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ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF CITY OF PARIS, TEXAS, <br />GENERAL OBLIGATION REFUNDING BOND, SERIES 2020, FOR REFUNDING <br />CERTAIN OUTSTANDING OBLIGATIONS OF THE CITY; CALLING SAID <br />OUTSTANDING OBLIGATIONS FOR REDEMPTION PRIOR TO MATURITY; LEVYING <br />AN ANNUAL AD VALOREM TAX FOR THE SECURITY FOR AND PAYMENT OF SAID <br />BOND; AUTHORIZING A PAYING AGENT/REGISTRAR AGREEMENT; PROVIDING <br />AN EFFECTIVE DATE; APPROVING ENGAGEMENT OF BOND COUNSEL; AND <br />AUTHORIZING OTHER MATTERS INCIDENT AND RELATING TO THE ISSUANCE, <br />PAYMENT, SECURITY, SALE AND DELIVERY OF SAID BOND <br />THE STATE OF TEXAS § <br />COUNTY OF LAMAR § <br />CITY OF PARIS § <br />WHEREAS, the City of Paris, Texas (the "Issuer") has previously issued, and there are <br />presently outstanding, obligations of the Issuer payable from a pledge by the Issuer to levy ad <br />valorem taxes, and a pledge of certain revenues of the Issuer, sufficient to pay principal of and <br />interest on such obligations as they become due; <br />WHEREAS, certain of such previously issued and outstanding obligations are intended to <br />be and shall be refunded pursuant to this Ordinance, the obligations to be refunded being described <br />in Schedule I attached hereto and incorporated herein (collectively, the "Refunded Obligations"); <br />WHEREAS, Chapter 1207, Texas Government Code ("Chapter 1207"), authorizes the Issuer <br />to issue refunding bonds and to deposit the proceeds from the sale thereof, and any other available <br />funds or resources, directly with a place of payment (paying agent) for the Refunded Obligations, <br />and such deposit, if made before such payment dates, shall constitute the making of firm banking <br />and financial arrangements for the discharge and final payment of the Refunded Obligations; <br />WHEREAS, Chapter 1207, Texas Government Code, authorizes the Issuer to issue refunding <br />bonds and to deposit the proceeds from the sale thereof together with any other available funds or <br />resources directly with a paying agent for the Refunded Obligations or a trust company or <br />commercial bank that does not act as a depository for the Issuer and such deposit, if made before the <br />payment dates of the Refunded Obligations, shall constitute the making of firm banking and <br />financial arrangements for the discharge and final payment of the Refunded Obligations; <br />WHEREAS, Chapter 1207, Texas Government Code, further authorizes the Issuer to enter <br />into an escrow or similar agreement with any such paying agent or trust company or commercial <br />bank with respect to the safekeeping, investment, reinvestment, administration and disposition of <br />any such deposit, upon such terms and conditions as the Issuer and such paying agent or trust <br />company or commercial bank may agree; <br />WHEREAS, the City Council hereby finds and declares a public purpose and it is in the best <br />interests of the Issuer to refund the Refunded Obligations is in order to restructure the Issuer's <br />outstanding debt service, and that such refunding will result in a present value debt service savings <br />