and calculations relate to the Certificates and other debt of the
City. Various other political subdivisions of government within which the City is
located, which overlap all or a portion of the area of the City, are also empowered to
incur debt to be paid from revenues raised or to be raised through taxation.
Bonded Indebtedness:
Outstanding City Debt (as of May 1, 1981) $ 5,087,000
The Certificates 400,000
Total Direct Debt $ 5,487,000
Interest & Sinking Fund Balance (as of May 1, 1981) $ 320,653
Estimated Overlapping Debt:
The following table indicates the indebtedness, defined as outstanding certificates
payable from ad valorem taxes, of governmental entities within which the City is located
and the estimated percentages and amounts of such indebtedness attributable to taxable
property within the City. Such figures do not indicate the tax burden levied by the
applicable taxing jurisdications for operation and maintenance purposes.
Taxing Jurisdiction
Debt as of
May 1, 1981
Brazoria County $ 2,725,000
Clear Creek I.S.D. 40,815,000
Harris County 253,995,000
Harris County Flood Control Dist. 147,840,000
Pearland I.S.D. 9,735,000
Port of Houston Authority 85,654,000
Total Estimated Overlapping Debt
The City
Total Direct & Estimated Overlapping Debt
Overlapping
Percent Amount
4.04
1.51
.07
.07
66.58
.07
$ 110,090
616,307
177,797
103,488
6,481,563
59,958
$ 7,549,293
$ 5,487,000
$13,036,203
7
Debt Ratios:
Direct and Estimated
Direct Debt Overlapping Debt
Per 1981 Estimated Assessed Valuation
($315,500,000) 1.74% 4.13%
Per 1980 Assessed Valuation
($175,727,435` 3.12% 7.42%
Per Capita (13,130 1980 census) $413 $981
TAX DATA
General:
One of the City's sources of operational revenue and its principal source of funds for
ad valorem tax debt service payments is from the receipts from ad valorem taxation. the
following is a recapitulation of (1) the authority for taxation, including methodology,
limitations, remedies and procedures; (2) historical analysis of collection and trends of
tax receipts and provisions for delinquencies; and (3) an analysis of (a) the current tax
base, (b) the principal taxpayers and (c) other ad valorem taxation that may compete with
the City's tax collections. Additionally, sales tax authority and collections are
analyzed.
Authority for Ad Valorem Taxation:
- Tax Rate Limitations -
The State Constitution limits the City's ad valorem tax rate to a maximum of $2.50 per
$100 of assessed valuation. Rules promulgated by the Attorney General of Texas provide
that the Attorney General of Texas will not approve tax bonds of the City unless the City
can demonstrate its ability to pay debt service requirements on the Outstanding Bonds and
the Certificates, from a tax levy of $1.50 at 90% collection per $100 of assessed
valuation.
- Property Subject to Taxation -
Except for certain exemptions provided by Texas law, all the property in the City,
real or personal, is subject to taxation by the City. Principal categories of exempt
property are property of a religious, educational or charitable character; property of the
United States of America, the State of Texas, or one of their agencies; property of
disabled veterans only to the extent of $3,000 of taxable valuation; and residential
homesteads of persons over 65 years, to the extent the governing body of the political
subdivision granting an exemption deems it advisable to exempt such homestead. In the
legislative session ended June 1, 1981, House Joint Resolution 81 was passed, thereby
providing that voters of the State of texas will cast ballots on November 3, 1981, to
approve or disapprove a state constitutional amendment concerning homestead property tax
exemptions. Such amendment, if approved, would provide to local governments the option of
granting homestead exemptions of up to 40% of market value for the 1982-1984 tax years, up
to 30% of market value for the 1985-1987 tax years and up to 20% of market value
thereafter. It cannot be predicted whether such amendement will be approved or whether
the City would exercise any of its options thereunder. For tax year 1980, the Council
exempted from taxation $12,500 of assessed valuation of residential homesteads of person
over 65 years of age. See "Recent Legislation".
- City's Rights in the Event of lax Delinquencies
The City has a lien granted by statute for unpaid taxes on real property which is
discharged upon payment. Thereafter, no lien exists in favor of the City until it again
levies taxes. In the event a taxpayer fails to make timely payment of taxes due to the
City on real property, a penalty of 1/2% of unpaid taxes is added monthly until reaching
6% total (9% after January 1, 1982). In addition, 8% annual interest is charged on such
delinquent taxes. the City may file suit for collection of delinquent taxes on real
property, together with penalty and interest, and may foreclose such lien in a foreclosure
proceeding. The property subject to the City's lien may be sold, in whole or in parcels,
pursuant to court order to collect the amounts due. Any liens and subsequent suits
against the taxpayer for payment of delinquent personal property taxes are barred unless
instituted within four years from the time such taxes become delinquent. unlike real
property, the sale of or transfer of title to personal property does not require any
evidence that taxes thereon are paid.
8
- Assessment and Collection Procedures -
Taxable property in the City is presently valued on the City's tax rolls at a claimed
60% of its market value as of each January 1, as determined by the Tax Assessor/Collector
and the City's Board of Equalization. Effective January 1, 1981, the City has increased
its basis of assessment to 100% of estimated market value. Under Texas law, a tax
assessor/collector is under an obligation to assess or appraise all property for taxation
which has not been rendered for taxation by the owner and to present the assessments or
appraisals, together with the renditions and any recommendations for changing such
rendered values, to a Board of Equalization, which is comprised of no fewer than three,
nor more than five persons who shall be qualified voters and real property owners in the
City, none of whom shall be employees, officers or members of the City Council. The Board
of Equalization has the ultimate responsibility for determining the taxable value for
property in the City; however, any owner who rendered property may appeal the decision of
the Board of Equalization by filing suit in district court.
Recent Legislation:
0n May 28, 1979, the Legislature adopted a comprehensive Property Tax Code !"the
Code") which will significantly affect the taxing procedures of all political subdivisions
of the State, including the City. Although the City is unable to determine at this time
the full impact of the Code, it is possible that the provisions of the Code requiring,
after January 1, 1982, county -wide appraisal and equalization of taxable property values,
will result in some change in what otherwise would have been the City's assessed valuation
under present law and practices.
The City's ad valorem tax, which is pledged to the payment of the Certificates, is
currently imposed at a rate determined by the City Council of the City, based on the
assessed valuation of property in the City as initially established by the City's Tax
Assessor/Collector and as approved or modified by the City's Board of Equalization. The
Code, however, establishes an appraisal district within and for each county in the
State. As of January 1, 1982, the appraisal district (and an appraisal review board) will
have the responsibility for establishing the appraisal rolls for most political
subdivisions within the county, including the City. Such appraisal values must be used by
the City in establishing its tax rolls and tax rate.
Beginning in 1982, the appraisal of property within the City will be the
responsibility of an Appraisal District with county -wide jurisdiction. The State Property
lax Board (The "Tax Board") will adopt rules establishing minimum standards for
administration and operation of Appraisal Districts and county assessor/collector
offices. The lax Board, appointed by the Governor, began operation on January 1, 1980.
Appraisal Districts within each county also began operation at that time. lhe majority of
the directors of the Appraisal District may be selected by taxing entities other than the
City. A City, or other taxing unit, may challenge the appraisals assigned property within
its jurisdiction under certain limited circumstances. The City may also sue the appraisal
district to compel it to comply with the Code.
The Codes requires a reappraisal of values by the appraisal district not less
frequently than every five years. It is not known what frequency of reappraisals will be
utilized by the 8razoria County appraisal district or whether reappraisals will be
conducted on a zone or county -wide basis. The City, however, at its expense, has the
right to obtain from the appraisal districts a current estimate of appraised values within
the City or an estimate of new property or improvements within the City. While such a
current estimate of appraised values may serve to indicate the rate and extent of growth
of taxable values within the City, it could not he used for establishing a tax rate within
the City until such time as the appraisal district chooses to formally include such values
on the appraisal rolls. Alternatively, any political subdivision within an appraisal
district, including the City, may request at its expense, a more frequent review of
property appraisals within such political subdivision. It should also be noted that an!
more frequent review of appraisals of property, if requested by the City, could result in
increased appraised values (and therefore increased taxes) by other taxing entities
overlapping the City which are required to use the appraisal district's values.
lhe Code also restates, with certain modifications, the provisions of certain
constitutional and statutory law amendments effective January 1, 1979, requiring notice
and hearing of tax rate increases, permitting taxpayer referenda to repeal certain tax
increases and providing for protests and appeals of tax or appraisal increases by
taxpayers.
