R-2013-079-2013-06-10RESOLUTION NO. R2013-79
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, DECLARING INTENTION TO REIMBURSE
PROJECT EXPENDITURES FROM FUTURE BOND PROCEEDS.
WHEREAS, the City of Pearland, Texas (the "City") intends to construct and
acquire a water/sewer project, namely the Hatfield Basin Trunk Sewer and Old Alving
Waterline (the "Facilities"); and
WHEREAS, the City desires to reimburse itself for capital expenditures of
acquiring the Facilities, which it is about to pay from the Water and Sewer Revenue
Fund, with the proceeds of tax-exempt obligations to be issued subsequent to the
payment of such capital expenditures; and now therefore,
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 paid and to be paid in connection with the acquisition and improvement of
the Facilities 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 Water and Sewer Revenue 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 Facilities will be paid from Water and Sewer
System Revenues.
Section 4. The maximum principal amount of tax-exempt obligations to be
issued to finance the capital expenditures of acquisition and improvements to the
Facilities will be no more than $3,500,000.
RESOLUTION NO. R2013-79
PASSED, APPROVED and ADOPTED this the 10th day of June, A.D., 2013.
ATTEST:
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
TOM REID
MAYOR