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Regular Council Meeting <br />January 13, 2020 <br />Page 3 <br />8. Re -approve the City Investment Policy. <br />9. Receive November drainage report. <br />Regular Agenda <br />10. Consider ORDINANCE NO. 2020-001: AN ORDINANCE AUTHORIZING THE <br />ISSUANCE AND SALE OF CITY OF PARIS, TEXAS COMBINATION TAX AND <br />SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES 2020; LEVYING <br />AN ANNUAL AD VALOREM TAX FOR THE PAYMENT OF SAID CERTIFICATES <br />AND PROVIDING OTHER SECURITY APPROVING PAYING AGENT/ <br />REGISTRAR AGREEMENT; ENGAGING BOND COUNSEL; AND EXACTING <br />OTHER PROVISIONS RELATING TO THE SUBJECT. <br />Interim City Manager Gene Anderson explained the citizens of Paris voted to approve an <br />increased 2% hotel occupancy tax for renovation of Love Civic Center as a venue project. He <br />also said the City would issue certificates of obligation to fund the renovation, and increased <br />revenues from the hotel tax would be used to make debt payments on the certificates. Mr. <br />Anderson said the bids were received January 19 with First National Bank Texas offering the <br />lowest rate. Mr. Anderson introduced Andrew Freeman with SAMCO, who answered questions <br />from City Council. <br />A Motion to adopt an ordinance authorizing the issuance and sale of the City of Paris, <br />Texas Combination Tax and Surplus Revenue Certificates of Obligation, Series 2020 and <br />approving all matters incident thereto was made by Mayor Clifford, and seconded by Council <br />Member Knox. Motion carried, 5 ayes — 0 nays. <br />11. Conduct a public hearing, discuss and act on RESOLUTION NO. 2020-001: A <br />RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS <br />AUTHORIZING THE CITY TO BE ELIGIBLE TO PARTICIPATE IN PROPERTY <br />TAX ABATEMENTS AND APPROVING GUIDELINES AND CRITERIA FOR <br />GRANTING TAX ABATEMENTS IN THE CITY OF PARIS, TEXAS; MAKING <br />OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND <br />DECLARING AN EFFECTIVE DATE. <br />City Attorney Stephanie Harris said municipalities that offer tax abatements were <br />required to adopt and maintain a tax abatement policy every two years. She said the current <br />policy was approved in January 2018. <br />Mayor Clifford opened the public hearing and asked for anyone wishing to speak in <br />support or opposition of this item, to please come forward. With no one speaking, Mayor <br />Clifford closed the public hearing. <br />A Motion to approve this item was made by Council Member Portugal and seconded by <br />Council Member Stone. Motion carried, 5 ayes — 0 nays. <br />