$6,585,000 LOWER KIRBY PEARLAND MANAGEMENT DISTRICT (A Political Subdivision of the State of Texas Located Within Harris County) UNLIMITED TAX ROAD BONDS SERIES 2015

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$6,585,000 LOWER KIRBY PEARLAND MANAGEMENT DISTRICT (A Political Subdivision of the State of Texas Located Within Harris County) UNLIMITED TAX ROAD BONDS SERIES 2015 This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the Official Statement is delivered in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. form through the facilities ofAllen DTC Boone is Humphries expected Robinson onsubject, LLP, or among Houston, about other Texas, October BondThe 22, things, Counsel. 2015. Bonds to the are See approval offered “LEGAL MATTERS.” of by the the Delivery Bonds Underwriter of by subject the the Bonds to(d) in Attorney prior book-entry General sale, of when, Texas as and and(c) the if approval issued of by certain the legal District matters and by accepted(b) by the Underwriter, (a) ENTRY-ONLY SYSTEM.” turn, remit such principalowner and of interest the to Bonds,Bonds, its the but participants principal will for of receive subsequentwhich and a disbursement will credit to interest act balance the on asThe on securities Beneficial the Bonds depository Owners the Bonds will for of books will be the the of be Bonds. registered Bonds. the paid in nominees by Beneficial the of See the Owners name such “BOOK- redemption of Paying of prior Beneficial the Agent/Registrar Cede to Owners. Bonds directly & their willwill maturity, Co., to So not as as DTC, be long receive shown nominee which physical as below. issued for certificatesmaturity will, Cede The representing only or in & Depository the Co. prior in Trust is redemption.Interest Company, fully the on New registered registered Interest York, the on New Bonds formBank the York accrues of in (“DTC”), Bonds from New denominations will October YorkPrincipal be 1, Mellon of of payable 2015, Trust the $5,000 on and Company, Bonds each is N.A., the is payable Dallas, basis payable or at on Texas of maturity integral (the each a orDated: “Payingmultiples March 360-day earlier October Agent/Registrar”) redemption 1 year 1, thereof. at upon 2015 and of the surrender September twelve principal of 1, The 30-day payment the commencing months. office Bonds Bonds March ofFACTORS for are the 1, The DESCRIBED payment. paying 2016, subject Bonds HEREIN. agent/registrar, until initially to legal See The limitation “RISK as FACTORS.” toconstitute rate or valid amount, and levied legallyobligations against binding taxable of obligations property the of within StateThe the the bonds of District. District described Texas, and THE above Harris will BONDS (the County, be ARE “Bonds”) the payable SUBJECT are City TO from obligations SPECIAL of the solely RISK Pearland proceeds of or of Lower an any Kirby Pearland entity annual Management other ad District valorem than (the tax, the “District”) without District. and are The not Bonds, when issued, will NEW ISSUE-Book-Entry-Only QUALIFIED TAX-EXEMPT OBLIGATIONS.” THE BONDS ARE A DISCUSSION OF THE OPINION OF BONDCORPORATIONS EXCEPT COUNSEL. FOR CERTAIN ALTERNATIVE MINIMUM TAX CONSEQUENCES FORPURPOSES CORPORATIONS. UNDER SEE EXISTING “TAX LAW, MATTERS” FOR ANDIN THE THE BONDS OPINION OF ARE BOND NOT COUNSEL, SUBJECT INTEREST TO ON THE THE ALTERNATIVE BONDS MINIMUM IS TAX EXCLUDABLE FROM ON GROSS INDIVIDUALS INCOME AND FOR FEDERAL INCOME TAX Amount(a) $ Principal This Preliminary Official Statement is subject to completion and amendment and is intended solely for the solicitation of initial bids to 445,000 430,000 415,000 400,000 385,000 375,000 560,000 Payment Date (as herein defined)time to to the time date in fixed part, for redemption. on See September “THE 1, BONDS—Redemption 2021, Provisions.” or on any date thereafter at a price of par value plus unpaid accrued interest from the most recent Interest subsequently may be changed. Initial yield representsBonds. the Neither initial the DistrictCUSIP offering nor Numbers yield the have Underwriter to shall been be the assigned responsible for public, to the which the selection or Bonds has correctness by of beenBonds the CUSIP maturing established CUSIP Service Numbers on by set Bureau orThe forth the after and Underwriter herein. (as Underwriter September are herein 1, for included defined) 2022, may solely offers designate are for one to subject or the to the more convenience maturities redemption public of at of term and the the bonds. option which purchasers See of of accompanying the “Official the District Notice of prior Sale.” to their maturity dates in whole, or from purchase the Bonds. Upon sale of the Bonds, the Official Statement will be completed and delivered to the Underwriter. (September 