9
Historical Analysis of Ad Valorem Taxation:
- Collection Ratios -
% of Collections
Tax Assessed Tax Rate Per Adjusted Current Current & Fiscal Year
Year Valuation $100 A.V. Tax Levy Year Prior Years Ending 9-30
1976 $ 72,218,028 $1.300 $ 940,543 97.57% 101.86% 1977
1977 79,377,746 1.300 1,034,667 95.09 96.74 1978
1978 137,961,516 (a) .950 1,310,634 96.65 100.11 1979
1979 161,760,250 .950 1,536,722 96.47 99.02 1980
1980 175,727,435 1.065 1,871,497 95.02 96.82 (b)
(a) Revaluation
(b) Partial year's collections through 5-31-81
- Tax Rate Distribution -
Tax Year
1980 1979 1978 1977 1976
General Fund $0.773 $0.658 $0.616 $0.932 $1.009
Interest &
Redemption Fund .292 .292 .334 .368 .291
Total 1.065 $0.950 117.Wf 1.300 1.300
Analysis of Tax Base:
- Principal Taxpayers -
Taxpayer Type of Property
Capitol Pipe and Steel Products Steel Pipe Manufacturing
Southwestern Bell Telephone Utility
Hausman & Associates Apartments
Pearland State Bank Bank
Gaido-Lingle Company Pipe Coating
C. H. Alexander Estate Commercial and Farmland
Golfcrest Country Club Golf Course & Club
Meadow Creek Village Apartments
Thomas A. Alexander Land
Houston Helicopters Air transport
Dow Chemical Company Equipment and Pipe
Total Top len Taxpayers Assessed Valuation
% of Assessed Valuation to Respective Tax Roll
Assessed Valuation
1980 lax Roll 1979 lax Roll
$ 3,868,224
3,273,655
2,274,835
1,873,109
1,498,708
1,230,655 (a)
1,199,736
1,157,997
1,079,344
1,049,855
-x-
$18,506,103
10.53%
(a) Decrease due to enactment of certain agricultural exemptions.
(b) Principally pipe storage.
$ 3,648,005
2,415,520
2,322,822
1,490,346
1,520,020
3,625,424
1,195,278
1,206,771
1,074,888
-x-
1,612,690 (b`
$20,111,764
12.43%
lax Adequacy:
Average Annual Debt Service Requirements (1982/1997) $ 500,448
Tax Rate of $0.30 per $100 of assessed valuation against
the 1980 Assessed Valuation, at 95% collection, produces $ 500,823
Maximum Annual Debt Service Requirement (1982) $ 575,702
lax Rate of $0.35 per $100 of assessed valuation against
the 1980 Assessed Valuation, at 95% collection, produces $ 584,294
10
Sales Tax:
- Authority -
The City has adopted the provisions of Article 1066c, Vernon's Texas Civil Statutes as
amended, which grants the City the power to impose and levy a 1% sales tax. The City may
not pledge the proceeds from the Sales Tax as security for the Certificates.
- Collection History -
The State Comptroller, after deduction of a 2% service fee, remits the City's portion
of sales tax collection monthly. The following is an analysis of the collection history
of the City's sales tax:
Fiscal Year
Ended 9-30
1977
1978
1979
1980
1981(a)
Total
Collected
$ 277,159
360,449
445,271
863,670
81 1 , 818
(a) Eight -month period ending June 30, 1981
of
Ad Valorem
Tax Levy
29.47
34.70
36.74
56.20
43.38
FINANCIAL DATA
Historical Operations of the City's General Fund:
The following is a condensed statement
General Fund for the past five fiscal years.
Revenues
General Property Taxes
Penalties and Interest
Sales Taxes
Franchises
Licenses and Permits
Interest
Sanitation
Fines and Forfeitures
Miscellaneous
TOTAL
Expenditures
General Government
Police
Fire
Public Safety
Streets
Sanitation
Community Services
TOTAL
Equivalent of
Ad Valorem Tax Rate
as 95% Collections
$ 0.36
.43
.31
.51
.44
of revenues and expenditures of the Cit)'s
Fiscal Year Ended
9-30-80 9-30-79 9-30-78 9-30-77 9-30-76
$ 1,052,754 $ 859,344 $ 720,814 $ 681,506 $ 485,880
35,440 17,658 9,145 13,350 10,597
863,670 455,271 360,449 277,159 219,242
235,628 187,820 153,355 128,032 92,169
67,875 118,175 130,615 99,316 70,340
60,957 25,581 18,710 11,848 9,657
368,199 318,809 274,791 197,055 138,083
166,789 148,437 101,584 101,495 81,184
144,180 38,349 16,274 15,075 9,453
$ 2,995,492 $ 2,169,444 $ 1,785,737 $ 1,524,836 $ 1,116,605
$ 756,226 $ 743,143 $ 648,421 $ 448,077 $ 344,815
608,329 558,715 391,877 366,864 307,696
49,485 43,517 32,983 36,408 23,608
181,144 141,994 129,553 105,055 44,490
412,668 414,711 310,356 266,964 164,871
387,905 311,258 265,710 183,664 138,673
126,328 102,531 64,279 45,179 27,461
$ 2,522,085 $ 2,315,869 $ 1,843,179 $ 1,452,211 $ 1,051,614
Financial Statements:
A copy of the City's Financial Statements for the fiscal year ended
September 30, 1980, is attached hereto in the APPENDIX B. Copies of such statements fur
preceding years are available, for a fee, upon request.
11
ADMINISTRATION OF THE CITY
Mayor and City Council:
The legislative and governing body of the City consists of a mayor and five councilmen
and are known as the "City Council of the City of Pearland" collectively, (the
"Council"). The Mayor and members of the Council are elected from the City at large. The
Mayor and each of the five members of the Council serve three-year staggered terms.
Members of the Council are described below:
Term
Council Members Position Years Served Expires Occupation
Tom Reid Mayor 8 1984 Shuttle Program Administrator,
Rockwell International
Alfred E. Lentz Mayor Pro-Tem 1 1983 Vice President, Koehn Engineers, Inc.
Carlton McComb Councilman 12 1982 Buyer, Electric Wire and Cable
Charles Mack Councilman 2 1982 Supervisor, Ford Aerospace & Comm. Corp.
Harry Farley Councilman 6 1984 Engineering Manager, FMC Corporation
Terry Gray Councilman 4 1983 Assistant Manager, Southwestern Bell
Telephone
Administration:
City Manager - Ronald Wicker
City Secretary - Dorothy L. Cook
Tax Assessor/Collector - James 0. DeShazer
City Treasurer - Dorothy S. Thompson
Consultants:
The City has retained several consultants to perform professional services in
connection with the issuance of bonds, the independent auditing of its books and records,
the engineering designing of construction facilities and other City activities. Several
of these consultants are identified below:
Auditor (Certified Public Accountants) Lairson, Young & Co.
