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R75-19 05-27-75THE STATE OF TEXAS COUNTIES OF BRAZORIA AND HARRIS § The City Council of the City of Pearland, Texas, convened in regular meeting, open to the public, on the 27th day of May, 1975, at the City Hall, and the roll was called of the duly . constituted officers and members of the City Council and the City Secretary of the City, to -wit: Carlton McComb Cecil W. Griffin Harry Farley Gene E. Sanders Tom Reid Benny J. Frank Dorothy L. Cook and all of said persons were sentees: iy/©n'e Mayor Councilman and Mayor Pro Tem Councilman Councilman Councilman Councilman City Secretary present, except the following ab- thus constituting a quorum. Whereupon, among other business, the following was transacted at said meeting: a written resolu- tion entitled: RESOLUTION FIXING COUPON INTEREST RATES AND NAMING PURCHASER OF $650,000 GENERAL OBLIGATION BONDS, SERIES 1975 (the "Resolution") was duly introduced for the consideration of the City Council and reviewed in full. It was then duly moved and seconded that the Resolution be passed; and, after due discussion, the motion, carrying with it the passage of the Resolution, prevailed and carried by the following vote: AYES: All members of the City Council shown present above voted. "Aye". NOES: None. The Mayor thereupon announced that the Resolution had been duly . and lawfully adopted. The Resolution thus adopted follows: RESOLUTION FIXING COUPON INTEREST RATES AND NAMING PURCHASER OF $650,000 GENERAL OBLIGATION BONDS, SERIES 1975 THE STATE OF TEXAS § COUNTIES OF BRAZORIA AND HARRIS § CITY OF PEARLAND WHEREAS, the City Council of the CITY OF PEARLAND, TEXAS (the "City"), has heretofore authorized the issuance of the City's $650,000 GENERAL OBLIGATION BONDS, SERIES 1975 (the "Bonds"), by reading, considering, -and adopting on May 12, 1975, and again on May 27, l475, respectively, an ordinance authorizing such issuance; and WHEREAS, the City Council deems it advisable to adopt a resolution fixing coupon interest rates and naming the pur- chaser or purchasers of the Bonds; THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND THAT: Section 1. The matters and facts recited in the preamble of this resolution are hereby found to be true and correct. Section 2. The Bonds shall bear interest per annum at the following rates, respectively, to -wit: Bonds maturing 1978 through 19li, S."}r% Bonds maturing 19fl through 1987, 6, Oo % Bonds maturing 19, through 19 , 6•/0% Bonds maturing 19 9/ through 19 , ‘. % Bonds maturing 19�,?through 19 , ‘.0 % Bonds maturing 19�,3 through 19 , (,SO % Section 3. The Bonds are hereby sold and shall be de- /{� livered to 5�,yrr,�%,�Guyd`�( Y,.c2�,o' ,iuj £ q�ru.1 . /✓ • Y for the par value thereof and accrued. interest thereon to date of delivery, plus a premium of $ " ° , subject to the unqualified approving opinions, as to the legality of the Bonds, of the Attorney General of the State of Texas and of Vinson, Elkins; Searls, Connally & Smith, Houston, Texas, market attorneys. Section 4. This resolution was readand considered once by the City Council and shall take effect immediately. Section 5. It is-tereby 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, is hereby authorized, approved, adopted, ratified, and confirmed. PASSED AND APPROVED this 27th day of May, 1975. ATTEST;, City Secret CITY"'OF P (SEAL) y LAND, TEXAS )71,(1, Mayor CITY OF PEARLAND, TEXAS -2- $650,000 CITY OF PEARLAND, TEXAS (Brazoria and Harris Counties) General Obligation Bonds Series 1975 Selling: Tuesday, May 27, 1975 at 7:30 P.M., C.D.S.T. Prepared Under the Direction of: Underwood, Neuhaus & Co., Incorporated 724 Travis Street Houston, Texas 77002 Financial Advisor to the City /"L { $650,000 CITY OF PEARLAND, TEXAS (Brazoria and Harris Counties) General Obligation Bonds Series 1975 Selling: Tuesday, May 27, 1975 at 7:30 P.M., C.D.S.T. Prepared Under the Direction of: Underwood, Neuhaus & Co., Incorporated 724 Travis Street Houston, Texas 77002 Financial Advisor to the City CITY OFFICIALS Mr. Carlton McComb Mayor Mr. Cecil W. Griffin Mayor Pro Tem Mr. Harry Farley Councilman Mr. Gene E. Sanders Councilman Mr. Tom Reid Councilman Mr. Benny J. Frank Councilman ********************************************************************* Mr. William E. Wolff City Manager Mr. Bobby Williams City Attorney Mrs. Dorothy S. Thompson Treasurer Mr. James 0. DeShazer Tax Assessor/Collector Mrs. Dorothy Cook City Secretary OFFICIAL NOTICE OF SALE $650,000 CITY OF PEARLAND, TEXAS (Brazoria and Harris Counties, Texas) General Obligation Bonds Series 1975 SELLING: Tuesday, May 27, 1975, at 7:30 P.M., Central Daylight Saving Time. PLACE AND TIME OF SALE: The City Council of the CITY OF PEARLAND, TEXAS will receive sealed bids at the City Hall until 7:30 P.M., C.D.S.T., on Tuesday, May 27, 1975, for the above bonds (the "Bonds"), summarized in the following pages. ADDRESS OF BIDS: Sealed bids, plainly marked "BID FOR BONDS," should be addressed to the "Honorable Mayor and City Council of Pearland, 2337 North Texas, Pearland, Texas 77581." All bids must be submitted on the Official Bid Form which is a part hereof. DESCRIPTION OF BONDS: The Bonds will be issued in the denomination of $5,000 each as coupon bonds without privilege of registration and will be dated• June 1, 1975. Interest on the Bonds will be paid on February 1, 1976 and semiannually thereafter on February 1, and August 1 until maturity or redemption. The Bonds will mature serially on February 1 as follows: $10,000, 1978; $20,000, 1979; $25,000, 1980/81; $30,000, 1982; $35,000, 1983/85; $45,000, 1986/87; $50,000, 1988/89; $55,000, 1990; $60,000, 1991; and $65,000, 1992/93. Bonds maturing February 1, 1989 through 1993, both inclusive, are optional for redemption prior to maturity, at par, in whole or in part, in inverse numerical order on February 1, 1988, or on any interest payment date thereafter. CONDITIONS QF SALE TYPE OF BIDS.AND.INTEREST RATES: Bids must be for all Bonds being offered and -at a price of not less than par plus accrued interest. No discount bids will be considered. Each Bond must bear a single interest rate to evidence a single maturity, and the highest coupon rate bid may not exceed the lowest coupon rate bid by more than 1%. Bidders must specify coupon rates in multiples of 1/8th or 1/20th of 1%, but not more than six (6) different coupon rates and five (5) changes will be considered. ACCEPTANCE OF BID: Subject to the right of the City to reject any and all bids and to waive any irregularities except time of filing, the District will accept that bid which results in the lowest net interest cost to the District. GOOD. FAITH DEPOSIT: A Good Faith Deposit shall be required in the amount of $13,000, which is 2% of the par value of the Bonds to be bid upon, and shall be in the form of a Cashier's Check payable to CITY OF PEAR - LAND. The Good Faith Deposit of the successful bidder shall be retained uncashed by the City until the Bonds are delivered under the conditions herein specified and at that time returned to such successful bidder; however, should such successful bidder fail or refuse to take up and pay for the Bonds under such conditions, the check is to be cashed and the proceeds accepted and applied as full and complete liquidated dam- ages. The above mentioned Cashier's Check may accompany the Official Bid Form or it may be submitted separately; if submitted separately, it shall be made available to the City prior to the opening of the bids and shall be accompanied by instructions by the bank on which drawn which authorize its use as a Good Faith Deposit by the successful bid- der who shall be named in such instructions. The checks of the unsuc- cessful bidders will be returned immediately. PRINTED BONDS AND CUSIP NUMBERS: The City will furnish the printed Bonds with lithographed borders. It is anticipated that CUSIP iden- tification numbers will be printed on the Bonds, but neither the failure to print such number on any Bond nor any error with respect thereto shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for the Bonds in accordance with the terms of the Official Notice of Sale. All expenses in relation to the printing of CUSIP numbers on the Bonds shall be paid for by the City; provided however, that the CUSIP Service Bureau charge for the assignment of the numbers shall be the responsibility of and shall be paid for by the purchaser. . - LEGAL OPINION: The City will furnish without cost to the successful bidder a complete transcript of proceedings held incident to the issu- ance and authorization of the Bonds, including the unqualified approv- ing legal opinion of the Attorney General of the State of Texas to the effect that the Bonds are valid and legally binding obligations of the City, and, based upon examination of such transcript of proceedings, the unqualified approving legal opinion of Messrs. Vinson, Elkins, Searls, Connally and Smith, Bond Counsel, Houston, Texas, to a like effect and to the effect that the interest on the Bonds is exempt from all present federal income taxes under existing statutes, regulations, rulings and court decisions. NO -LITIGATION CERTIFICATE: With the delivery of the Bonds, the Mayor and Secretary of the City Council of the City will on behalf of the City execute and furnish to the successful bidder a certificate to the effect that no litigation of any nature has been filed or is then pend- ing against the City of which the City has notice to restrain or enjoin the issuance or delivery of the Bonds or the coupons appertaining thereto, or which would affect the provisions made for their payment or security, or in any manner question the validity of the Bonds or coupons. DELIVERY: Delivery of the Bonds will be made at the expense of the District at any bank in Austin, Texas, or, at the expense of the pur- chaser, at a bank in any Federal Reserve City he designates. The pur- chaser must provide Federal Funds for payment of the Bonds, and