R2010-150 - 2010-11-22 RESOLUTION NO. R2010 -150
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, APPROVING A BOND ORDER OF BRAZORIA COUNTY
MUNICIPAL UTILITY DISTRICT NO. 6 AUTHORIZING THE ISSUANCE OF
$1,360,000 UNLIMITED TAX BONDS, SERIES 2011.
WHEREAS, the Brazoria County Municipal Utility District No. 6 (the "District ") is
located within the extraterritorial jurisdiction of the City of Pearland, Texas (the "City "); and
WHEREAS, by Resolution No. R 86 -7, dated February 10, 1986, the City consented
to the creation of the District, and placed certain conditions on the issuance of bonds by
the District, including the approval by the City Council of the District's issuance of such
bonds; and
WHEREAS, the City Council has considered the District's proposed $1,360,000
Unlimited Tax Bonds, Series 2011, and has found it to be acceptable; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. All of the matters and facts set forth in the preamble hereof are true
and correct.
Section 2. The bond order of the board of directors of Brazoria County Municipal
Utility District No. 6, authorizing the issuance of its $1,360,000 Unlimited Tax Bonds, Series
2011, is hereby approved.
Section 3. This Resolution shall take effect immediately from and after its
passage in accordance with the provisions of the Charter of the City of Pearland and it is
accordingly so resolved.
RESOLUTION NO. R2010 -150
PASSED, APPROVED and ADOPTED this the 22 day of November, A. D., 2010.
�OYY!
TOM REID
MAYOR
ATTEST:
\CONj&- W ,,e':% -: -;
SONIA WEBB ' �., % \ :: )j
DEPUTY CITY SECRETARY
APPROVED AS TO FORM: . ae,___
DA RIN M. COKER
CITY ATTORNEY
2
RBC Capita Markets® Eugene B.Shepherd
Managing Director
Fixed Income Banking
BB C 1001 Fannin Street,Suite 1200
'R <
f ^- ..: .. Houston,Texas 77002
Phone:(713)651-3338
Fax:(713)651-3347
Eugene.Shepherd@rbecm.com
November 10,2010
IVED
Mr.Darrin M. Coker �010
City Attorney 1 f ATTORNEN
City of Pearland
3519 Liberty Drive
Pearland,TX 77581
Re: $1,360,000 Brazoria County Municipal Utility District No. 6
Unlimited Tax Bonds, Series 2011
Dear Mr. Coker:
At the regular monthly Board of Directors Meeting of the Brazoria County Municipal Utility
District No. 6 (the "District"), the Board authorized our firm and Bond Counsel, Schwartz, Page
& Harding, L.L.P. to proceed with the details relating to the advertised sale and issuance of the
{ District's Series 2011 Bonds. The purpose of the bond issue is to reimburse the developer for
utilities previously constructed.
The District respectfully requests Council's review and approval of the request to issue Series
2011 Bonds. We anticipate the sale of Bonds in January, 2011. Review and approval by the
Council at the Council meeting on November 22,2010,would be greatly appreciated.
I am enclosing a Pro Forma New Debt Service Schedule and a Projection of Income and
Expenses as approved by the Texas Commission on Environmental Quality.
Thank you very much for your consideration of our request. If you have any questions, please
do not hesitate in telephoning me at 713/651-3338.
Sincerely yours,
Eugene B. Shepherd
Managing Director
EBS/rr
cc: Peter Harding, Schwartz,Page&Harding,L.L.P.
