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RESOLUTION NO. 2019-022 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS <br />EXPRESSING OFFICIAL INTENT TO REIMBURSE COSTS OF THE LOVE CIVIC <br />CENTER PROJECT; MAKING OTHER FINDINGS AND PROVISIONS RELATED <br />TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. <br />WHEREAS, the City of Paris, Texas (the "Issuer") is a duly created governmental body <br />of the State of Texas; <br />WHEREAS, the Issuer expects to pay, or have paid on its behalf, expenditures in <br />connection with the design, planning, acquisition and construction of improvements to the <br />Issuer's Love Civic Center (the "Project") prior to the issuance of tax-exempt obligations, tax - <br />credit obligations and/or obligations for which a prior expression of intent to finance or <br />refinance is required by Federal or state law (collectively and individually, the "Obligations") <br />to finance the Project; <br />WHEREAS, the Issuer finds, considers, and declares that the reimbursement for the <br />payment of such expenditures will be appropriate and consistent with the lawful objectives <br />of the Issuer and, as such, chooses to declare its intention to reimburse itself for such <br />payments at such time as it issues Obligations to finance the Project; <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />PARIS, TEXAS: <br />Section 1. The Issuer reasonably expects to incur debt, as one or more series of <br />Obligations, with an aggregate maximum principal amount equal to $1,500,000 for the <br />purpose of paying the costs of the Project. <br />Section 2. All costs to be reimbursed pursuant hereto will be capital expenditures. <br />No Obligations will be issued by the Issuer in furtherance of this Statement after a date which <br />is later than 18 months after the later of (1) the date the expenditures are paid or (2) the <br />date on which the property, with respect to which such expenditures were made, is placed <br />in service. <br />Section 3. The foregoing notwithstanding, no Obligation will be issued pursuant <br />to this Statement more than three years after the date any expenditure which is to be <br />reimbursed is paid. <br />Section 4. The foregoing Sections 2 and 3 notwithstanding, all costs to be <br />reimbursed with qualified tax credit obligations shall not be paid prior to the date hereof and <br />no tax credit obligations shall be issued after 18 months of the date the original expenditure <br />is made. <br />Section 5. That this resolution shall be effective from and after its date of passage. <br />