07 - Issuance & Sale of City of Paris GO Bonds, Series 2018

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deposit in said fund shall be transferred to the Interest and Sinking, fund. Arnounts so deposited to the Interest and Sinking Fund shall be used in the manner described in Section 5 of this Ordinance, (b) The Issuer may invest proceeds of the Bonds (including investment earnings thereon) issued for PrQject and an-iounts deposited into the Interest and Sinking Fund in investments authorized by the Public Funds Investment Act, Chapter 2256, Texas Government Code, as amended; provided, however, that the Issuer hereby covenants that the proceeds of the sale of the Bonds will be used as soon as practicable for the purposes for which the Bonds are issued. (c) All deposits authorized or required by this Ordinance shall be secured to the fullest extent required by law for the security of public funds. Section 18,. APPROPRIATION. To pay the debt service corning due on the: Bonds oil June December 15, 2018, prior to receipt of the taxes levied to pay such debt service, there is hereby appropriated from current funds on hand, which are hereby certified to be on hand and available for such purpose, an amount sufficient to pay such debt service, and such amount shall be: used for no other purpose. Section 19. SEVERABILITY, If any section, article, paragraph, sentence,, clause, phrase or word in this Ordinance, or application thereof to any persons or circumstances is held invalid or unconstitutional by a. court of competent jurisdiction,, such holding shall not affect the validity of the remaining portion of this Ordinance, despite such invalidity, which. remaining portions shall rernain in full force and effect. Section 20. DESIGNATION AS QUALIFIED TAX-EXEMPT OBLIGATIONS. The Issuer hereby designates the Bonds as "qualified tax-exempt obligations" as defined in section 265(b)(3) of the Code. In furtherance of such designation, the Issuer represents, covenants and warrants the following: (a) that during the calendar year in which the Bonds, are issued, the Issuer (including any subordinate entities) has not designated nor will designate obligations that when aggregated with the Bonds, will result in more than $10,000,000 (or such other arnount pennitted by such section 265 of the Code) of "qualified tax-exempt obligations" being issued; (b) that the Issuer reasonably anticipates that the aniount of tax-exempt obligations issued, during the calendar year in which the Bonds are issued, by the Issuer (or any subordinate entities) will not exceed $ 10,000,000 (or such other arnount permitted by such section 265 of the Code); and, (c) that the Issuer will take such action or refrain from such action as necessary, and as more particularly set forth in Section 11, hereof in order that the Bonds will not be considered "private activity bonds" within the meaning of section 141 of the Code, PASSED AND ADOPTED this 9th day of April, 2018, Steven J. Clifford, M.D., Mayor 20