Houston, texas
Bond Counsel Messrs. Vinson & Elkins
Houston, Texas
Placement Agent Underwood, Neuhaus & Co. Incorporated
Houston, Texas
12
LEGAL MATTERS
Legal Opinion:
The City will furnish the Purchaser a transcript of certain certified proceedings had
incident to the authorization and issuance of the Certificates, including a certifed copy
of the unqualified approving opinion of the Attorney General of Texas, as recorded in the
Bond Register of the Comptroller of Public Accounts of the State of Texas, to the effect
that the Certificates are valid and binding obligations of the City. The City will also
furnish the approving legal opinion of Messrs. Vinson & Elkins, Bond Counsel, to the
effect that, based upon an examination of such transcript, the Certificates are legal,
valid and binding obligations of the City under the Constitution and laws of the State of
Texas and to the effect that the interest on the Certificates is exempt from all present
federal income taxes under existing statutes, regulations, published rulings and court
decisions. The opinion of Bond Counsel is expected to be reproduced on the back panel of
the Certificates over a certification by the facsimile signature of the City Secretary
attesting that legal opinion was dated as of the date of delivery of and payment for the
Certificates and the copy is a true and correct copy of the original opinion.
Messrs. Vinson & Elkins did not take part in the preparation of the Official Statement
nor has such firm undertaken to independently verify any of the information contained
herein, except that, in their capacity as Bond Counsel, such firm has reviewed the
information concerning the description of the Certificates appearing herein to verify that
such description conforms to the provisions of the Ordinance.
No -litigation Certificate:
The Council will furnish to the Purchasers a certificate, dated as of the date of
delivery of the Certificates, executed by both the Mayor and City Secretary to the effect
that no litigation of any nature is then pending or threatened, either in state or federal
courts, contesting or attacking the Certificates; restraining or enjoining the issuance,
execution, or delivery of the Certificates; affecting the provisions made for the payment
of or security for the Certificates; in any manner questioning the authority or
proceedings for the issuance, execution or delivery of the Certificates; or affecting the
validity of the Certificates or coupons.
SOURCES OF INFORMATION
General:
The information contained in this Official Statement has been obtained primarily from
the City and from other sources believed to be reliable. However, no representation is
made as to the accuracy or completeness of the information derived from such other
sources. The summaries of the statutes, resolutions and other related documents are
included herein subject to all of the provisions of such documents. These summaries do
not purport to be complete statements of such provisions and reference is made to such
documents for further information.
The information contained in this Official Statement in the section entitled
"APPENDIX B - Financial Statements of the City" has been provided by Lairson, Young & Co.,
Certified Public Accountants, and has been included herein in reliance upon their
authority as experts in the field of audit and accounting.
Updating of Official Statement:
The City will keep this Official Statement current by amendment or sticker to reflect
material changes in the affairs of the City and, to the extent that information comes to
its attention, to the other matters described in this Official Statement, until the
delivery of the Certificates to the Purchasers. All changes in the affairs of the City
and other matters described in this Official Statement subsequent to the delivery of the
Certificates and all information with respect to the resale of the Certificates shall be
the responsibility of the Purchaser.
13
Certification of Official Statement:
At the time of payment for and delivery of the Certificates, the City will furnish the
Purchasers a certificate executed by the Mayor and City Secretary of the City acting in
their official capacities, to the effect that to the best of their knowledge and belief:
(a) the descriptions and statements of or pertaining to the City in its Official
Statement, on the date of such statement, on the date of sale of the Certificates and the
award of sale thereof, and on the date of delivery of the Certificates, were and are true
and correct in all material respects; (b) insofar as the City and its affairs, including
its financial affairs, are concerned, such Official Statement did not and does not contain
an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and (c) insofar as the
descriptions and statements, including financial data other than the City and their
activities are concerned, such statement and data have been obtained from sources which
they believe to be reliable and that they have no reason to believe that they are untrue
in any material respect.
This Official Statement was duly authorized and approved by the Mayor and City Council
of the City of Pearland, Texas, on the date specified on the front page hereof.
ATTEST:
/s/
City Secretary, City of Pearland
/s/
Mayor, City of Pearland, Texas
14
APPENDIX A - Economic and Demographic Characteristics
The following information has been derived from various sources, including the Texas
Almanac, Texas Municipal Reports, Directory of Texas Manufacturers, 1980, "1980 Sales &
Marketing Management's Survey of Buying Power", and municipal officials. While such
sources are believed to be reliable, no representation is made as to the accuracy thereof.
Location:
The City is located in
Houston to the north. The
518.
the northeast corner of Brazoria County bordering the City of
City is traversed by State Highway 35 and Farm -to -Market Road
Economic Base:
Due to its proximity to Houston, the City has experienced continued residential,
commercial and light industrial development. Agriculture and mineral production also
remain a factor in the economy.
The following is a listing of some of the other companies included iri the City.
Employment range and relevant product extracted from the Directory of lexas Manufacturers
1980 or company offices.
Name
Brazoria Fabricating Inc.
Davis -Lynch Inc.
Dearman Mfg. Products Inc.
Gaido-Lingle Co. Inc.
HOW Houdaille
Maloney Crawford Corp.
McGinnes Mfg. Co.
Pauluhn Electric Mfg. Co. Inc.
Royce Equipment Co.
Statistical Data:
1973
1974
1975
1976
1977
1978
1979
1980
Residential
No. Value
140
117
237
295
386
491
207
94
$ 5,253,000
4,310,900
9,501,800
14,188,100
21,489,824
23,298,945
13,024,664
7,485,570
(1) Includes Apartments
Pearland State Bank
First National Bank
Community Bank
Product
Steel fabricating
Oil well equipment
Pipe fitting tools
Pipe coating
Precast concrete
Chemical and water storage tanks
Materials handling equipment
Light fixtures
Stationary screeners
- Building Permits -
(Source - City of Pearland)
Employment Range
Commercial (1) Other total
25-49
25-49
25-49
100-249
25-49
100-249
25-49
50-99
25-49
No. Value Nu. Value No. Value
20 $ 511,750 130 $ 390,405 290 $ 6,155,155
19 1,171,700 144 496,428 280 5,979,028
170 2,844,800 156 1,142,600 563 13,489,200
268 5,471,893 197 1,109,387 760 20,769,380
31 2,759,699 282 3,514,385 698 27,763,908
160 8,414,422 270 3,113,533 921 34,826,900
36 7,150,700 386 2,167,264 629 22,342,628
18 2,204,200 495 3,007,071 607 12,696,841
- Bank Deposits -
(Source - Texas Banking Red Book)
12-31-1980 12-31-1979 12-31-1978 12-31-1977 12-31-1976
$42,743,614 $39,206,253 $30,934,734 $28,054,946 $21,862,714
17,991,068 15,628,262 10,102,027 5,402,427 2,156,448
21,901,000 20,716,814 18,221,785 14,581,777 11,852,491
Total $82,635,682 $75,551,329 $59,258,546 R48,039,150 $35,871,652
Li/R.SON, YOUNG 8 CO
CERTIFIED PUBLIC ACCOUNTANTS
MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
Honorable Mayor and Members of
City Council
City of Pearland, Texas
1425 CAPITAL NATIONAL BANK BLDG
HOUSTON. TEXAS 77002
713 658 ,745
We have examined the combined financial statements of the City of Pearland,
Texas for the year ended September 30, 1980, as listed in the table of
contents. Our examination was made in accordance with generally accepted
auditing standards and, accordingly, included such tests of the accounting
records and such other auditing procedures as we considered necessary in
the circumstances.
0ur examination was made for the purpose of forming an opinion on the
combined financial statements taken as a whole. The combining, individual
fund, and account group financial statements and schedules listed in the
table of contents are presented for purposes of additional analysis and are
not a required part of the combined financial statements of the City of
Pearland, Texas. The information has been subjected to the auditing
procedures applied in the examination of the combined financial statements
and, in our opinion, is fairly stated in all material respects in relation
to the combined financial statements taken as a whole.
In our opinion, the combined financial statements referred to above present
fairly the financial position of the City of Pearland, Texas, at September
30, 1980, and the results of its operations and the changes in financial
position of its proprietary fund types for the year then ended, in confor-
mity with generally accepted accounting principles applied on a basis
consistent with that of the preceding year.