will be required to pay for the Bonds within four (4) business days after official notification by the Financial Advisor that the Bonds are ready for delivery. It isanticipated that such delivery can be made within thirty (30) days from the date of this sale; but if not delivered with- in sixty (60) days, then the purchaser will have the option of accept- ing or rejecting the. Bonds at his bid price for an additional thirty (30) days when they are ready for delivery. /aft NOT AN OFFER TO SELL: This Official Notice of Sale does not alone con- stitute an offer to sell the Bonds, but is merely notice of the sale of the Bonds. The offer to sell the Bonds to the successful bidder is being made by means of this Official Notice of Sale, the Official Bid Form and the Offering Statement, copies of which may be obtained from the Financial Advisor to the City. Mr. Carlton McComb Mayor CITY OF PEARLAND Copies of this Official Notice of Sale, the Offering Statement, and .the Official Bid Form may be obtained from Underwood, Neuhaus & Co., Incorporated, 724 Travis Street, Houston, Texas 77002, Financial Advisor to the City. INTEREST -EXEMPT IN THE OPINION OF BOND COUNSEL FROM ALL PRESENT FEDERAL INCOME TAXES UNDER EXISTING STATUTES, RULINGS, COURT DECISIONS AND REGULATIONS Selling: May 27, 1975 Moody's Rating: A 7:30 P.M., C.D.S.T. $650,000 CITY OF PEARLAND, TEXAS (Brazoria and Harris Counties) GENERAL OBLIGATION BONDS Series 1975 Dated: June 1, 1975 Denomination: $5,000 Principal and semi-annual interest (February 1 and August 1) payable at Pearland State Bank, Pearland, Texas or at the Community Bank, Houston, Texas. First Interest Coupon due February 1, 1976. MATURITY SCHEDULE (Due February 1) Amount Rate Due Yield Amount Coupon Due Yield $10,000 1978 $45,000 1986 20,000 .1979 45,000 1987 25,000 1980 50,000 1988 25,000 1981 50,000 1989* '30,000 1982 55,000 1990* .35,000 1983 60,000 1991* 35,000 1984 65,000 1992* 35,000 1985 65,000 1993* *Bonds maturing February 1, 1989 through 1993, inclusive, are optional for redemption prior to maturity at par, in whole or in part, in inverse numerical order, on February 1, 1988 or any interest payment date thereafter. THESE BONDS represent the issuance of a total of $450,000 Various Purpose Bonds authorized at an election held for that purpose on February 15, 1975 and $200,000 Park Land Acquisition Bonds authorized at an election held for that purpose on April 5, 1975. They will, in the opinion of Bond Counsel, constitute direct and general obliga- tions of the City of Pearland, Texas, payable from ad valorem taxes levied against all taxable property located within the City, within the limits prescribed by law. Proceeds from the sale of the Bonds will be used as follows: $200,000, Water Works System; $150,000, Sanitary Sewer Lines; $100,000, Solid Waste Disposal Facility; and $200,000, Park Land Acquisition. Population: 8,500 (1975 Estimate) LEGALITY: Vinson, Elkins, Searls, Connally F Smith, Bond Attorneys Houston, Texas. DELIVERY: When issued -anticipated on or about June 12, 1975. PAYMENT RECORD: The City of Pearland has NEVER DEFAULTED FINANCIAL STATEMENT (As of March 31, 1975) 1975 Estimated Assessed Valuation (60% of Actual) $58,555,482* 1974 Assessed Valuation 54,399,335 General Obligation Bonds (Inc1. this issue) I $ S Fund Outstanding General Purpose Bonds ) $ 489,936 Waterworks and Sewer System Bonds $122,665) 2,188,664 Assumed Water District Bonds ) 144,000 Total $2,822,600 Less: Self-supporting Debt $921,413. Applicable I$S Funds 82,625 $1,004,038 NET DEBT (3.11% of 1975 Est. A.V.; $213.95 per capita) $1,818,562 *This is not a final tax roll for 1975, and the City's Board of Equaliza- tion -may determine to raise or lower all or a part of the foregoing valuations. ESTIMATED DIRECT AND OVERLAPPING NET DEBT STATEMENT Taxing Overlapping Jurisdiction Net Debt As Of Percent Amount Brazoria County $ 4,496,952 3-31-75 2.772 $ 124,656 Clear Creek ISD 16,606,639 3-31-75 .831 138,001 Harris County 109,232,344 1-1-75 .026 28,400 Harris County Flood 32,741,425 1-1-75 .026 8,513 Control Harris County Hos- 389,903 1-1-75 .026 101 pital District Pearland ISD 4,804,858 4-1-75 66.605 3,200,276 Port of Houston 41,037,274 1-1-75. .026 10,670 Authority Total Net Overlapping Debt $3,510,617 Pearland, City Of 1',818,562 3-31-75 100.000 1,818,562 Total Direct and Overlapping Debt $5,329,179 (9.10% of Estimated 1975 A.V..-$626.96 per capita) TAX DATA Tax Assessed Tax % Collections Year Year Valuation Rate Current Total Ending 1969 1970 1971 1972 1973 1974 1975 $23,558,198 26,450,093 32,584,873 32,673,990 38,487,072(a) 54,399,335(b) 58,555,482(c) $1.15 92.00. 