1) Bid Award: Wednesday, September 16, 2015, at 1:00 P.M., Houston Time in Houston, Texas Bids Due: Wednesday, September 16, 2015, at 11:30 A.M., Houston Time in Houston, Texas Maturity 2021 2020 2019 2018 2017 2016 2022 NOT (A political subdivision of the State of Texas located within Harris County) PRELIMINARY OFFICIAL STATEMENT DATED AUGUST 19, 2015 (b) QUALIFIED TAX-EXEMPT OBLIGATIONS FOR FINANCIAL INSTITUTIONS. SEE “TAX MATTERS—NOT LOWER KIRBY PEARLAND MANAGEMENT DISTRICT Number(c) CUSIP UNLIMITED TAX ROAD BONDS Interest Rate % MATURITY SCHEDULE Reoffering Yield(d) Initial SERIES 2015 $6,585,000 % Amount(a) $ Principal 565,000 545,000 525,000 510,000 495,000 475,000 460,000 (September 1) Maturity 2029 2028 2027 2026 2025 2024 2023 (b) (b) (b) (b) (b) (b) (b) Number(c) Due: September 1, as shown below CUSIP Interest Rate % Reoffering Yield(d) Initial % TABLE OF CONTENTS MATURITY SCHEDULE ...............................................................1 THE SYSTEM................................................................................ 23 USE OF INFORMATION IN OFFICIAL STATEMENT............3 Regulation.................................................................................... 23 SALE AND DISTRIBUTION OF THE BONDS ...........................4 Water Supply ............................................................................... 23 Award of the Bonds .......................................................................4 Wastewater Treatment ................................................................. 23 Prices and Marketability.................................................................4 Water Distribution, Wastewater Collection and Storm Drainage Securities Laws ..............................................................................4 Facilities....................................................................................... 23 OFFICIAL STATEMENT SUMMARY.........................................5 100-Year Flood Plain................................................................... 23 SELECTED FINANCIAL INFORMATION (UNAUDITED) ....8 FINANCIAL INFORMATION CONCERNING THE RISK FACTORS ..............................................................................9 DISTRICT (UNAUDITED).......................................................... 24 General...........................................................................................9 Investments of the District........................................................... 24 Economic Factors and Interest Rates .............................................9 Debt Service Requirements.......................................................... 25 Credit Markets and Liquidity in the Financial Markets..................9 Estimated Overlapping Debt........................................................ 25 Impact on District Tax Rates........................................................10 Overlapping Taxes....................................................................... 26 Role of Pearland in Development ................................................10 Sales and Use Tax........................................................................ 26 Undeveloped Land .......................................................................10 District Operations....................................................................... 27 Dependence on Principal Taxpayers ............................................10 TAX DATA..................................................................................... 28 Landowner/Pearland Obligation to the District............................10 Debt Service Tax ......................................................................... 28 Dependence on Personal Property Tax Collections......................11 Maintenance Tax ......................................................................... 28 Tax Collections Limitations and Foreclosure Remedies ..............11 Tax Exemptions........................................................................... 28 Registered Owners’ Remedies and Bankruptcy Limitations........11 Additional Penalties..................................................................... 28 Future Debt ..................................................................................12 Historical Tax Rate Distribution.................................................. 28 Environmental Regulations..........................................................13 Historical Tax Collections ........................................................... 28 Marketability................................................................................13 Tax Roll Information ..................................................................
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