Houston, Texas
December 10, 1980
-18-
GENERAL PURPOSE FINANCIAL STATEMENTS
-19-
LifIRSON. YOUNG 8 CO
COMBINED BALANCE SHEET - ALL FUND TYPES
AND ACCOUNT GROUPS
CITY OF PEARLAND, TEXAS
September 30, 1980
ASSETS
CASH - (including certifi-
cates of deposit of
$1,984,068)
GOVERNMENTAL FUND TYPES
Debt Capital Special Special
General Service Projects Assessment Revenue
$606,798 $141,674 $583,879 $21,093 $46,677
RECEIVABLES - less
allowance for doubtful
accounts of $1,500
Taxes 92,249
Accounts 7,846
DUE FROM OTHER FUNDS 48,272
LAND
PLANT AND EQUIPMENT - cost
Less allowance for
depreciation - Note 2
CONSTRUCTION IN PROCESS
PREPAID EXPENSES
RESTRICTED ASSETS
Certificate of deposit
AMOUNT AVAILABLE IN DEBT
SERVICE FUND
AMOUNT TO BE PROVIDED FOR
RETIREMENT OF GENERAL
LONG-TERM DEBT
25,072
2,932
1,470
1,801
8,059 27,655
TOTAL ASSETS $783,169 $143,144 $585,680 $29,152 $74,332
The notes to the financial statements are an integral part of this statement.
-20-
LAIRSON, YOUNG 8 CO
ACCOUNT GROUPS
PROPRIETARY General General
FUND TYPE Fixed Long -
Enterprise Assets Term Debt
TOTAL
(Memorandum Only)
1980 1979
$1,068,757 $ 2 468,878 $ 4,012,128
129,264
77,425 $ 704,313
6,376,415 3,985,789
905,075
5,471,340 3,985,789
212,873
2,545
48,000
46,797,331
$ 143,144
92,249
174,625
48,272
781,738
10,362,204
905,075
9,457,129
212,873
29,087
50,932
143,144
4,817,856 4,817,856
78,720
234,459
48,575
725,954
7,888,158
767,727
7,120,431
110,483
15,645
50,932
110,812
4,972,188
$4,902,975 $4,961,000 $18,276,783 417,480,327
-21-
MIRSON. YOUNG 8 CO
COMBINED BALANCE SHEET - ALL FUND TYPES
AND ACCOUNT GROUPS - 2
LIABILITIES
ACCOUNTS PAYABLE
ACCRUED EXPENSES
CUSTOMER METER DEPOSITS
DUE TO OTHER FUNDS
MUNICIPAL COURT ESCROW
ACCOUNTS
DEFERRED REVENUES
TIME WARRANTS - Note 3
CERTIFICATES OF OBLIGATION -
Note 3
REVENUE BONDS - Note 3
GENERAL OBLIG;ATION BONDS -
Note 3
TOTAL LIABILITIES
FUND EQUITY
CONTRIBUTED CAPITAL
INVESTMENT IN GENERAL
FIXED ASSETS
RETAINED EARNINGS
Reserved for revenue
bond retirement
Unreserved
GOVERNMENTAL FUND TYPES
Debt Capital Special Special
General Service Projects Assessment Revenue
S 55,049
44,523
$ 8,163
6,895
92,249 $18,016
198,716
8,163 18,016
FUND BALANCES
Reserved for social
security 2,932
Unreserved
Designated
For debt service $143,144
For subsequent years
expenditures 577,517 11,136
Undesignated 581,521 $74,332
TOTAL FUND EQUITY 584,453 143,144 577,517 11,136 74,332
TOTAL LIABILITIES AND
FUND EQUITY $783,169 $143,144 $585,680 429,152 $74,332
===== = =======
The notes to the financial statements are an integral part of this statement.
-22-
PROPRIETARY
FUND TYPE
Enterprise
ACCOUNT GROUPS
General General
Fixed Long -
Assets Term Debt
TOTAL
(Memorandum Only)
1980 1979
$ 14,876 $ 69,925 $ 72,633
11,396 55,919 102,770
42,026 42,026 38,833
40,109 48,272 48,575
$ 88,000
723,000
2,650,000
4,150,000
2,758,407 4,961,000
3,530,118
$4,902,975
48,000
460,806
508,806
4,038,924 4,902,975
6,895
110,265
88,000
6,645
212,069
49,000
723,000 779,000
2,650,000 2,700,000
4,150,000 4,255,000
7,944,302 8,264,525
3,530,118 3,518,938
4,902,975 3,843,637
48,000
460,806
48,000
223,440
508,806 271,440
2,932
143,144
588,653
655,853
110,812
1,271,660
199,315
10,332,481 9,215,802
$6,797,331 $4,902,975 4,961,000 $18,276,783 $17,480,327
-23-
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES
CITY OF PEARLAND, TEXAS
Year ended September 30, 1980
REVENUES
Taxes
Franchises, licenses,
and permits
Federal revenue sharing
and grants
Interest on investments
Sanitation income
Street assessments
Fines and forfeitures
Other revenue
TOTAL REVENUES
EXPENDITURES
Current
General government
Public safety
Public works
Community services
Capital outlay
Debt service
Principal retirement
Interest and fiscal
charges
TOTAL EXPENDITURES
REVENUES OVER
(UNDER) EXPENDITURES
OTHER FINANCING SOURCES
(USES)
Proceeds from time
warrants, certificates
of obligation and
bonds issued
Operating transfers in
(out)
REVENUES AND
OTHER SOURCES OVER
(UNDER) EXPENDITURES
AND OTHER USES
Fund balances at October
1, 1979
FUND BALANCES AT
SEPTEMBER 30, 1980
GOVERNMENTAL FUND TYPES
Debt Capital Special Special
General Service Projects Assessment Revenue
$1,951,864 $449,054
303,503
60,957
368,199
166,789
144,180
2,995,492
711,446
810,868
797,180
116,960
85,631
2,522,085
32,392
$ 61,785
115,638
481,446 177,423
860,862
187,000
262,114
449,114 860,862
473,407 32,332 (683,439)
473,407 32,332
111,046 110,812
(683,439)
1,260,956
$ 584,453 $143,144 $ 577,517
$111,457
$ 84 3,671
349
433 115,128
5,037
124,028
-0- 129,065
433 (13,937)
433 (13,937)
10,703 88,269
$11,136 $ 74,332
The notes to the financial statements are an integral part of this statement.
-24-
TOTAL
(Memorandum Only)
1980 1979
$2,400,918
303,503
173,242
212,742
368,199
349
166,789
144,180
3,769,922
711,446
810,868
797,180
121,997
1,070,521
187,000
262,114
3,961,126
$1,786,988
305,995
201,089
190,815
318,809
2,400
148,437
38,349
2,992,882
695,987
718,218
699,677
95,808
1,179,262
167,400
279,191
3,835,543
(191,204) (842,661)
1,860,000
76,765
1,936,765
(191,204) 1,094,104
1,581,786
487,683
$1,390,582 $1,581,787
COMBINED STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES - BUDGET AND ACT(IAI.
GENERAL, DEBT SERVICE AND SPECIAL REVENUE FUND TYPES
CITY OF PEARLAIID, TEXAS
Year ended September 30, 1980
GENERAI. FUND DENT SERVICE FUND
Variance
Favorable
Budget Actual (Unfavorable)
Budget
Variance
Favorable
Actual (Unfavorable)
REVENUES
Taxes 41,499,207 41,951,864 4452,657 4449,04 4449,054
Franchises, licensee, and permits 326,683 303,503 (23,180)
Federal revenue steering and grants
Interest on investments 15,000 60,957 45,957 32,392 412,792
Sanitation income 331,000 368,199 37,199
Street assessment■
Fines and forfeitures 160,475 166,789 6,114
Other revenues 26,800 144,180 III,1B0
TOTAL REVENUES 2,359,165 2,995,492 636,327 449,054 481,446 32,392
EXPENDITURES
Current
General government 439,379 711,446 (212,067)
Public safety 687,037 810,868 (123,811)
Public works 1,145,638 797,180 348,458
Community services 99,372 116,960 (17,588)
Capital outlay 23,502 85,631 (62,129)
Debt service
Principal retirement 1117,000 187,000
Interest and fiscal ch 262,054 262,114 (60)
TOTAL EXPENDITURES 2,394,928 2,522,085 127,157) 449,054 449,114 ----TO)
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES (35,163) 473,407 509,170 32,332 32,332
OTHER FINANCING SOURCES
Operating transfers in 35,763 (35,763) _
EXCESS OF REVENUES AND OTHER
SOURCES OVER (UNDER) EXPENDITURES 473,407 473,407 32,332 32,3)2
Fund balances at October 1, 1979 I11,046 111,046 110,812 110,812
FUND BALANCES AT
SEPTEMBER 30, 1980 i 111,046 i 584,451 4473,407 4110,812 4143,144 412,412
The notes to the financial statements are an integral part of this statement.
