2022-048 - Issuance of General Obligation Pension Bonds Taxable Series 2022

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ORDINANCE NO. 2022-048 ORDINANCE AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION PENSION BONDS, TAXABLE SERIES 2022; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF VARIOUS AGREEMENTS RELATED TO SAID BONDS; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT THE STATE OF TEXAS COUNTY OF LAMAR CITY OF PARIS WHEREAS, pursuant to Chapter 107, the City is authorized to issue its bonds which are payable from the proceeds of an ad valorem tax levied, within the limits prescribed by law, on all taxable property within the City, for the purpose of funding all or any part of an unfunded, accrued liability of the City to a public pension fund as determined by actuarial analysis; and WHEREAS, the City established the PFRRF pursuant to Vernon's Texas Civil Statutes, Article 6243e, as amended, also known as the Texas Local Fire Fighters Retirement Act; and WHEREAS, the PFRRF is a municipal retirement plan qualified under section 401(a) of the Code to provide retirement, disability and death income benefits to provide periodic income to firefighters and survivors during retirement, disability or death, and qualifies as a "public pension fund" under Chapter 107; and WHEREAS, pursuant to the provisions of Chapter 107, prior to the adoption of this Ordinance, (i) the Council adopted a resolution approving the Pension Obligation Agreement, (ii) the PFRRF Board adopted a resolution approving the Pension Obligation Agreement and (iii) the Pension Obligation Agreement was fully executed by the parties thereto; and WHEREAS, the Bonds shall be payable from the proceeds of an ad valorem tax levied, within the limits prescribed by law, on all taxable property located within the City; and WHEREAS, the Council of the City hereby finds and determines that the issuance and delivery of the Bonds is in the public interest and the use of the proceeds in the manner herein specified constitutes a valid public purpose; and WHEREAS, the bonds hereinafter authorized to be issued (the "Bonds") are to be issued, sold and delivered pursuant to the general laws of the State (defined herein), including Texas Local Government Code, Chapter 107, and the City's Home Rule Charter; 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 date, hour, place and subject of said meeting, including this Ordinance, was given, all as required by the applicable provisions of Chapter 551, Texas Government Code; NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. RECITALS; AMOUNT; PURPOSE AND DESIGNATION OF THE BONDS. (a) 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.