2019-003 - Designating the Love Civic Center as a Venue Project under Chapter 334 of the Texas Local Government Code

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RESOLUTION NO. 2019-003 OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, DESIGNATING THE RENOVATION, REPAIR AND OTHER IMPROVEMENT OF THE CITY'S LOVE CIVIC CENTER AS A "VENUE PROJECT" UNDER CHAPTER 334 OF THE TEXAS LOCAL GOVERNMENT CODE; DESIGNATING THE METHOD OF FINANCING TO BE USED TO FINANCE THIS VENUE PROJECT; AND CONTAINING OTHER PROVISIONS RELATED TO AUTHORIZING THIS VENUE PROJECT WHEREAS, the City Council ("City Council") of the City of Paris, Texas ("City") desires to provide for the planning, acquisition, establishment, development, construction, renovation, operation or maintenance of a venue project ("Venue Project") as authorized by, and defined in, Chapter 334, Texas Local Government Code, as amended ("Chapter 334"), which is described in Section 2 below; and WHEREAS, if the Venue Project described herein is approved by the voters under Chapter 334, the City may use money received from the additional hotel occupancy taxes (the "Venue Hotel Occupancy Tax") approved by the voters as described herein to reimburse or pay the costs of the Venue Project, or pay the principal and interest on, and other costs relating to bonds or other obligations to finance the Venue Project; and WHEREAS, Chapter 334, Section 334.024, authorizes the City to order an election on the question of approving and implementing this Resolution and approving this Venue Project and the method of financing; and WHEREAS, Chapter 334, Section 334.022, requires the City, before calling an election to send a copy of this Resolution to the State Comptroller, who shall before the 15th day after the date she receives a copy of this Resolution, (1) perform an analysis to determine if approval and implementation of this Resolution will have a significant negative fiscal impact on state revenue, and (2) provide the City written notice of the results of the analysis; and WHEREAS, Chapter 334, Section 334.022, further provides that if the Comptroller determines that implementation of this Resolution will have a significant negative fiscal impact on state revenue, the written analysis required thereunder must include information on how to change this Resolution so that implementation will not have a significant negative fiscal impact on state revenue; and WHEREAS, Chapter 334 provides that if the Comptroller determines that implementation of this Resolution will not have a significant negative impact on state revenue or if the Comptroller has not provided the analysis by the 30th day, the City Council may order an election on the question of approving and implementing this Resolution; and WHEREAS, the City Council further desires to authorize and direct the City Manager to forward a copy of this Resolution to the State Comptroller as required by Section 334.022 for her review and analysis as prescribed therein, prior to the City Council's consideration of an order calling an election under Chapter 334; and