-26-
L1/k.5f/1 110;1(, H (7I
Budget
SPECIAI. RLJF:NUE FUND
Variance
Favorable
Actual (Unfavorable)
4112,198 4111,451 a (741)
3,671 3,671
Total
(Memorandum (Inly)
_2aLtLt___Actlial
al,9:11,261
116,683
112,198
15,01N)
311,000
160,475
26,800
112,198 115,128 2,930 2,920,417
5,000 5,017
107,198 114,028
(17)
(16,81U)
112,198 129,065 16,867)
439,379
6117,017
1,145,638
104.312
130,700
a2,4(10,9)6
101,504
111,457
47.020
366,199
166,769
144,180
3,542,066
711,446
810,08
741,180
121,997
209,659
Variance
Favorable
(Unfavorable)
3:52,07
(21,180)
17411
62,u20
37,199
6,314
117, 160
671,649
(272,067)
(121,841)
348,458
(17,625)
(78,9591
187,000 187,000
262,054 262,114 (601
2,956,180 .1100,264 (14:,064)
(13,937) (13,397) (35,763) 491,802 527,565
35,763 (15,761)
(13,937) (13,917) 491,802 :91,802
88.269 88,269
4 88,269
74,332 4(11,937)
310,127 31(1,127
i 310,127 i 801,929 4491,802
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN RETAINED EARNINGS -
ENTERPRISE FUND (PROPRIETARY FUND TYPE)
CITY OF PEARLAND, TEXAS
Years ended September 30, 1980 and 1979
Operating revenues
Water sales and services
Operating expenses
Water department
Personal services
Supplies
Contractual services
Other
Sewer department
Personal services
Supplies
Contractual services
Other
Depreciation
OPERATING INCOME
Non -operating revenues (expenses)
Interest revenue
Interest expense
Fiscal agent fees
INCOME BEFORE OPERATING TRANSFERS
Operating transfers out
NET INCOME
Retained earnings at beginning of year
RETAINED.EARNINGS AT END OF YEAR
1980
$943,450
154,590
66,453
140,122
465
48,970
24,877
140,973
465
137,348
714,263
229,187
170,689
(162,510)
8,179 ,
237,366
237,366
271,440
$508,806
1979
$838,628
160,110
49,263
117,881
58
34,250
24,501
88,274
58
112,030
586,425
252,203
278,755
(165,793)
(26,431)
86,531
338,734
76,765
261,969
9,471
$271,440
The notes to the financial statements are an integral part of this statement.
-27-
LiIRSON. YOLVC 8 CO
STATEMENT OF CHANGES IN FINANCIAL POSITION -
WATER AND SEWER FUND (PROPRIETARY FUND)
CITY OF PEARLAND, TEXAS
Years ended September 30, 1980 and 1979
SOURCES OF WORKING CAPITAL
Operations
Net income
Expense not requiring current
outlay of financial resources
Depreciation
Working capital provided from
Proceeds of bond issue
Increase in meter deposits - net
Contributions
USES OF WORKING CAPITAL
Retirement of revenue bonds
Acquisitions of plant and equipment
operations
INCREASE (DECREASE) IN WORKING CAPITAL
Elements of net increase (decrease) in
working capital
Cash
Accounts receivable
Prepaid expenses
Accounts payable
Accrued expenses
Due to other funds
INCREASE (DECREASE) IN WORKING CAPITAL
1980
$ 237,366
137,348
374,714
3,193
11,180
14,373
50,000
1,572,882
1,622,882
$(1,233,795)
$(1,188,575)
(56,059)
2,378
6,004
2,154
303
$(1,233,795)
1979
$ 261,969
112,030
373,999
2,750,000
4,270
15,043
3,143,312
50,000
891,614
941,614
S2,201,698
42,130,480
88,506
(3,391)
(3,358)
(4,858)
(5,681)
$2,201,698
The notes to the financial statements are an integral part of this statement.
-28-
MASON. YOUNG 6 CO
NOTES TO FINANCIAL STATEMENTS
CITY OF PEARLAND
September 30, 1980
1. ORGANIZATION
The City of Pearland, Texas adopted a "Home Rule Charter" on February
6, 1971 which provides for a "Council -Manager" form of city government.
2. SIGNIFICANT ACCOUNTING POLICIES
DESCRIPTION OF FUNDS
General Fund
The General Fund is used to account for all financial transactions
which are not accounted for in another fund. The principal sources of
revenue of the General Fund are property taxes, sales and use taxes,
franchises, charges for sanitation services, and fines and forfeitures.
Expenditures are for general government, public safety, public works,
and other community services.
Debt Service Fund
The Debt Service Fund is used to account for the payment of interest
and principal on all general obligation debts of the City. The primary
source of revenue for debt service is general property taxes.
Capital Projects Fund
The Capital Projects Fund is used to account for the receipt and
expenditure of resources used for acquisition of designated fixed assets
except those financed by special assessment funds.
Special Assessment Fund
The Special Assessment Fund is used to account for street paving
projects which are to be partially paid from special assessments levied
against benefited property.
Special Revenue Fund
The Special Revenue Fund is used to account for revenue received from
the Federal Government under State and Local Fiscal Assistance Act of
1972. Such funds may be used only for "priority expenditures" as
defined in the Act. Capital improvements are charged to expenditures
in the accounts of this fund and capitalized in either the Enterprise
Fund or General Fixed Asset Group of Accounts.
-29-
LIIRSON. YOUNG 6 CO.
NOTES TO FINANCIAL STATEMENTS - 2
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
DESCRIPTION OF FUNDS (continued)
Enterprise Fund
The Enterprise Fund, a proprietary fund type, is used to account for
operations of the Water and Sewer Department.
General Fixed Assets Group of Accounts
The General Fixed Assets Group is used to account for the City's land,
buildings, improvements and equipment except those recorded in the
Enterprise Fund. Such assets are acquired by transfer from other
funds and are recorded at cost. No depreciation is recorded on these
assets.
General Long -Term Debt Group of Accounts
This group of accounts is used to account for the City's liability for
general obligation bonds due at varying dates through 1997 and time
warrants and certificates of obligation.
BASIS OF ACCOUNTING
The City utilizes the modified accrual and accrual basis of accounting.
Under the accrual basis of accounting, revenues are recorded when
earned and measurable; expenditures are recorded when incurred. The
modified accrual basis of accounting recognizes revenues in the account-
ing period in which they become available and measurable. Expenditures
are recognized in the accounting period in which the liability is
incurred, if measurable, except for unmatured interest on general
long-term debt.
The accrual basis of accounting is followed (with minor exceptions) by
all funds other than budgetary funds (general and debt service funds)
which utilitze the modified accrual basis of accounting. Modifications
in such method from the accrual basis follow:
General Fund
General property taxes are recorded when levied. Uncollected property
taxes are reported as deferred revenue.
Sales and use taxes and franchise revenue are recorded when received.
-30-
L IIRSON. YOIiVC 8 CO.
NOTES TO FINANCIAL STATEMENTS — 3
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
BASIS OF ACCOUNTING (continued)
Debt Service Fund
Interest expense on long-term debt is recorded when paid.
Accrued Vacation Expense
The City records vacation pay as it accrues.
