20 - General Olbigation Refunding Bonds, Series 2020

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of approximately $ and an actual debt service savings of approximately $ to the Issuer; WHEREAS, all the Refunded Obligations mature or are subject to redemption prior to maturity within 20 years of the date of the bond hereinafter authorized; WHEREAS, the bond hereafter authorized is being issued and delivered pursuant to said Chapter 1207, Texas Government Code; and WHEREAS, It is officially found, determined, and declared that the meeting at which this Ordinance has been adopted was open to the public and public notice of the time, place and subject matter of the public business to be considered and acted upon at said meeting, including this Ordinance, was given, all as required by the applicable provisions of Tex. Gov't Code Ann. ch. 551; Now, Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. RECITALS, AMOUNT AND PURPOSE OF THE BOND. 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 bond of the City of Paris, Texas (the "Issuer") is hereby authorized to be issued and delivered in the aggregate principal amount of [$1,775,000] for the public purpose of refunding the Refunded Obligations, and to pay the costs incurred in connection with the issuance of the Bond. Section 2. DESIGNATION, DATE, DENOMINATION, NUMBER, AND MATURITY AND INTEREST RATE OF BOND. Each bond issued pursuant to this Ordinance shall be designated: "CITY OF PARIS, TEXAS, GENERAL OBLIGATION REFUNDING BOND, SERIES 2020," and there shall be issued, sold, and delivered hereunder one fully registered bond, without interest coupons, dated November 1, 2020, in the denomination and principal amount of [$1,775,000] or the remaining principal amount of the outstanding Bond of this series if an exchange of a Bond is made after a reduction in the principal amount of the series through the payment of a scheduled installment of principal, numbered R-1, with any bond issued in replacement thereof being in the denomination of the full principal amount of the series of which the bond is issued and numbered consecutively from R-2 upward, payable in installments to the registered owner thereof, or to the registered assignee of said bond (in each case, the "Registered Owner"). Principal of said Bond shall mature and be payable in installments on the dates and in the amounts stated in the FORM OF BOND set forth in this Ordinance. The Bond shall bear interest on the unpaid balance of the principal amount thereof from the date of delivery to the scheduled due date of the principal installments of the Bond at the rates per annum specified in the FORM OF BOND set forth in this Ordinance, with such interest being payable in the manner provided and on the dates stated in the FORM OF BOND set forth in this Ordinance. The term "Bond" as used in this Ordinance shall mean and include collectively the bond initially issued and delivered pursuant to this Ordinance and any substitute bond exchanged therefor, as well as any other substitute or replacement bond issued pursuant hereto, and the term "Bond" shall mean any such bond.