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ORDINANCE NO. 2017 -029
<br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS
<br />AUTHORIZING THE ISSUANCE AND SALE OF CITY OF PARIS, TEXAS
<br />GENERAL OBLIGATION BONDS, SERIES 2017; PROVIDING FOR THE
<br />PAYMENT OF SAID BONDS; APPROVING THE OFFICIAL STATEMENT;
<br />PROVIDING AN EFFECTIVE DATE; AND ENACTING OTHER PROVISIONS
<br />RELATING TO THE SUBJECT
<br />THE STATE OF TEXAS
<br />LAMAR COUNTY
<br />CITY OF PARIS
<br />WHEREAS, it is deemed advisable and to be in the best interest of the City of Paris, Texas (the
<br />"City" or "Issuer ") that certain bonds authorized at an election previously held in the City on May 6, 2017
<br />(the "Election "), be sold at this time, with the amount of bonds authorized, the purpose, the amount of
<br />bonds previously sold, and the amount now to be sold being from the Election and an election held in the
<br />City on May 11, 2013 as follows:
<br />AMOUNT
<br />AUTHORIZED PURPOSE
<br />$45,000,000 Water and sewer
<br />$ 9,500,000 Street improvements
<br />$ 500,000 Parks and recreation
<br />AMOUNT
<br />PREVIOUSLY
<br />SOLD
<br />$43,800,000
<br />$ 0
<br />$ 0
<br />AMOUNT
<br />BEING
<br />ISSUED(')
<br />$ 0
<br />$9,310,000
<br />$ 500,000
<br />(1) Includes premium deposited into the Project Fund and applied against voted authorization.
<br />AMOUNT
<br />REMAINING
<br />$1,200,000
<br />$ 190,000
<br />$ 0
<br />WHEREAS, this City Council of the City (the "Council ") finds and determines that it is necessary
<br />and proper to order the issuance, sale and delivery of a portion of such voted bonds; and
<br />WHEREAS, the bonds hereinafter authorized to be issued are to be issued, sold and delivered
<br />pursuant to the general laws of the State of Texas, including Texas Government Code, Chapter 1331, as
<br />amended, and the City's Home Rule Charter; and
<br />WHEREAS, it is officially found, determined, and declared that the meeting at which this
<br />Ordinance has been adopted was open to the public and public notice of the time, place and subject matter
<br />of the public business to be considered and acted upon at said meeting, including this Ordinance, was
<br />given, all as required by the applicable provisions of Texas Government Code Chapter 551;
<br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
<br />PARIS, TEXAS:
<br />Section 1. RECITALS, AMOUNT AND PURPOSE OF THE BONDS. The recitals set forth in
<br />the preamble hereof are incorporated herein and shall have the same force and effect as if set forth in this
<br />Section. The "City of Paris, Texas, General Obligation Bonds, Series 2017" (the "Bonds ") are hereby
<br />authorized to be issued and delivered in the aggregate principal amount of $9,750,000 or the public purposes
<br />of (i) constructing, improving, extending, expanding, upgrading and developing streets and roads, bridges
<br />and intersections including, utility relocation, landscaping, sidewalks, traffic safety and operational
<br />improvements, the purchase of any necessary right -of -way, drainage and other related costs; (ii) improving
<br />and equipping parks, trails and recreational facilities (collectively, the "Projects "); and (iii) paying the
<br />costs incurred in connection with the issuance of the Bonds.
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