R-2015-195 2015-11-09RESOLUTION 2015-195
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS DECLARING INTENTION TO REIMBURSE EXPENDITURES FROM
FUTURE CAPITAL LEASE PROCEEDS OR FROM OTHER FINANCING
SOURCES.
STATE OF TEXAS §
COUNTIES OF BRAZORIA, FORT BEND AND HARRIS §
CITY OF PEARLAND §
WHEREAS, the City of Pearland, Texas (the "City") is a home rule city of the State of
Texas, authorized to finance its activities by issuing obligations pursuant to the Texas
Government Code and Texas Local Government Code, which may include obligations the
interest on which is excludable from gross income for federal income tax purposes ("tax-exempt
obligations"), pursuant to Section 103 of the Internal Revenue Code of 1986, as amended
(the "Code"), or both; and
WHEREAS. the City anticipates that no more than 60 days prior to the date hereof and
prior to the issuance of the obligations, it will be obligated to make certain payments with
respect to the acquisition of the projects listed on Exhibit A attached hereto (the "Financed
Facilities and Improvements"); and
WHEREAS, the City reasonably expects to issue tax-exempt obligations to finance the
costs associated with the Financed Facilities and Improvements listed on Exhibit A attached
hereto; and
WHEREAS, the City desires to reimburse itself for the costs associated with the
Financed Facilities and Improvements listed on Exhibit A attached hereto from the proceeds of
tax-exempt obligations to be issued subsequent to the date hereof.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND. TEXAS:
Section 1. Preamble. The facts and recitations contained in the preamble of this
Resolution are hereby found and declared to be true and correct.
Section 2. Intent to Reimburse. The City hereby declares its intent to reimburse itself
for all costs that will be paid subsequent to the date hereof in connection with the acquisition of
the Financed Facilities and Improvements listed on Exhibit A attached hereto from the proceeds
of tax-exempt obligations to be issued subsequent to the date hereof.
Section 3. Maximum Amount of Obligations. The City reasonably expects that the
maximum principal amount of tax-exempt obligations issued by the City to finance costs
associated with the Financed Facilities and Improvements listed on Exhibit A attached hereto
will not exceed $1,400,000.
Section 4. Authorization of Other Matters Relating Thereto. The Mayor. City
Secretary and other officers and agents of the City are hereby authorized and directed to do any
and all things necessary or desirable to carry out the provisions of this Resolution.
Section 5. Effective Date. This Resolution shall take effect immediately upon
passage.
Section 6. Public Meeting. It is officially found, determined and declared that the
meeting at which this Resolution is adopted was open to the public and public notice of the time,
place and subject matter of the public business to be considered at such meeting, including this
Resolution. was given, all as required by the Texas Government Code, Chapter 551. as
amended.
PASSED AND APPROVED this 9''r day of November, 2015.
ATTEST:
Secret
y of Pe. and, Tex
(SE
Mayor
City of Pearland. Texas
Resolution No. R2015-195
EXHIBIT A
FINANCED FACILITIES AND IMPROVEMENTS
Fire Apparatus
Exercise and Weight Room Equipment
5