As of September 30, 1980 the accrued vacation pay was as follows:
General Fund
Enterprise Fund
Budgets
23,263
8,072
Budgets are prepared using the same method of accounting as for finan-
cial reporting.
MEASUREMENT FOCUS
Proprietary (Enterprise Fund) fund types are accounted for on an
"income determination" or "cost of services" measurement focus.
Accordingly, all assets and all liabilities are included on their
balance sheets, and the reported fund equity (total reported assets
less total reported liabilities) provides an indication of the economic
net worth of the fund. Operating statements for proprietary fund types
(on an income determination measurement focus) report increases (revenues)
and decreases (expenses) in total economic net worth.
Governmental (General, Special Revenue, Debt Service, and Capital Projects)
fund types, on the other hand, are accounted for on a "spending" or
"financial flow" measurement focus. Accordingly, only current assets
and current liabilities are included on their balance sheets, and the
reported fund balance (total reported assets less total reported lia-
bilities) provides an indication of available spendable or appropriable
resources. Operating statements for governmental fund types (on a spending
measurement focus) report increases (revenues) and decreases (expendi-
tures) in available spendable resources.
Fixed assets which are not used in proprietary fund operations, are all
accounted for in a separate self -balancing General Fixed Assets Account
Group. Long-term debts which are not intended to be financed through
proprietary funds or Special Assessment Funds, are all accounted for in
a separate self -balancing General Long -Term Debt Account Group.
Depreciation is reported on the operating statements of proprietary fund
types (on an income determination measurement focus). Depreciation is
not reported on the operating statements of governmental fund types (on
a spending measurement focus).
-31-
MIRSON. MEW 6 CO
NOTES TO FINANCIAL STATEMENTS - 4
2. SIGNIFICANT ACCOUNTING POLICIES (continued)
ENCUMBRANCES
The City had no encumbrances recorded as of September 30, 1980.
Investments
Investments are stated at cost.
Allowance for Depreciation
Allowance for depreciation has been provided for plant and equipment in
the Enterprise Fund using the straight-line method over the following
estimated useful lives of the assets:
Equipment 2 to 10 years
Water and sewer system 3 to 50 years
3. LONG-TERM DEBT
During the year ended September 30, 1980, the City authorized and
issued the following time warrants:
Description Amount
Drainage Study
Emergency Medical
Services
$13,000
45,000
TOTAL TIME WARRANTS ISSUED $58,000
The change in long-term debt for the City is summarized as follows:
Balance at October 1, 1979
Obligations Issued
Obligations Retired
Balance at September 30, 1980
General
Long -Term Water & Sewer
Debt Revenue Bonds Total
$5,083,000
58,000
180,000
$4,961,000
$2,700,000
50,000
$2,650,000
$7,783,000
58,000
230,000
$7,611,000
-32-
LfIIRSON. YOUNG 8 CO
NOTES TO FINANCIAL STATEMENTS - 5
3. LONG-TERM DEBT (continued)
The total debt of the City (governmental and proprietary funds) by
maturity is as follows:
Fiscal Year Water & Sewer
Ending General Long -Term Debt Revenue Bonds
September 30 Principal Interest Principal Interest
1981 $ 253,000 $ 252,699 $ 50,000 $ 159,310
1982 267,000 239,889 60,000 156,110
1983 270,000 226,338 70,000 152,270
1984 255,000 212,483 70,000 147,790
1985 265,000 198,849 75,000 143,310
1986 280,000 184,280 80,000 138,510
1987 280,000 169,314 80,000 133,390
1988 305,000 154,714 90,000 128,270
1989 331,000 140,826 100,000 122,510
1990 300,000 123,737 100,000 116,910
1991 310,000 108,689 110,000 111,510
1992 320,000 92,866 120,000 105,570
1993 330,000 76,127 125,000 99,090
1994 345,000 61,142 130,000 92,090
1995 350,000 44,012 140,000 84,680
1996 250,000 27,500 150,000 76,560
1997 250,000 13,750 160,000 67,710
1998 170,000 58,110
1999 180,000 47,740
2000 190,000 36,580
2001 200,000 24,800
2002 200,000 12,400
TOTAL $4,961,000 $2,327,215 $2,650,000 $2,215,220
4. LITIGATION
As of September 30, 1980, the City is either a defendant or co-defendant
in seven lawsuits. It is the opinion of City Management and legal
counsel that any ultimate liability to the City from these lawsuits will
not be material.
-33-
L ARSON. YOUNG 8 CO
NOTES TO FINANCIAL STATEMENTS - 6
5. PENSION PLAN
The City participates in the Texas Municipal Retirement System, an
agency operated by the State of Texas. All full-time employees are
covered by the pension plan. The total pension expense for the year
ended Septmber 30, 1980 was $38,457 which includes amortization of
prior service cost over 25 years. The City's policy is to fund pension
cost accrued. The total of the pension fund and balance -sheet accruals
less pension prepayments and deferred charges as of December 31, 1979
exceeded the actuarially computed value of vested benefits for all plans
by approximately $60,837. The unfunded prior service liability was
$88,572 at December 31, 1979.
6. RESTRICTED CASH
General Fund
$2,932 is restricted for payment of federal taxes withheld.
Enterprise Fund
$48,000 is restricted for revenue bond debt service.
7. GENERAL FIXED ASSETS
The changes in general fixed assets during the year is summarized as
follows:
Balance at October 1, 1979
Additions
Balance at September 30, 1980
$3,843,637
1,059,338
$4,902,975
Investments in general fixed assets by source at September 30, 1980
follows:
Capital Projects Funds
General obligation bonds
Time warrants and certificates of obligation
Federal grants
General Fund Revenues
Special Revenue Fund Revenues
Special Assessments
$1,900,958
829,965
375,456
1,152,841
505,845
137,910
$4,902,975
-34-
M/RSON. YOUNG 8 CO
INDIVIDUAL FUND AND ACCOUNT GROUP
STATEMENTS AND SCHEDULES
-35-
L I RSON. YOGNG 6 CO
GENERAL FUND
-36-
LAIRSON. YOUNG 8 CO
GENERAL FUND
STATEMENT OF REVENUES - BUDGETED AND ACTUAL
CITY OF PEARLAND, TEXAS
Years ended September 30, 1980 and 1979
Revenues
Taxes
General property taxes
Penalties and interest
Sales and use taxes
Franchises, licenses and
permits
Franchises
Licenses and permits
Other income
Interest on investments
Sanitation income
Fines and forfeitures
Miscellaneous
TOTAL REVENUES
EXHIBIT A-1
1980
Budget
$1,070,607
18,000
410,600
1,499,207
194,683
132,000
326,683
15,000
331,000
160,475
26,800
533,275
Actual
$1,052,754
35,440
863,670
1,951,864
235,628
67,875
303,503
60,957
368,199
166,789
144,180
740,125
$2,359,165 $2,995,492
Variance
Favorable
(Unfavorable)
1979
Actual
$(17,853) $ 859,344
17,440 17,658
453,070 455,271
452,657 1,332,273
40,945
(64,125)
(23,180)
45,957
37,199
6,314
117,380
206,850
187,820
118,175
305,995
25,581
318,80-
]48,437
38.349
531,176
$636,327 $2,169,444
-37-
L1IIRSON. YOUNG 8 CO
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL - BY FUNCTIOi1
CITY OF PEARLAND, TEXAS
Years ended September 30, 1980 and 1979
General government
City council
City manager
City secretary
Finance
Tax
Legal
Municipal court
Engineering
City shop
City hall
Planning and transportation
Other requirements
Total general governmental
Public safety
Police
Fire
Animal shelter
Inspection
Communication
Emergency medical services
Total public safety
Public works
Street
Sanitation
Total public works
Community services
Library
Parks, recreation and cemetery
