NOTICE OF BOND ELECTION ENGLISH - Laserfiche WebLink

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NOTICE OF A BOND ELECTION WHEREAS, the City Council of the City of Paris, Texas (the "City") has found and determined that it is necessary and advisable to call and hold an election within the City on the proposition hereinafter set forth for the purpose of seeking voter approval to issue bonds; and WHEREAS, the bonds to be submitted to the voters at said election will fund improvements for the City's water and sewer system (the "System"), as hereinafter set forth; and WHEREAS, City bonds issued for System improvements have paid off in 2012 and additional System debt is scheduled to pay off in 2014 and 2020, thereby creating capacity in the System rate structure for additional debt for System improvements; and WHEREAS, as permitted by State law, and provided current circumstances and expectations regarding the finances of the System are not materially different in the future, the City Council expects to pay bonds approved at the election with revenues of the System, instead of levying taxes, and, further, given such circumstances and expectations, the City Council anticipates that the bonds hereby submitted to the voters may be paid without an increase in System rates, although costs of operating the System and other factors could require periodic increases in rates; and WHEREAS, the election shall be administered by the Lamar County Elections Administrator in accordance with the provisions of the Texas Election Code (the "Code"), the Charter of the City of Paris, the Election Contract with the County of Lamar, and as provided in the Charter of the City of Paris and the laws of the State of Texas; and WHEREAS, the City accepts Lamar County Election Administration's use of the Election Systems & Software direct recording electronic voting systems, which have been certified by the Secretary of State in accordance with the Texas Election Code and approved by the United States Department of Justice. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. The findings set out in the preamble to this Resolution are hereby in all things approved and adopted. Section 2. An election be called for and held on the second Saturday in May, 2013, the same being May 1 l, 2013, between the hours of 7:00 a.m. and 7:00 p.m., at which election the following proposition shall be submitted in accordance with law: PROPOSITION Shall the City Council of the City of Paris be authorized to issue the bonds of the City, in one or more series or issues, in the aggregate principal amount of $45,000,000, with the bonds of each such series or issue, respectively, to mature