R2001-0143 10-08-01 RESOLUTION NO. R2001-143
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, APPROVING THE PEARLAND ECONOMIC DEVELOPMENT
CORPORATION'S REQUEST TO ISSUE BONDS FOR THE OILER DRIVE
AND BAILEY ROAD EXTENSIONS, BUDGETING UP TO $2.4 MILLION IN
CASH FROM CURRENT AND ANTICIPATED REVENUES OVER THE
NEXT THREE YEARS, AND INCURRING $10 MILLION IN DEBT, AND
MAKING THE PROJECT CONTINGENT UPON THE BOARD'S
CONTINUED ASSURANCE THAT THE CITY HAS SUFFICIENT
RESOURCES TO CONTINUE THE PROJECT FROM FM 1128 TO
STATE HIGHWAY 288.
WHEREAS, the Pearland Economic Development Corporation (PEDC) is
authorized to undertake projects and to issue its sales tax revenue bonds to pay for the
costs of such projects, all as authorized by Article 5190.6, Texas Revised Civil
Statutes, as amended (the "Development Corporation Act of 1979"); and
WHEREAS, the construction and maintenance of street improvements is
important to the economic growth and development of the City of Pearland, and will
benefit the City's residents by aiding the City's efforts to encourage economic
growth and development, stimulate commerce, promote or develop new or expanded
business enterprises, and enhance the health, safety, and welfare of the City's
residents; and
WHEREAS, at its October 1 meeting, the Board of Directors of the Pearland
Economic Development Corporation voted unanimously to issue bonds for the
Oiler Drive and Bailey Road extensions, budgeting up to $2.4 million in cash from
current and anticipated revenues over the next three years, and incurring t~l 0 million
in debt, and making the project contingent upon the Board's continued assurance that
RESOLUTION NO. R2001-143
the City has sufficient resources to continue the project from FM 1128 to
State Highway 288; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That the City Council approves the Pearland Economic
Development Corporation's request for a bond issue to fund Oiler Drive and
Bailey Road extensions, budgeting up to $2.4 million in cash from current and
anticipated revenues over the next three years, and incurring $10 million in debt, and
making the project contingent upon the Board's continued assurance that the Citv has
sufficient resources to continue the project from FM 1128 to State Highway 288.
PASSED, APPROVED and ADOPTED this the 8 day of October
A.D., 2001.
TOM REID
MAYOR
ATTEST:
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
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