Total community services
1980
EXHIBIT A-2
Budget
$ 41,577
73,688
42,191
63,366
80,170
25,350
39,602
15,600
120,679
66,066
78,535
128,575
775,399
581,072
42,633
25,466
96,289
6,000
33,966
785,426
404,635
322,894
TOTAL EXPENDITURES
727,529
10,770
95,804
106,574
82,394,928
Actual
Variance
Favorable
(Unfavorable)
1979
Actual
42,091 $ (514) $ 42,570
78,914 (5,226) 69,853
37,133 5,058 35,492
64,006 (640) 55,043
77,566 2,604 76,006
26,072 (722) 35,709
37,161 2,441 39,931
9,589 6,011 13,204
144,816 (24,137) 145,221
65,484 582 62,800
62,384 16,151 54,511
111,010 17,565 112,803
756,226 19,173 743,143
608,329 (27,257) 558,715
49,485 (6,852) 43,517
27,615 (2,149) 23,648
92,014 4,275 87,566
20,760 (14,760) 12,259
40,755 (6,789) 18,321
838,958 (53,532) 744,226
412,668 (8,033) 414,711
387,905 (65,011) 311,258
800,573 (73,044) 725,969
9,782 988 9,090
116,546 (20,742) 93,441
126,328 (19,754) 102,531
$2,522,085
$(127,157) $2,315,869
-38-
LilRSON. YOUNG' 8 CO
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL - BY OBJECT
CITY OF PEARLAND, TEXAS
Years ended September 30, 1980 and 1979
1980
EXHIBIT A-3
Budget
Variance
Favorable
Actual (Unfavorable)
1979
Actual
City Council
Personal services $ 5,700 $ 5,700 $ -0- $ 5,700
Supplies 1,500 1,680 (180) 3,302
Contractual services 3,600 4,357 (757) 3,695
Memberships and subscriptions 1,200 1,507 (307) 1,074
Travel and training 6,000 5,270 730 5,594
Contingency fund 23,577 23,577 -0- 23,205
41,577 42,091 (514) 42,570
City Manager
Personal services 68,638 71,566 (2,928) 60,68
Supplies 1,375 1,865 (490) 1,702
Contractual services 950 3,002 (2,052) 5,058
Memberships and subscriptions 525 638 (113) 443
Travel and training 2,000 1,843 157 1,598
Capital outlay 200 200 37C
73,688 78,914 (5,226) 69,853
City Secretary
Personal services 33,141 31,043 2,098 30,650
Supplies 600 736 (136) 335
Contractual services 6,500 4,222 2,278 3,320
Memberships and subscriptions 300 117 183 237
Travel and training 800 776 24 613
Capital outlay 850 239 611 337
42,191 37,133 5,058 35,492
Finance
Personal services 45,836 45,423 413 42,463
Supplies 2,000 1,056 944 1,019
Contractual services 13,800 16,455 (2,655) 9,797
Memberships and subscriptions 230 145 85 205
Travel and training 1,000 747 253 609
Capital outlay 500 180 320 950
63,366 64,006 (640) 55,043
-39-
M SON. YOUNG eil CO
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL - BY OBJECT - 2
1980
Budget
Variance
Favorable 1979
Actual (Unfavorable) Actual
Tax
Personal services $ 48,324 $ 47,458 $ 866 $ 42,23
Supplies 1,575 1,712 (137) 1,0,
Contractual services 27,196 25,933 1,263 29,978
Memberships and subscriptions 325 219 106 295
Travel and training 1,500 1,649 (149) 1,545
Capital outlay 1,250 595 655 899
80,170 77,566 2,604 76,006
Legal 25,350 26,072 (722) 35,709
Municipal Court
Personal services 36,842 33,219 3,623 36,379
Supplies 500 546 (46) 329
Contractual services 1,900 2,628 (728) 2,188
Memberships and subscriptions 60 137 (77) 30
Travel and training 100 501 (401) 5?
Capital outlay 200 130 70 _ 948
39,602 37,161 2,441 39,92i
Engineering
Personal services 600 600 -0- 600
Contractual services 15,000 8,989 6,011 12,604
15,600 9,589 6,011 13,204
City Shop
Personal services 83,654 75,977 7,677 86,194
Supplies 21,475 26,048 (4,573) 21,414
Contractual services 13,450 24,786 (11,336) 21,289
Memberships and subscriptions 100 63 37 72
Travel and training -0- 110 (110) -0-
Capital outlay 2,000 17,832 (15,832) 16,252
120,679 144,816 (24,137) 145,221
Planning and Transportation
Personal services 68,299 51,052 17,247 41,864
Supplies 2,700 2,688 12 1,434
Contractual services 3,386 5,306 (1,920) 9,918
Memberships and subscriptions 450 539 (89) 289
Travel and training 1,700 688 1,012 973
Capital outlay 2,000 2,111 (111) 33
78,535 62,384 16,151 54,511
-40-
L 1IRSON. YOUNG 8 CO.
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL - BY OBJECT - 3
1980
Budget
Variance
Favorable
Actual (Unfavorable)
1979
Actual
City Hall
Personal services $ 10,510 $ 9,956 $ 554 $ 9,6=
Supplies 8,025 7,051 974 8,9:0
Contractual services 47,531 48,477 (946) 43,432
Capital outlay -0- -0- -0- 774
Other Requirements
66,066 65,484 582 62,800
128,575 111,010 17,565 112,803
TOTAL GENERAL GOVERNMENT 775,399
756,226 19,173
743,143
Police Service
Personal services 470,132 482,721 (12,589) 441,573
Supplies 67,700 72,278 (4,578) 48,137
Contractual services 31,190 45,966 (14,776) 42,247
Memberships and subscriptions 950 1,498 (548) 829
Travel and training 10,000 4,033 5,967 3,915
Capital outlay 1,100 1,833 (733) 19,017
581,072 608,329 (27,257) 558,715
Fire Service
Personal services 4,966 5,294 (328) 4,258
Supplies 10,750 14,101 (3,351) 13,539
Contractual services 22,305 25,882 (3,577) 23,740
Memberships and subscriptions 512 600 (88) 395
Travel and training 4,100 2,019 2,081 1,375
Capital outlay - 1,589 (1,589) 210
42,633 49,485 (6,852) 43,517
Animal Shelter
Personal services 15,991 16,841 850 15,203
Supplies 4,500 4,015 485 3,080
Contractual services 3,500 2,420 1,080 1,864
Memberships and subscriptions 75 23 52 42
Travel and training 400 240 160 392
Capital outlay 1,000 4,076 (3,076) 3,267
25,466 27,615 (2,149) 23,848
-41-
LfIIRSON, YOING 6 CO
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL - BY OBJECT - 4
1980
Budget
Variance
Favorable 1979
Actual (Unfavorable) Actual
Inspection
Personal services $ 86,799 $ 82,058 $ 4,741 $ 78,507
Supplies 4,680 5,304 (624) 4,281
Contractual services 3,480 3,823 (343) 2,811
Memberships and subscriptions 530 362 168 374
Travel and training 800 373 427 785
Capital outlay - 94 (94) 800
96,289 92,014 4,275 87,566
Communication
Personal services - 1,900 (1,900) 63
Supplies - 5,664 (5,664) 115
Contractual services 6,000 11,493 (5,493) 8,725
Memberships and subscriptions - 86 (86) 83
Capital outlay - 1,617 (1,617) 2,706
6,000 20,760 (14,760) 12 25O
Emergency Medical Services
Supplies 10,600 9,668 932 5,559
Contractual services 14,100 12,206 1,894 12,662
Travel and training 2,166 - 2,166 100
Capital outlay 7,100 18,881 (11,781) -
33,966 40,755 (6,789) 18,321
TOTAL PUBLIC SAFETY 785,426 838,958 (53,532) 744,226
Street
Personal services 152,629 139,227 13,402 133,611
Supplies 141,750 136,553 5,197 167,781
Contractual services 110,256 133,717 (23,461) 100,42E
Memberships and subscriptions -0- 164 (164) -0-
Travel and training -0- 132 (132) -0-
Capital outlay -0- 2,875 (2,875) 12,791
404,635 412,668 (8,033) 414,711
-42-
L ARSON. YOUNG 8 CO
GENERAL FUND
STATEMENT OF EXPENDITURES - BUDGETED AND ACTUAL - BY OBJECT - 5
1980
Budget
Variance
Favorable
Actual (Unfavorable)
1979
Actual
Sanitation
Personal services $ 165,569 $ 188,780 $ (23,211) $ 144,999
Supplies 26,400 40,797 (14,397) 29,91C1
Contractual services 130,925 157,392 (26,467) 118,498
Memberships and subscriptions -0- 103 (103) -0-
Travel and training -0- 315 (315) -0-
Capital outlay -0- 518 (518) 17,851
322,894 387,905 (65,011) 311,258
TOTAL PUBLIC WORKS 727,529
Library 10,770
Parks, recreation and cemetery
Personal services 64,427
Supplies 12,205
Contractual services 15,220
Memberships and subscriptions 50
Capital outlay 3,902
TOTAL COMMUNITY SERVICES
TOTAL EXPENDITURES
95,804
800,573
9,782
(73,044) 725,959
988 9,09G
68,593 (4,166)
13,051 (846)
29,105 (13,885)
45 5
5,752 (1,850)
116,546 20,742
106,574 126,328
52,536
9,53
25,644
6,723
93,441
(19,754) 102,53'
$2,394,928 $2,522,085 $(127,157) S2,315,869
-43-
MIRSON, MVO 6 CO.
