2000-012-ORD AUTHORIZING ISSUANCE OF COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION SERIES 2000

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ORDINANCE No. 2000-012 AUTHORIZING THE ISSUANCE OF CITY OF PARIS, TEXAS COMBINATION TAX AND REVENUE CERTIFICATES OF OBLIGATION, SERIES 2000, IN THE PRINCIPAL AMOUNT OF $6,000,000, AND APPROVING OTHER AUTHORIZING INSTRUMENTS AND PROCEDURES RELATING THERETO THE STATE OF TEXAS COUNTY OF LAMAR CITY OF PARIS ~ ~ ~ WHEREAS, the City deems it advisable to give notice of intention to issue Combination Tax and Revenue Certificates of Obligation for paying all or a portion of the City's contractual obligations for the purpose improving, constructing and reconstructing the City's streets, including the purchase of the necessary right of way and the construction of related drainage, sidewalk and street lighting improvements; improving, constructing and repairing drainage facilities including the purchase of the necessary right of way; constructing, improving and purchasing buildings for the Police Department, Fire Department, Municipal Courts Department and Parks and Recreational Department and Municipal Warehouse Department; improving and renovating the City Hall and Central Fire Station building together with renovation of that portion of that building which houses the Central Fire Station into City Council chambers, offices and related facilities; constructing, improving and equipping municipal parks; and for paying legal, fiscal, architectural and engineering fees in connection with these projects; and WHEREAS, the Certificates of Obligation hereinafter authorized and designated are to be issued and delivered for cash pursuant to Article 2368a.l, V.A.T.C.S., now known as Subchapter C of Chapter 271 of the Local Government Code, and Articles 1111-1118, V.A.T.C.S, now codified as Chapter 1502, Texas Government Code; and WHEREAS, the City Council has heretofore, on the 10th day of January, 2000, adopted a resolution authorizing and directing the City Clerk to give notice of intention to issue Certificates of Obligation; and WHEREAS, said notice has been duly published in the Paris News, which is a newspaper of general circulation in said City, in its issues of January 27, 2000 and February 3, 2000; and WHEREAS, the City received no petition from the qualified electors of the City protesting the issuance of such Certificates of Obligation; and WHEREAS, the City Council met at a special meeting on February 22, 2000, and at that time rejected the bids received for the sale of the Certificates of Obligation and directed the City's Financial Advisor to shorten the maturity schedule by one year and readvertise the Certificates of Obligation for sale at the City Council's special meeting of February 28,2000, and with this action the City Council tabled adoption of this Ordinance; and 1