96.51 9-30-70 1.30 93.40 97.53 9-30-71 1.30 92.59 95.11 9-30-72 1.30 94.34 98.82 9-30-73 1.30 96.34 102.61 9-30-74 1.30 90.48 92.87 3-31-75(d) (a) Increased Commercial and Residential Development (b) Revaluation (c) Estimate (d) Six months' collections TAX RATE LIMITATIONS: Article XI, Section 5 of Texas Constitution, applicableto cities of more than 5,000 population: $2.50 per $100 assessed valuation. City operates under a Home Rule Charter which adopts constitutional provisions. In addition, by referendum, the City has availed itself of the 1% city sales tax, effective 10-1-68 (Art. 1066c, VCS). TAX RATE DISTRIBUTION: 1974 1973 1972 1971 General Fund $0.91 $0.789 $0.744 $0.741 I§S Fund .39 .511 .556 .559 Totals....... ........... $1.30 $1.300 $1.300 $1.300 MUNICIPAL SALES TAXES: The city has adopted the provisions of Article 1066c, VCS, and levies a 1% sales tax, effective October 1, 1968. The following collections represent the net monies received by the City for the full calendar year: Calendar Net Monies Year Collected 1970 1971 1972 1973 1974 $ 54,593 71,088 96,206 117,187 149,889 % of A.V. Tax Levy 15.88 16.78 22.68 23.55 20.94 Equivalent of A.V. Tax Rate Per $100 Ass'd Valuation $0.2064 .2182 .2948 . 3062 . 2722 Per Capita (1970 Census- 6,444) $ 8.47 11.03 14.93 18.19 23.26 Average Annual Debt Service Requirements (Including this issue at 7%) A Tax Rate of $0.40 on 1975 Estimated Assessed Valuation collected at 95%, produces $ 222,511 Maximum Annual Debt Service Requirements (1976) $ 230,936 A Tax Rate of $0.42 on 1975 Estimated Assessed Valuation collected at 95%, produces $ 233,636 *Calculations based upon 1975 Estimated Assessed Valuation assuming no available revenues from water and sewer operation, monies from which may be applied to debt service (see "Computation of Self - Supporting Debt," below). TAX ADEQUACY: 1975 Estimated Assessed Valuation $58,555,482 $ 219,831 PRINCIPAL TAXPAYERS AND THEIR 1974 ASSESSED VALUATIONS Taxpayer Green Tee Corp. C. H. Alexander Estate Southwestern Bell Telephone Company Golf Crest Country Club Hausman & Associates Pearland State Bank Capital Pipe and Steel Products Samuel Vester, Jr. Gustafson Group American Rice Growers Association Total (14.36% of Total 1974 Assessed Type of Property Valuation Undeveloped Land $1,504,439 Commercial Property 1,209,543 Telephone Utility 1,076,056 Country Club -Golf Course 966,154 Apartment Complex 818,187 Bank/Property 681,454 Steel Pipe Manufacturing 522,320 Sherwood Shopping Center 439,707 Land Investors 300,097 Rice Drier 295,300 A.V. $7,813,257 COMPUTATION OF SELF-SUPPORTING DEBT Net System Revenues available for fiscal year ended 9/30/74. . $ 79,738 .Less: Average Annual Requirements for Combination Tax and Revenue Bonds 16,982 Balance available for other purposes $ 62,756 Average Annual Requirements for System G. 0. Bonds 176,676 Percentage of Combination Tax and Revenue Bonds Self -Supporting 100% Percentage of System G. 0. Bonds Self -Supporting 35.52% Income Expense WATERWORKS & SEWER SYSTEM OPERATING STATEMENT Fiscal Year Ended 9-30-74 $273,610 9- 30- 73 $257,671 193,872 184,235 9-30-72 9-30-71 $249,294 179,082 $218,248 173,390 Net Operating Income $ 79,738 $ 73,436 $ 70,212 $ 44,858 Source: Earl Larison F Co., CPA's, Houston, Texas Customers Water 2,314 2,153 2,001 1,797 Sewer 2,326 2,161 2,015 1,780 DEBT SERVICE REQUIREMENT SCHEDULE 'Fiscal Year Debt Ending 9/30 Outstanding 1976 $192,197 1977 185,436 1978 162,699 1979 161,338 1980 157,381 1981 159,010 1982 155,399 1983 156,668 1984 157,816 1985 158,695 1986 154,188 1987 154,853 1988 155,188 1989 155,438 1990 155,338 1991 155,093 1992 154,600 1993 158,553 1994 157,243 1995 155,713 This Issue Principal $10,000 20,000 25,000 25,000 30,000 35,000 35,000 35,000 45,000 45,000 50,000 50,000 55,000 60,000 65,000 65,000 Average Annual Requirements--$219,831 Interest* $53,083 45,500 45,150 44,100 42,525 40,775 38,850 36,575 34,125 31,675 28,875 25,725 22,400 18,900 15,225 11,200 6,825 2,275 °Interest calculated at 7% for purposes of illustration. Total Annual Requirements $245,280 230,936 217,849 225,438 224,906 224,785 224,249 228,243 226,941 225,370 228,063 225,578 227,588 224,338 225,563 226,293 226,425 225,828 157,243 155,713 ECONOMY OF THE CITY Pearland began in 1883 when the Gulf, Colorado and Santa Fe Railroad completed its line from Alvin to Houston. The railroad freight depot (now a community center) was the first building erected in the city. The town's growth was closely linked with the railroad. Originally known as Mark Belt after one of its early citizens, the name was later changed to Pearland and was so recorded in the Brazoria county seat, Angleton, on September 28, 1894. The name was derived from the numer- ous pear orchards in the vicinity at the time. Many of the "home - seekers" coming to Texas from the north by special trains settled in and around Pearland. Pearland was incorporated in December of 1959 and was governed by General Law Rule until February 6, 1971, when the Home Rule Charter was adopted. Situated in a Coastal Basin of small streams and con- tiguous with the Brazos and San Jacinto River Basins, Pearland encom- passes fourteen square miles with a present population of approxi- mately 8,500. Pearland is located in the northeastern tip of Brazoria County and is considered a part of Metropolitan Houston. The northern city