339
Aug 10,2010 5:13 pm Prepared by ROC Capital Markets Corporation (Finance 6.017 BrazoriaMUD6:BMU66•P_2011) Page 1
BOND DEBT SERVICE
Brazorla County Municipal Utility District#6
Proposed Series 2011 Bonds
Annual
Period Debt
Ending Principal Interest Debt Service Service
03/01/2011 10,200.00 10,260.00
09/01/2011 50,000 30,600.00 80,600.00 90,800
03/01/2012 29,475.00 29,475.00
09/01/2012 75,000 29,475.00 104,475.00 133,950
03/01/2013 27,787.50 27,787.50
• 09/01/2013 80,000 27,787.50 107,787.50 135,575
03/01/2014 25,987.50 25,987.50
09/01/2014 85,000 25,98750 110,987.50 136,975
03/01/2015 24,075.00 24,075.00
09/01/2015 85,000 24,075.00 109,075.00 133,150
03/01/2016 22,162.50 22,162.50
09/01/2016 90,000 22,162.50 112,162.50 134,325
03/01/2017 20,137.50 20,137.50
09/01/2017 95,000 20,137.50 115,137.50 135,275
03/01/2018 18,000.00 18,000.00
09/01/2018 100,000 18,600.00 118,000.00 136,000
03/01/2019 15,750.00 15,750.00
09/01/2019 105,000 15,750.00 120,750.00 136,500
03/01/2020 13,387,50 13,387.50
09/01/2020 110,000 13,387.50 123,387.50 136,775
is 03/01/2021 10,912.50 10,912.50
09/01/2021 115,000 10,912.50 125,912.50 136,825
03/01/2022 8,325.00 8,325.00
09/01/2022 115,000 8,325.00 123,325.00 131,650
03/01/2023 5,737.50 5,737.50
09/01/2023 125,000 5,737.50 130,737.50 136,475
03/01/2024 2,925.00 2,925.00 •
09/01/2024 130,000 2,925.00 132,925.00 135,850
1,360,000 490,125.00 1,850,125.00 1,850,125
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BRAZORIA COUNTY MUNICIPAL UTILITY DISTRICT NO.6
Projection of Income and Expenses I NO GROWTH
Proposed$1,360,000 Unlimited Tax Bonds,Series 2011
Year Projected Projected Tax Interest Total Current Proposed Tahiti Cumulative %of
Ending Tax Assessed Tax Collections Earned Revenue Debt Service Series 2011 Debt Service Ending Next Years
12/30 Year Valuation (a) Rate 95% 1.00% Available Requirements Debt Service Requirements Fund Balance Debt Service
2010 - • $ 5,254,707 (b) 168.72%
2011 2010 $ 502,335,317 $ 0.6000 $ 2,863,311 $ 52,547 $ 8,170,565 $ 3,023,611 $ 90,800 (c) $ 3,114,411 5,056,154 159.42%
2012 2011 502,335,317 0.6000 2,863,311 50,562 7,970,027 3,037,608 133,950 3,171,558 4,798,469 151.05%
2013 2012 502,335,317 0.6000 2,863,311 - 7,661,781 3,041,248 135,575 3,176,823 4,484,958 140.31%
2014 2013 502,335,317 0.6000 2,863,311 - 7,348,269 3,059,396 136,975 3,196,371 4,151,89,9 130.49%
2015 2014 502,335,317 0.6000 2,863,311 - 7,015,209 3,048,576 133,150 3,181,726 3,833,483 120.00%
2016 2015 502,335,317 0.5000 2,863,311 - 6,696,794 3,060,324 134,325 3,194,649. 3,502,146 109.46%
2017 2016 502,335,317 0.6000 2,863,311 - 6,365,457 3,064,286 135,275 3,199,561 3,165,896 98.95%
2018 2017 502,335,317 0.6000 2,853,311 - 6,029,207 3,063,486 136,000 3,199,486 2,829,721 88.44%
2019 2018 S02,335,317 0.6000 2,863,311 - 5,693,032 3,063,199 136,500 3,199,699 2,493,333 84.83%
2020 2019 502,335,317 0.6000 2,863,311 - 5,356,645 2,802,309 136,775 2,939,084 2,417,561 87.22%
2021 2020 502,335,317 0.6000 2,863,311 - 5,280,872 2,634,929 136,825 2,771,754 2,509.119 98.44%
2022 2021 502,335,317 0.6000 2,863,311 - 5,372,430 2,417,264 131,650 2,548,914 2,823,516 153.77%
2023 2022 502,335,317 0.6000 2,863,311 - 5,685,827 1,699,771 136,475 1,836,246 3,850,581 209.04%
2024 2023 502,335,317 0.6000 2,863,311 - 6,713,892 1,706,186 135,850 1,842,036 4,871,856
$ 38,722,193 $ 1,850,125 $ 40,572,318
(a) No growth projected from the 2010 Certified Assessed Value(includes$48,604,294 In owners'opinion of uncertified value).
(b) Estimated debt service fund balance at September 2,2010.
(c) Interest rate on the Bonds estimated at 4.50%.
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