GENERAL FUND
SCHEDULE OF DELINQUENT TAXES RECEIVABLE
CITY OF PEARLAND, TEXAS
September 30, 1980
Year
EXHIBIT A-4
Delinquent
Taxes
1979 $55,700
1978 17,969
1977 6,947
1976 3,641
1975 2,440
1974 2,194
1973 1,117
1972 802
1971 285
1970 296
1969 222
1968 97
1967 80
1966 367
1965 37
1964 40
1963 3
1962 1
1961 1
1960 1
1959 1
1958 1
1957 1
1956 1
1955 1
1954 1
1953 1
1952 1
1951 1
TOTAL DELINQUENT TAXES $92,249
-44-
L IRSON. YOUNG 8 CO
SPECIAL ASSESSMENT FUND
-45-
MIRSON. YOUNG 8 CO
ENTERPRISE FUND (PROPRIETARY FUND TYPE)
STATEMENT OF REVENUES ANT) EXPENSES - BUDGETED AND ACTUAL
CITY OF PEARLAND, TEXAS
Years ended September 30, 1980 and 1979
Operating revenues
Water sales
Water taps and connections
Sewer service charge
Sewer taps and connections
Service charges
TOTAL OPERATING REVENUES
198n
EXHIBIT C-1
Budget
$ 540,000
36,000
294,000
36,000
17,000
923,000
Variance
Favorable 1979
Actual (Unfavorable) Actual
$573,581
17,275
308,635
13,17n
30.789
943:450
$ 33,581
(18,725)
14,635
(22 .830)
13,789
20,450
S 499,723
40,859
248,883
33,020
16,143
818,628
Operating expenses
Water department
Personal services 184,388 154,616 29,772 160,110
Supplies 61,750 66,453 (4,703) 49,263
Contractual services 141,74E 140,122 1,626 117,8R1
Other 465 (465) 58
Sewer department
Personal services 46,967 48.97n (2 003) 34,250
Supplies 27,980 24,877 1,103 24,501
Contractual services 121,547 140,973 (19,426) 88,274
Other 465 (465) 58
Depreciation
TOTAL OPERATING EXPENSES
OPERATING INCOME
584.380
338,620
Non -operating revenues (expenses)
Interest revenue 6,000
Interest expense (212,610)
Fiscal agents fees
TOTAL NON -OPERATING
REVENUES (EXPENSES) (206,610)
INCOME BEFORE OPERATING
TRANSFERS 132,010
Operating transfers out 33,263
137,348
714,263
229,187
17n,69Q
(162,510)
8,179
237,366
(137 .148) 112,030
(129,883)
(1(19,433)
164 ,689
5n,1nn
214,789
105,356
33,263
NET INCOME $98,747 $2.37,366 138,619
586,425
252,203
278,755
(165,793)
(26,431)
86531
338,73a
76,765
S261,969
,48.
L,UIR.St7.YOUNG 6 CO
ENTERPRISE FUND
(PROPRIETARY FUND TYPE)
-47r
!A/RSON. YOUNG & CO.
SPECIAL ASSESSMENT FUND
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
CITY OF PEARLAND, TEXAS
Year ended September 30, 1980
Cash balance at October 1, 1979
Receipts
Streets assessments
CASH BALANCE AT SEPTEM3ER 30, 1980
EXHIBIT B-1
518,711
2,382
$21,093
F46
LAIRSON. YOUNG 8 CO
GENERAL FIXED ASSETS GROUP OF ACCOUNTS
-49- -
LAIRSON. YGYING 8 CO
GENERAL FIXED ASSETS
EXHIBIT D-1
STATEMENT OF GENERAL FIXED ASSETS - BY FUNCTION AND ACTIVITY
CITY OF PEARLAND, TEXAS
September 30, 1980
Function and Activity
General government
City council
City manager
City secretary
Finance
Tax
Legal
Municipal court
City shop
City hall
Planning and
transportation
Public safety
Police
Fire
Animal shelter
Inspection
Civil defense and
communications
Emergency medical
services
Public works
Street
Sanitation
Community services
Library
Parks, recreation
and cemetery
Construction in
Progress
Total
$ 1,514
3,411
3,321
4,043
7,979
616
2,628
260,560
158,075
2,833
444,980
240,130
153,443
15,104
12,790
45,377
47,569
514,413
2,179,436
428,698
Land Buildings Improvements Equipment
$ 60,014
60,014
4,320
$241,007
87,456
328,463
67,136
1,589
7,149
4,320 75,874
203,195 2,613
57,236 800
2,608,134 260,431
57,658
1,064,917
1,122,575
212,873
$4,902,975
5,000
374,548
3,413
41,586
379,548 41,586
$1,894,998
142,070
2,037,068
657,904
657,904
$ 1,514
3,411
3,321
4,043
7,979
616
2,628
19,553
10,605
2,833
56,503
172,994
151,854
3,635
12,790
45,377
47,569
434,219
78,630
228,592
307,222
11,072
32,465
43,537
$704,313 $449,336 $2,694,972 $841,481
-50-
LAIRSON. YOUNG d CO
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS - BY DEPARTMENT
CITY OF PEARLAND, TEXAS
Year ended September 30, 1980
EXHIBIT D-2
Balance at Balance a:
Oct. 1, 1979 Additions Retirements Sept. 30, 1980
General Government
City Council $ 1,514 $ 1,514
City Manager 3,411 3,411
City Secretary 3,082 $ 239 3,321
Finance 3,863 180 4,043
Tax 7,384 595 7,979
Legal 500 116 616
Municipal Court 2,498 130 2,628
City Shop 221,764 38,796 260,560
City Hall 158,075 158,07.5
Planning and
Transportation 722 2,111 2,833
402,813 42,167 444,980
Public Safety
Police 195,842 44,288 240,13Ci
Fire 151,854 1,589 153,443
Animal Shelter 11,029 4,075 15,104
Inspection 12,696 94 12,790
Civil Defense and
Communications 43,760 1,617 45,377
Emergency Medical
Services 28,689 18,880 47,569
443,870
70,543 514,413
Public Works
Street 1,500,822 678,614 2,179,436
Sanitation 362,043 66,655 428,698
1,862,865
745,269 2,608,134
Community Services
Library 54,042 3,616
Parks, recreation and
cemetery 969,564 95,353
1,023,606
Construction in Progress 110,483
TOTAL
$3,843,637
98,969
212,873 $(110,483)
$1,169,821 $(110,483)
57,658
1,064,917
1,122,575
212,873
$4,902,975
-51-
MIRSON. YOUNG 8 CO