R2002-0014 01-14-02RESOLUTION NO. R2002-14
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PEARLAND DECLARING INTENTION
TO REIMBURSE PROJECT EXPENDITURES
WHEREAS, the members of the City Council have previously approved, and the City of
Pearland (the "City") is proceeding with the City's property tax supported capital improvement
Project (herein, the "Project"), the general purpose and function of which is to provide for the
acquisition, construction, repair and improvement of streets and bridges in the Ci[y and the
maximum aggregate cost of which is expected to be approximately $92,500,000.00;
WHEREAS, the City anticipates providing funds to finance the capital costs of the Project
by issuing a~er the date hereof its Permanent Improvement Bonds, Series 2002, which are currently
expected to have a maximum aggregate principal amount of $12,500,000 (herein, the "Bonds"), all
of which is expected to be used for the Project and cost of issuance;
WHEREAS, no funds of the City are, or are reasonably expected to be, allocated, reserved,
or otherwise set aside in the City's budget on a long-term basis to pay the cost of the Project;
WHEREAS, the Bonds will be payable from taxes levied, assessed and collected by the City
for the Bonds;
WHEREAS, the City anticipates that after the date hereof and prior to the issuance of the
Bonds, it will be obligated to pay certain costs constituting expenditures properly chargeable to a
capital account (under general federal income tax principles) in connection with the Project in the
aggregate amount of not more than $1,000,000 (herein, the "Expenditures");
WHEREAS, the money to be used to pay the Expenditures set forth in this Resolution is in
the City' General Fund (herein, the "Fund"), the general purpose and function of which is to pay for
certain capital projects and such money is not appropriated for any other purpose;
WHEREAS, the City reasonably expects that it will be reimbursed for the Expenditures
with proceeds of the Bonds; and
WHEREAS, after the issuance of the Bonds, it will: (1) evidence each allocation of
proceeds of the Bonds to the reimbursement of the Expenditures with an entry in its books and
records maintained with respect to the Bonds, and (2) identify in such entry the actual prior
Expenditure being reimbursed or the fund from which the Expenditure was made.
NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE CITY
COUNCIL OF THE CITY THAT:
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Section 1. The City Council hereby adopts the findings set out in the preamble hereof
and hereby states that this Resolution is a "declaration of official intent" pursuant to and within the
meaning of Treasury Regulation {} 1.150-2, as promulgated under the Internal Revenue Code of
1986, as amended, and declares its intent to issue not more than $12,500,000 in principal amount of
Bonds to pay the costs of the Project, of which a maximum amount of $1,000,000 is expected to be
used to reimburse the City for capital expenditures paid in connection with the Project prior to the
issuance of the Bonds.
Section 2. The City will maintain this Resolution at the office of the City where such
records are generally kept and make it continuously available for inspection by the general public
during normal business hours on business days beginning within 30 days after the date of this
Resolution.
PASSED AND APPROVED this 14
__ day of January, 2002. __
Mayor
City of Pearland, Texas
.of Pe~/and, Texa~,
(SEAL)
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CERTIFICATE FOR RESOLUTION
THE STATE OF TEXAS §
CITY OF PEARLAND §
We, the undersigned officers of City of Pearland, Texas (the "City"), hereby certify as
follows:
1. The City Council of the City convened in a regular meeting on danuary 14 ,
2002, 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, to wit:
Tom Reid
Richard Tetens
Woody Owens
Larry Wilkins
Larry Marcott
Klaus Seeger
and all of such persons were present except
quorum.
written
Mayor
Councilmember, Position 1
Councilmember, Position 2
Councilmember, Position 3
Councilmember, Mayor Pro-Tem
Councilmember, Position 5
, thus constituting a
Whereupon, among other business, the following was transacted at said meeting: a
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF PEAR.LAND DECLARING INTENTION
TO REIMBURSE PROJECT EXPENDITURES
(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,
such motion, carrying with it the adoption of the Resolution, prevailed and carried by the
following vote:
AYES: 5 NAYS: 0 ABSTENTIONS:__
2. That a true, full and correct copy of the aforesaid Resolution adopted at the
meeting described in the above and foregoing paragraph is attached to and follows this
certificate; that such Resolution has been duly recorded in the City's minutes of such meeting;
that the above and foregoing paragraph is a true, full and correct excerpt from the City's minutes
of such meeting pertaining to the adoption of such Resolution; that the persons named in the
above and foregoing paragraph are the duly chosen, qualified and acting officers and members of
the City as indicated therein; that each of the officers and members of the City was duly and
sufficiently notified officially and personally, in advance, of the date, hour, place and purpose of
the aforesaid meeting, and that the Rcsolmion would bc introduced and ~on~idered for adoption
at such meeting, and each of such officers and members consented, in advance, to the holding of
such meeting for such purpose; that such meeting was open to the public as required by law; and
HOU:706146.4
that public notice of the date, hour, place and subject of such meeting was given as required by
Chapter 551, Texas Government Code, as amended.
SIGNED AND SEALED this January 14,2002.
(SEAL)
CITY OF PEARLAND, TEXAS
,y:
Mayor
HOU:706146.4
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