limits are coterminous with the southern city limits of the City of Houston. State Highway 35 and the Gulf Freeway connect the City with downtown Houston, a distance of approximately 16 miles. A new freeway approxi- mately 4 miles west of the City is planned for completion in early 1976. In addition, a network of state and county roads offers easy access to all parts of the State. Because of Pearland's proximity to Houston, it has rapidly become a prime residential section and new subdivisions are in a continual state of development. At present, there are 36 subdivisions developed or in process of development within the City. The approximate price range of housing varies from $30 - $55,000 in the earlier developed subdivisions to the $45 - $150,000 priced houses in the recently developed Green Tee Terrace subdivision. There has recently been expansion by national chain stores within the major shopping center of the district. Projections of population within the planning area estimate 23,825 by 1980 and 59,837 by 1990, an approximate 500% increase over 1975 estimated population. There is no single major industry -located within the City of Pearland. Employment of city residents is primarily in the City of Houston and surrounding industries. Pearland is a commercial and business center serving an oil producing and agricultural area. Local and area in- dustries include rice drying facilities and manufacturers of rice drying equipment, hydraulic shovels, metal die castings, oil well replacement parts and trailers. With only approximately 15% of local taxes derived from the oil and gas industries, these small industries provide a substantial economic base. The following light industries .are located in Pearland: Name AMF Tuboscope Bell Bottom Founda- tions Capitol Pipe and Steel Coastal Forge Columns, Inc. Dresser Atlas Houdaille Houston Pipeline Jamisson's Cannery McGinnis Manufac- turing Pauluhn Electric Pearland Box Works Pearland Sheet Metal. Works Maloney -Crawford Van Dresser and Hawkins Victory Gunite Pools Products Oil Pipe Inspection Drilling Foundations Employees 30 75 Pipe Distributor 15 Forge Flanges Column Production 0i1 Field Well Service Concrete Slabs Pipeline Storage Can Vegetables and Fruit Drag -line Buckets Marine Electric Equipment Garbage Containers Ductworks 20 20 25 35 10 5 75 75 5 5 Storage Tanks Construction 100 Welding Equipment 30 Swimming Pool Construction 10 Just south of the City is the Hastings Oil Field operated by Amoco Production Co., and in terms of production potential, it isone of the largest fields in Texas. A few miles southwest of the Hastings Field is located the $300 million Monsanto Chemical Plant built on a 3,000 acre site on Chocolate Bayou. Many residents of Pearland commute to these plants, as well as to the Dow Chemical Company plants at Freeport. Eleven modern churches representing many denominations serve the City. Three newspapers are published in the area: "The Pearland Sun Progress," a bi-weekly, and two weekly newspapers, "The Journal" and "The News." There are no local radio or television stations. ,Recreation is afforded by a city park and Little League Baseball Park. Tennis courts and other athletic facilities are available on the Pearland High School Campus., which is located in the approximate center of town. Adjoining that portion of the City which extends into Harris County is the Golf Crest Country Club. The Brazosport and Galveston beaches are only forty minutes away and almost a hundred miles of inlets, bays, creeks and rivers in Brazoria County offer the finest in recreation, fishing and boating. Pearland Independent School District has a senior high school, a new intermediate school, completed two years ago, and two elementary schools, athletic facilities and administrative offices all located within the City and one elementary school outside the City limits. An indication of the growth of the school district is shown by the in- crease in school enrollment from 3423 in January, 1970 to 4675 in January, 1975, an increase of over 36%. ECONOMY OF BRAZORIA COUNTY Dow Chemical Company, less than one hour south of the City, is the county's principal employer with approximately 8,000 employees and an annual payroll of $125 million. Dow sells approximately 12 billion poundsof products from this plant with an expenditure impact to the county of approximately $315 million. The county ranks first in the state in beef cattle and fourth in rice production. The value of all agricultural products sold in 1972 was $25.1 million. Additional income is provided by shrimping, commercial fishing and tourism. County retail sales were estimated at $195.2 million in 1973. Brazoria County ranked among the top 10 counties in Texas in percentage of population increase between 1970 and 1973. Brazoria County is one of the 23 original Texas counties. It has an industrial and agricultural economy and is one of the wealthiest mineral counties in the State. Its large mineral production is the basis