10 - Issuance of Certificates of Obligation Series 2020

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ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF CITY OF PARIS, TEXAS COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES 2020; LEVYING AN ANNUAL AD VALOREM TAX FOR THE PAYMENT OF SAID CERTIFICATES AND PROVIDING OTHER SECURITY; APPROVING A PAYING AGENT/REGISTRAR AGREEMENT; ENGAGING BOND COUNSEL; AND ENACTING OTHER PR s J'I N w O THE B THE STATE OF TEXAS § LAMAR COUNTY § CITY OF PARIS § WHEREAS, the City Council of the City of Paris, Texas (the "Issuer") deems it advisable to issue Certificates of Obligation in the principal amount of $1,500,000 for the purpose of paying all or a portion of the Issuer's contractual obligations incurred in connection with (i) the renovation, repair and other improvement of the Issuer's Love Civic Center and (ii) paying legal, fiscal and engineering fees in connection with such project; and WHEREAS, the Certificates of Obligation hereinafter authorized and designated are to be issued and delivered for cash pursuant to Subchapter C of Chapter 271, Local Government Code, as amended, and Chapter 1502, Government Code, as amended; and WHEREAS, the City Council has heretofore passed a resolution authorizing and directing the City Secretary to give notice of intention to issue Certificates of Obligation; and WHEREAS, said notice has been duly published in a newspaper of general circulation in the Issuer, said newspaper being a "newspaper" as defined in Section 2051.044, Texas Government Code and posted on the City's website, in accordance with Section 271.049, Texas Local Government Code; and WHEREAS, to the time of adoption of this Ordinance, the Issuer received no petition from the qualified electors of the Issuer protesting the issuance of such Certificates of Obligation; and WHEREAS, during the preceding three years, the Issuer has not submitted a bond proposition to authorize the issuance of bonds for the same purpose for which the Certificates are hereby being issued and which proposition was disapproved by voters; and WHEREAS, it is considered to be to the best interest of the Issuer that said interest bearing Certificates of Obligation be issued. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS: Section 1. RECITALS, AMOUNT AND PURPOSE OF THE CERTIFICATES. The recitals set forth in the preamble hereof are incorporated herein and shall have the same force and effect as if set forth in this Section. The certificates of the Issuer are hereby authorized to be issued and delivered in the aggregate principal amount of $1,500,000 for the purpose of paying all or a