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Form 8888 Pearland Texas: What You Should Know

Which was approved by the City Council of the City of Pearland, Texas. On December 21, 1998, is in full compliance with the terms of Section 9010.8 (Ordinance) of the Texas Code of Regulations, Title 9, Chapter 8, Section 16-1101. And this Ordinance is hereby amended to reflect the facts found and determined hereby. Section 2. It is further declared to be the intent of this Ordinance to create a new revenue source, which will generate new public revenue for the City of Pearland. This new revenue source is to be funded solely by fees collected from land and water users. That is, only the cost of the land and water used in the development of the new developments will be directly collected until all the development costs, which would be equal to more than one million six hundred thousand dollars, have been fully funded and the new revenues, which could be used to pay off the debt for the existing facilities (for each project), have been fully generated. That is, no interest on the Debt or any interest on any other Debt will be accrued by the City until all the debts have been fully funded. That is, none of the existing loans will be paid off by such revenue, until all the debt is fully funded and such revenues are generated by the new construction projects. Section 3. It is declared to be the intention of this Ordinance to place the City of Pearland into an economic development status. With this in mind the City of Pearland will now pursue all forms of economic development. However, the only project permitted in the ordinance before City Council is a development project which will create a project revenue to be used for the purchase of land and water rights under a Tax Acreage Agreement. No other activity is authorized for the City of Pearland, Texas without first obtaining City Council approval. Section 4. It is further declared to be the intention of this Ordinance to create a Community Development Fund. The City of Pearland, Texas is hereby authorized to adopt all the necessary ordinances to establish such Community Development Fund, except to the extent that the adoption requires the appropriation of existing funds in the City's general fund.

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