for its extensive industrialization. In 1965, the county ranked first in the state in natural gas production, first in lime and salt production and fifth in the production of natural gas liquids, and in 1967 seventh in the value of oil and natural gas produced. The value of all minerals produced in 1972 was $243.0 million, ranking fourth in the state. Industry in the county includes a refinery with a maximum daily input capacity of 95,000 barrels of crude oil, 7 gasoline plants with combined maximum daily input capacity of 1.3 billion cubic feet of natural gas and six petro-chemical plants. OFFICIAL, BID FORM Honorable Mayor and City Council 2337 North Texas Pearland, Texas 77581 Gentlemen: For your legally issued CITY OF PEARLAND General Obligation Bonds, Series 1975, in the amount of $650,000, described in your Official Notice of Sale, which ishereby made a part hereof, we will pay you par and accrued interest to date of delivery to us, plus a cash premium of $ , provided said Bonds bear interest at the following rate(s): Bonds maturing 1978 through 19 @ Bonds maturing 19 through 19 @ % Bonds maturing 19 through 19 @ % Bonds maturing 19 through 19 @ % Bonds maturing 19 through 19 @ % Bonds maturing 19 through 19 @ % Our calculation (which is not a part of this bid) of the interest cost from the above is: Total Interest Cost from 6-1-75 $ Less Cash Premium $ Net Interest Cost $ Effective Interest Rate % Cashier's Check No. issued by Bank, (is attached hereto) (has been made available to you prior to the opening of this bid) as a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Should we fail or refuse to make payment for the Bonds in accordance with the terms and conditions set forth in the Official Notice of Sale, this check shall be cashed, and the proceeds retained as complete liquidated damages against us. Respectfully submitted, By: Authorized Representative ACCEPTANCE CLAUSE The above and foregoing is hereby in all things accepted by the CITY OF PEARLAND, Pearland, Texas, this the day of 1975. ATTEST: City Secretary Mayor Return of $13,000 Good Faith Check is hereby acknowledged. BOND YEARS $650,000 CITY OF PEARLAND (Brazoria and Harris Counties, Texas) General Obligation Bonds Series 1975 Dated: June 1, 1975 Due: February 1, Annually Maturity Amount 1978 $10,000 1979 20,000 1980 25,000 1981 25,000 1982 30,000 1983 35,000 1984 35,000 1985 35,000 1986 45,000 1987 45,000 1988 50,000 1989 50,000 1990 55,000 1991 60,000 1992 65,000 1993 65,000 Total Bond Years: 7,768.333 Average Maturity: 11.951 Years Bond Years 26.667 73.333 116.667 141.667 200.000 268.333 303.333 338.333 480.000 525.000 633.333 683.333 806.667 940.000 1,083.333 1,148.333 Accumulated Bond Years 26.667 100.000 216.667 358.333 558.333 826.667 1,130.000 1,468.333 1,948.333 2,473.333 3,106.667 3,790.000 4,596.667 5,536.667 6,620.000 7,768.333 OFFICIAL BID FORM Honorable Mayor and City Council 2337 North Texas Pearland, Texas 77581 Gentlemen: For your legally issued CITY OF PEARLAND General Obligation Bonds, Series 1975, in the amount of $650,000, described in your Official Notice of Sale, which is hereby made a part hereof, we will pay you par and accrued interest to date of delivery to us, plus a cash premium of $ , provided said Bonds bear interest at the following rate(s): Bonds Bonds Bonds Bonds Bonds Bonds • maturing maturing maturing maturing maturing maturing 1978 19 19 19 19 19 through 19 through 19 through 19 through 19 through 19_ through 19 0 0 0 0 0 0 0 0 Our calculation (which is not a part of this bid) of the interest cost from the above is: Total Interest Cost from 6-1-75 Less Cash Premium Net Interest Cost Effective Interest Rate o $ Cashier's Check No. issued by Bank, (is attached hereto) (has been made available to you prior to the opening of this bid) as a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Should we fail or refuse to make payment for the Bonds in accordance with the terms and conditions set forth in the Official Notice of Sale, this check shall be cashed,and the proceeds retained as complete liquidated damages against us.` Respectfully submitted, By: Authorized Representative ACCEPTANCE CLAUSE The above and foregoing is hereby in all things accepted by the CITY OF PEARLAND, Pearland, Texas, this the day of 1975. ATTEST: City Secretary Mayor Return of $13,000 Good Faith Check is hereby acknowledged. BOND YEARS $650,000 CITY OF PEARLAND (Brazoria and Harris Counties, Texas) General Obligation Bonds Series 1975 Dated: June.1, 1975 Due: February 1, Annually Maturity 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 Amount $10,000 20,000 25,000 25,000 30,000 35,000 35,000 35,000 45,000 45,000 50,000 50,000 55,000 60,000 65,000 65,000 Total Bond Years: 7,768.333 Average Maturity: 11.951 Years Bond Years 26.667 73.333 116.667 141.667 200.000 268.333 303.333 338.333 480.000 525.000 633.333 683.333 806.667 940.000 1,083.333 1,148.333 Accumulated Bond Years 26.667 100.000 216.667 358.333 558.333 826.667 1,130.000 1,468.333 1,948.333 2,473.333 3,106.667 3,790.000 4,596.667 5,536.667 6,620.000 7,768.333 ACCEPTANCE CLAUSE The above and foregoing is hereby in all things accepted by the CITY OF PEARLAND, Pearland, Texas, this the day of 1975. ATTEST: City Secretary Mayor Return of $13,000 Good Faith Checkishereby acknowledged. • BOND YEARS $650,000 CITY OF PEARLAND (Brazoria and Harris Counties, Texas) General Obligation Bonds Series 1975 Dated: June 1, 1975 Due: February 1, Annually Maturity 1978 1979 1980 - 1981 1982 1983 1984 1985 1986 1987 1988 198-9 1990• 1991 1992 1993 Bond Amount Years $10,000 26.667 20,000 73.333 2 5 ,-0 00 - - _ - = 11-6.