R-2012-084-2012-06-11 RESOLUTION NO. R2012-84
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, AUTHORIZING THE BOND REIMBURSEMENT
OF CAPITAL EXPENDITURES.
WHEREAS, the City of Pearland, Texas (the "City") intends to provide for and
operate a West Side Library Facility (the "Library"); and
WHEREAS, the City desires to reimburse itself for capital expenditures of
acquiring the initial collection and furniture for the Library and for improving the
storefront where the Library is located (together, the "Facility"), which it is about to pay
from the General Fund, with the proceeds of tax-exempt obligations to be issued
subsequent to the payment of such capital expenditures; and
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. The City hereby expresses its intent to reimburse itself for all capital
expenditures to be paid in connection with the acquisition and improvement of the
Facility from the proceeds of tax-exempt obligations to be issued subsequent to the
payment of all or a portion of such capital expenditures.
Section 2. In lieu of incurring debt at this time, the City expects to pay the
capital expenditures associated with the acquisition and improvement of the Facility
from the City's General Fund.
Section 3. The City expects that debt service on the tax-exempt obligations to
be issued to reimburse the City for the capital expenditures to be paid in connection with
the acquisition and improvement of the Facility will be paid from the City's Debt Service
Fund.
Section 4. The maximum principal amount of tax-exempt obligations to be
issued to finance the capital expenditures of acquisition and improvements to the
Facility will be no more than $550,000
HOU:3221957.1
RESOLUTION NO. R2012-84
PASSED, APPROVED and ADOPTED this the 11th day of June, A.D., 2012.
)0 RE(..A)
TOM REID
MAYOR
ATTEST:
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APPROVED AS TO FORM: "'""" °
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DARRIN M. COKER
CITY ATTORNEY
HOU:3221957.1