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

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"Defeasance Securities" means any securities and obligations now or hereafter authorized by State law that are eligible to refund, retire or otherwise discharge obligations such as the Bonds. "Delivery Date" means date of delivery of the Bonds to the Underwriter, which is anticipated to occur on September 8, 2022. "DTC" means The Depository Trust Company of New York, New York. "Outstanding", when used in this Ordinance with respect to the Bonds, means, as of the date of determination, all Bonds theretofore sold, issued and delivered by the City, except: (1) those Bonds cancelled or delivered to the transfer agent or registrar for cancellation in connection with the exchange or transfer of such Bonds; (2) those Bonds paid or deemed to be paid in accordance with the provisions hereof; and (3) those Bonds that have been mutilated, destroyed, lost, or stolen and replacement Bonds have been registered and delivered in lieu thereof. "Paying Agent/Registrar" means, initially, BOKF, NA, Dallas, Texas. "Pension Obligation Agreement" means the written agreement between the Council and the PFRRF Board, dated and effective on August 8, 2022, that states the amount of the Unfunded Liability and the date or dates on which the PFRRF will accept the net proceeds of the Bonds in payment of all or a portion of the Unfunded Liability. "Permitted Investments" means any security or obligation or combination thereof permitted under the Public Funds Investments Act, Chapter 2256, Texas Government Code, as amended, or other applicable law. "PFRRF" means the Paris Firefighters' Relief and Retirement Fund. "PFRRF Board" means the Board of Trustees of the PFRRF, the governing body of the PFRRF that has (i) fiduciary responsibility for assets of the PFRRF and (ii) the duty to oversee the investment and expenditure of the assets of the PFRRF. "Project" means the funding of all or a portion of the Unfunded Liability and the payment of costs of issuance of the Bonds. "State" means the State of Texas. "Underwriter" means FHN Financial Capital Markets, the initial purchaser of the Bonds. "Unfunded Liability" means the unfunded, accrued liability of the City to the PFRRF, as determined by actuarial analysis.