-66 7— _ --- 25,000 141.667 30,000 200.000 35,000 -268.333 35,000 303.333 35,000 338.333 45,000 480.000 45,000 525.000 50,000 .633.333 50,000 683.333 55,000 806.667 60,000 940.000 65,000 1,083.333 65,000 1,148.333 Total Bond Years: 7,768.333 Average Maturity: 11.951 Years Accumulated Bond Years 26.667 100.000 216.667 358.333 558.333 826.667 1,130.000 1,468.333 1,948.333 2,473.333 3,106.667 3,790.000 4,596.667 5,536.667 6,620.000 7,768.333 OFFICIAL BID FORM Honorable Mayor and City Council 2337 North Texas Pearland, Texas 77581 Gentlemen: For your legally issued CITY OF PEARLAND General Obligation Bonds, Series 1975, in the amount of $650,000, described in your Official Notice of Sale, which is hereby made a part hereof, we will pay you par and accrued interest to date of delivery to us, plus a cash premium of $ _n , provided said Bonds bear interest at the following rate(s): Bonds maturing Bonds maturing Bonds maturing Bonds maturing Bonds maturing .Bonds maturing 1978 through 19" 19 through 19Z 191.1,0 through 1.9= 19 th 9 thoz rroouughh 19 1g19I 1943 through 19� Our calculation (which is not a part of this from the above is: Total Interest Cost Less Cash Premium 0 0 0 bid) of the interest cost 4.??,571.CJ fl �13F57� Fr Cashier's Check No. issued by AI,,,,,4„_. Mnti Bank, Prior tn -s , (?;�; a {;, of (bias `%'e n made available to you to the opening ottis bid a's a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Should we fail or refuse to make payment for the Bonds in accordance with the terms and conditions set forth in the Official Notice of Sale, this check shall be cashed, and the proceeds retained as complete liquidated damages against us.` from 6-1-75 $ Net Interest Cost Effective Interest Rate __Respectfully submitted, DOWL rS, TNcTbra Or ISruns, Retar M.A CO:''r "; °: co. BY Autho Reprs;, tative . U. IV Tucker, Jr. ACCEPTANCE CLAUSE The above and foregoing is hereby in all things accepted by the CITY OF PEARLAND, Pearland, Texas, this the day of 1975. ATTEST: City Secretary Mayor Return of $13,000 Good Faith Check is hereby acknowledged. _BOND YEARS - $650,000 CITY OF PEARLAND (Brazoria and Harris Counties, Texas) General Obligation Bonds Series 1975 Dated: June 1, 1975 Due: February 1, Annually Bond Accumulated Maturity Amount Years Bond Years 1978 $10,000 26.667 26.667 1979 20,000 73.333 100.000 1980 25,000_, . ___ 116_6_67 _ ___ = 2_16._66_7-_- 1981 25,000 141.667 358.333 1982 ; ..30,000; 200.000 558.333 1983 35,000 268.333 826.667 1984 35;000- -303.333 1,130.000 1985 35,000 338.333 1,468.333 1986 45,000 480.000 1,948.333 1987 45,000 525.000 2,473.333 1988 ,,;50,0;00, 633.333 3,106.667 1989 50,000 683.333 3,790.000 1990 55,000 806.667 4,596.667 1991 60,000 940.000 5,536.667 1992 65,000 1,083.333 6,620.000 1993 65,000 1,148.333 7,768.333 Total Bond Years: 7,768.333 Average Maturity: 11.951 Years OFFICIAL. BID FORM Honorable Mayor and. City Council 2337 North Texas Pearland, Texas 77581 Gentlemen: For your legally issued CITY OF PEARLAND General Obligation Bonds, Series 1975, in the amount of $650,000, described in your Official Notice of Sale, which is hereby made a part hereof, we will pay you par and accrued interest to date of delivery to us, plus a cash premium of $ , provided said Bonds bear interest at the following rate (s) : Bonds maturing 1978 through 1983 @ 6 00 Bonds maturing 1984 through - 19 @ 6.10 Bonds maturing 19 90, through ,19_ 6.20 Bonds maturing 19j through 19@ 6.30 Bonds maturing 19 92 through 19_ @ 6.40 Bonds maturing 1993 through 19_ @ 6.50 0 0 0 0 0 O Our calculation (which is not a part of this bid) of the interest cost from the above is: Total Interest Cost from 6-1-75 $ 483.571.65 Less Cash Premium $ -0- $ 483,571.65 6.224909 Net Interest Cost Effective Interest Rate Cashier's Check No. issued by American JNVatio al Bank, Austin, Texas , (iAxAtxC Sic cx45xRc#cS) (has been made available to you prior to the opening of this bid) as a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Should we fail or refuse to make payment for the Bonds in accordance with the terms and conditions set forth in the Official Notice of Sale, this check shall be cashed, and the proceeds retained as complete liquidated damages against us. Respectfully__submitted, ROWLES, WINSTON DIVISION, COWFN g4 CO. Rotan Mosle ,Tnr_ By:��' tntative Autho�l zed Re p e W. RoyJ/Tucker, Jr. ACCEPTANCE CLAUSE The above and foregoing is hereby in all things accepted by the CITY OF PEARLAND, Pearland, Texas, this the day of 1975. ATTEST: City Secretary Mayor _Return of_,$_13, 00._0_ _Goo.