R-2015-004A 2015-01-26RESOLUTION NO. R2015-4 A
A Resolution of the City Council of the City of Pearland, Texas,
declaring intention to reimburse project expenditures from proceeds
of future tax-exempt water/sewer revenue bonds or other financing
sources
WHEREAS, the City plans to make certain capital expenditures for its water and
sewer system described on Exhibit A (herein, the "W/S Project"), the maximum
aggregate cost of which is expected to be approximately $11,000,000.00:
WHEREAS, the City anticipates providing funds to permanently finance the
capital costs of the W/S Project by issuing after the date hereof certain water and sewer
revenue bonds (the "W/S Bonds"), expected to be issued by the City in fiscal year 2015
and currently expected to have a maximum aggregate principal amount of
$56,500,000.00, the proceeds of which are expected to be used to pay costs of the W/S
Project and costs of issuance of the W/S Bonds
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 costs of the W/S Project;
WHEREAS, the W/S Bonds will be payable from revenues of the City's water
and sewer system or available funds from the City's water and sewer capital projects;
WHEREAS, the City anticipates that no more than 60 days prior to the date
hereof and prior to the issuance of the W/S 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 W/S Project (the "Expenditures");
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RESOLUTION NO. R2015 -4A
WHEREAS, the money to be used to pay the Expenditures described in Exhibit A
of this Resolution for the W/S Projects is in the City's Water and Sewer Revenue Fund
and City's Water and Sewer Capital Project Funds;
WHEREAS, the City reasonably expects that the City will reimburse the Water
and Sewer Revenue Fund and Water and Sewer Capital Project Funds with proceeds of
the W/S Bonds; and
WHEREAS, after the issuance of the W/S Bonds the City will: (1) evidence each
allocation of proceeds of the W/S Bonds to the reimbursement of the respective
Expenditures with separate entries in its books and records maintained with respect to
the W/S Bonds and (2) identify in each such entry the actual prior Expenditures being
reimbursed or the fund from which the Expenditures were made: now therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. The City Council hereby adopts the findings set out in the preamble
hereof and declares its intent within the meaning of Treasury Regulation § 1.150-2, as
promulgated under the Code, to issue approximately $56,500,000.00 principal amount
of W/S Bonds, all of which will be used to pay the costs of the W/S Project or to
reimburse the City for the Expenditures paid in connection with the W/S Project prior to
the issuance of the W/S Bonds and to pay costs of issuance of the W/S Bonds.
Section 2. The City will maintain this Resolution at the office of the City at
3519 Liberty Drive, Pearland, Texas 77581 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.
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RESOLUTION NO. R2015 -4A
PASSED, APPROVED and ADOPTED this the 26"' day of January, A.D., 2015.
ATTEST:
/' NG LOP,
Y SECT' TARP
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
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TOM REID
MAYOR
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Resolution No. R2015 -4A
Exhibit "A"
RESOLUTION NO. R2015 -4A
Exhibit A
Description of Expenditures to be Reimbursed
PROJECT
Wastewater Treatment
Package Plant
C-1
11011:3512532 1
BUDGET EXPECT TO
BONDS REIMBURSE
$11,000,000 $11.000.000