R2002-0002 01-14-02 RESOLUTION NO. R2002-2
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, APPROVING A BOND ORDER OF BRAZORIA COUNTY
MUNICIPAL UTILITY DISTRICT NO. 2 AUTHORIZING THE ISSUANCE OF
$1,640,000 WATERWORKS AND SEWER SYSTEM COMBINATION
UNLIMITED TAX AND REVENUE BONDS, SERIES 2002.
WHEREAS, the Brazoria County Municipal Utility District No. 2 (the "District")
is located within the extraterritorial jurisdiction of the City of Pearland, Texas
(the "City"); and
WHEREAS, by Resolution 81-2, dated January 26, 1981,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 resolution
authorizing the issuance of such bonds; and
WHEREAS, the City Council has considered such a bond resolution in connection
with the issuance of the District's proposed 81,640,000 Waterworks and Sewer
System Combination Unlimited Tax and Revenue Bonds, Series 2002, and has found it
to be acceptable; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
All of the matters and facts set forth in the preamble hereof are
Section 1.
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 $1,640,000 Waterworks
and Sewer System Combination Unlimited Tax and Revenue Bonds, Series 2002, is
hereby approved.
Section 3. The Mayor of the City of Pearland is hereby authorized to execute
such letters or other documents required to be provided to the Attorney General of
Texas in connection with the issuance of such bonds by the District.
Section 4. 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.
PASSED, APPROVED and ADOPTED this the
A. D., 2002.
14 day of January
TOM REID
MAYOR
ATTEST:
APPROVED AS TO FORM:
D~:IBIIXl M. COKER
CITY ATTORNEY
2
Debt Service Requirements
The following schedule sets forth the debt service requirements of the Outstanding Bonds and the principal of and
estimated interest on the Bonds.
Year Ending Current Total The Bonds Total New
December 31 Debt Service Principal Interest * Debt Service
2002 $ 1,328,048 $ 43,050 $ 1,371,098
2003 1,327,258 $ 80,000 86,100 1,493,358
2004 1,328,988 80,000 81,900 1,490,888
2005 1,327,725 90,000 77,700 1,495,425
2006 1,331,289 90,000 72,975 1,494,264
2007 1,332,205 95,000 68,250 1,495,455
2008 1,338,285 95,000 63,263 1,496,548
2009 1,337,735 100,000 58,275 1,496,010
2010 1,339,460 105,000 53,025 1,497,485
2011 1,338,512 110,000 47,513 1,496,025
2012 1,339,597 115,000 41,738 1,496,335
2013 1,342,312 120,000 35,700 1,498,012
2014 1,338,561 135,000 29,400 1,502,961
2015 1,342,731 135,000 22,313 1,500,044
2016 1,343,925 145,000 15,225 1,504,150
2017 1,348,850 145,000 7,613 1,501,463
$21,385,481 $1,640,000 $804,040 $23,829,521
Average Annual Requirements - (2002-2017) ..............................
Maximum Annual Requirement - (2016) .................................
$1,489,345
$1,504,463
* Estimated at 5.25% per annum.
29
ON CITY LETTERHEAD
Brazoria County Municipal
Utility District No. 2
c/o Paul A. Phzlbin & Assoc., P.C.
6363 Woodway, Suite 725
Houston, TX 77057
RE: Brazoria County Municipal Utility District No. 2
$1,640,000 Waterworks and Sewer System Combination
Unlimited Tax and Revenue Bonds, Series 2002
Dear Sirs:
P ursuant to the authority vested in me by Section 30.102(c) of
t he City of Pearland, Texas, Code of Ordinances, and the City
Charter of the City of Pearland, Texas, I, Tom Reid, as Mayor
of the said City of Pearland, Texas, do hereby state the
following:
1. Brazoria County Municipal Utility District No. 2 is
in compliance with Article 4 of Chapter 30
(Utilities) of the Code of Ordinances of the City
o f Pearland, Texas, and with Ordinance Nos. 411,
411-1, 443, and 443-1 of the said City of Pearland,
Texas;
2. I hereby, on behalf of the City Council of the City
o f Pearland, Texas, approve issuance of the above -
mentioned Municipal Utility District Waterworks and
Sewer System Combination Unlimited Tax and Revenue
Bonds, Series 2002; and
3. I further hereby approve the attached Bond Order in
form and substance, which will be adopted by said
Brazoria County Municipal Utility District No. 2,
in authorizing the issuance of said bonds, a copy
o f the final Bond Order will be attached hereto and
made a part hereof for all purposes as Exhibit "A".
Sincerely,
Tom Reid, Mayor
LETTER TO CITY OF PEARLAND--BOND SALE APPROVAL.wpd
PAUL A. PHILBIN & ASSOC., P.C.
PAUL A PHILBIN
Attorneys at Law
6363 Woodway • Ste. 725 Houston, Texas 77057-1792
(713) 783-4120 • FAX (713) 783-8812
January 2, 2001
Mr. Darrin Coker, City Attorney
City of Pearland
3519 Liberty
P earland, TX 77581
Dear Mr. Coker:
RE: Brazoria County Municipal Utility District No. 2
$1,640 000 Waterworks and Sewer System Combination
Unlimited Tax and Revenue Bonds, Series 2002;
Fifth Bond Issue
Brazoria County Municipal Utility District No. 2 respectfully
submits for review a copy of its proposed 'Bond Order" In
accordance with the provisions of City of Pearland Ordinance
No. 411 and 411.1, the Board requests a letter from the Mayor
t o the effect that the District is in compliance with
O rdinance No. 411 and 411.1. The District's Financial
Advisor, Mr. Craig Rathmann, has provided you the Maturity
S chedule under separate cover.
The District is expected to receive the TNRCC approval of the
Bonds for sale in the first part of next week. The District
proposes to sell bonds in February of 2002 and we understand
t hat the request for approval is scheduled for City Council
consideration on the January 14, 2002 agenda.
We are enclosing three (3) copies of this letter and the draft
Bond Order for distribution to the appropriate City personnel.
S hould you or any members of Council or Staff require any
additional information please feel free to call. Also, Mr.
Rathmann will be available to discuss the Maturity Schedule
LETTER TO CITY OF PEARLAND--BOND SALE APPROVAL.wpd
Mr. Darrin Coker, City Attorney
P age 2
January 2, 2002
should you wish to do so which had been previously provided to
t he City. As always, your timely assistance in processing
t his matter is appreciated.
Very truly yours,
\\ /
CWL, tV-LA\1)\\A
Paul A. Philbin
Attorney for District
vjw
encs.
c Brazoria County MUD No. 2 Board of Directors
Mr. Craig Rathmann, RBC Dain Rauscher Inc.
Mr. Bryan Jordan, Jones & Carter
Mr. Tom Wilcox, Silverlake Development
VIA FEDEX
LETTER TO CITY OF PEARLAND--BOND SALE APPROVAL.wpd