-d_ Eaith__Check ---is hereby acknowledged. — BOND YEARS $650,000 CITY OF PEARLAND (Brazoria and Harris Counties, Texas) General Obligation Bonds Series 1975 Dated: June 1, 1975 Due: February 1, Annually Maturity 1978 1979-_: 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990• 1991 1992 1993 Bond Accumulated Amount Years Bond Years $10,000 26.667 26.667 20,000 - _ -7-3 .-333 - --- -- 10 0. 0 0 0 25,000 116.667 216.667 25,000 141,667 358.333 30,000 '200.000 558.333 35,000 268.333 826.667 35,000 303.333 1,130.000 35,000 338.333 1,468.333 45,000 480.000 1,948.333 45,000 525.000 2,473.333 50,000 633.333 3,106.667 50,000 683.333 3,790.000 55,000 806.667 4,596.667 60,000 940.000 5,536.667 65,000 1,083.333 6,620.000 65,000 1,148.333 7,768.333 Total Bond Years: 7,768.333 Average Maturity: 11.951 Years OFFICIAL BID FORM Honorable Mayor and City Council 2337 North Texas Pearland, Texas 77581 Gentlemen: For your legally issued CITY OF PEARLAND General Obligation Bonds, Series 1975, in the amount of $650,000, described in your Official Notice of Sale, which is hereby made a part hereof, we will pay you par and accrued interest to date of delivery to us, plus a cash premium of $ -0-- , provided said Bonds bear interest at the following rate(s): Bonds maturing 1978 through 1987 @ 5.90 % Bonds maturing 19 88 through 1989 @ b.OU % Bonds maturing 1990 through 19 @ 6.10 % Bonds maturing 19 -through 19 @ 6•45 % Bonds maturing 1972 through 19 @ 6.40 % Bonds maturing 19 3 through 19_ @ 6.50 % Our calculation (which is not a part of this bid) of the interest cost from the above is: 476,858.34 Total Interest Cost from 6-1-75 $ Less Cash Premium $ _0- Net Interest Cost $ 476,858.34 Effective Interest Rate 6.138490 Cashier's Check No. issued by City Irrational Bank, Austin , ('> cxaltuc �du=hreln=&n) (has been made available to you prior to the opening of this bid) as a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Should we fail or refuse to make payment for the Bonds in accordance with the terms and conditions set forth in the Official Notice of Sale, this check shall be cashed,. and the proceeds retained as complete liquidated damages against us. Respectfully submitted, Underwoo, Neuhaus & Co . , Inc. and Pearla State Rani; By: Aq ► l Authorizes_' pres ntative Kenneth Scnwenke, Vice President ACCEPTANCE CLAUSE The above and foregoing is hereby in all things accepted by the CITY OF PEARLAND, Pearland, Texas, this the day of 1975. ATTEST: City Secretary Mayor —� Retur-n o_f G_oo_d_Faith C_he_ckis_herebv acknowledged. BOND YEARS $650,000 CITY OF PEARLAND (Brazoria and Harris Counties, Texas) General Obligation Bonds Series 1975 Dated: June 1, 1975 Due: February 1, Annually Maturity 1978 -19-79--- 1980 1981 1982 1983 1984 1985 .1986 1987 1988 1989 1990 1991 1992 1993 Bond Amount Years $10,000 26.667 20,000- =-- 73.333 25,000 116.667 25,000 141,667 30,000 '200.000 35,000 268.333 35,000 303.333 35,000 338.333 45,000 480.000 45,000 525.000 50,000 633.333 50,000 683.333 55,000 806.667 60,000 940.000 65,000 1,083.333 65,000 1,148.333 Total Bond Years: 7,768.333 Average Maturity: 11.951 Years Accumulated Bond Years 26.667 100.000 216.667 358.333 558.333 826.667 1,130.000 1,468.333 1,948.333 2,473.333 3,106.667 3,790.000 4,596.667 5,536.667 6,620.000 7,768.333 OFFICIAL BID FORM Honorable Mayor,and_City Council 2337 North Texas Pearland, Texas 77581 Gentlemen: For your legally issued CITY OF PEARLAND General Obligation Bonds, Series 1975, in the amount of $650,000, described in your Official Notice of Sale, which -is. hereby made a part hereof, we will pay you par and accrued interest to date of delivery to us, plus a cash premium of $ -0- , provided said Bonds bear interest at the following rate(s): _ --Bonds-maturing 1978-through 19 87 @ -5.90 -- - % Bonds maturing 1988 through 1989 @ 6.00 % Bonds maturing 1990 through 19 @ 6.10 % Bonds maturing 19 91 through 19 @ 6.25 % Bonds maturing 1992 through 19 @ 6.40 % _Bonds maturing 1993 through 19_ @ 6:50 % Our calculation (which is not a part of this bid) of the interest cost from the above is: Total Interest Cost from 6-1-75 $ 476,858.34 Less Cash Premium $ -0- Net Interest Cost $ 476,858.34 Effective Interest Rate 6.138490 % Cashier's Check No. issued by City National Bank, Austin , ( ^'' ^"'leik ) (has been made available -to you prior tothe,op,ening of this bid) as a Good Faith Deposit for disposition in accordance with the Official Notice of Sale. Should we fail or refuse to make payment for the Bonds in accordance with the terms and conditions..s.et forth in the Official Notice of Sale, this check shall be cashed,.and the proceeds retained as complete liquidated damages against us. Respectfully submitted, Underwood, Neuhaus & Co., Inc. and Pearla.. State Bank A t or-ize. R-.resentative Kenneth Schwenke, Vice President