2016-037 - Authorizing the issuance of the City’s General Obligation Bonds, Series 2016; approving the use of a paying agent/registrar agreement; engaging bond counsel ....

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ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF CITY OF PARIS, TEXAS GENERAL OBLIGATION BONDS, SERIES 2016; LEVYING AN ANNUAL AD VALOREM TAX FOR THE PAYMENT OF SAID BONDS; APPROVING AN OFFICIAL STATEMENT; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT THE STATE OF TEXAS § LAMAR COUNTY § CITY OF PARIS § WHEREAS, at an election in the City of Paris, Texas (the "Issuer ") held on May 11, 2013 (the "Election "), the voters of the Issuer approved the issuance of tax bonds by the Issuer in the aggregate principal amount of $45,000,000 for the purpose of constructing and acquiring improvements and equipping the Issuer's waterworks and sewer system, to -wit: for replacing and extending water distribution lines and sewer collection lines and constructing repairs to streets and drainage infrastructure necessitated by such water and sewer line construction; and WHEREAS, the Issuer has heretofore issued its General Obligation Bonds, Series 2013 using $35,000,000 (including principal and premium) of said voted bond authorization from the Election, thereby leaving $10,000,000 of voted but unissued bond authorization from the Election; and WHEREAS, the City Council of the Issuer deems it necessary and advisable to authorize, issue and deliver $8,800,000 (including principal and premium) of said voted bond authorization from the Election for the purposes stated in the first paragraph above, thereby leaving $1,200,000 of voted but unissued bond authorization from the Election; and WHEREAS, the Bonds hereinafter authorized are to be issued, sold and delivered pursuant to the general laws of the State of Texas, including Tex. Gov't Code Ann. Chapter 1331, as amended; and WHEREAS, It is officially found, determined, and declared that the meeting at which this Ordinance has been adopted was open to the public and public notice of the time, place and subject matter of the public business to be considered and acted upon at said meeting, including this Ordinance, was given, all as required by the applicable provisions of Tex. Gov't Code Ann. ch. 551; Now, Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. RECITALS, AMOUNT AND PURPOSE OF THE BONDS. The recitals set forth in the preamble hereof are incorporated herein and shall have the same force and effect as if set forth in this Section. The bonds of the Issuer are hereby authorized to be issued and delivered in the aggregate principal amount of $8,780,000 for replacing and extending water distribution lines and sewer collection lines and constructing repairs to streets and drainage infrastructure necessitated by such water and sewer line construction (the "Project "), and to pay the costs incurred in connection with the issuance of the Bonds.