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2022-060 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, <br /> APPROVING AN AGREEMENT WITH THE PARIS FIREFIGHTERS' RELIEF AND <br /> RETIREMENT FUND PERTAINING TO THE CITY OF PARIS, TEXAS, GENERAL <br /> OBLIGATION PENSION BONDS, TAXABLE SERIES 2022; AND PROVIDING AN <br /> EFFECTIVE DATE. <br /> WHEREAS, on the date hereof, the City Council of the City (the "Council") adopted an <br /> ordinance authorizing the issuance of the City of Paris,Texas, General Obligation Pension Bonds, <br /> Taxable Series 2022 (the `Bonds") pursuant to Chapter 107, Texas Local Government Code <br /> ("Chapter l OT'), for the purpose of funding all or any part of the unfunded, accrued liability of the <br /> City to the Paris Firefighters' Relief and Retirement Fund (the "PFRRF"), as determined by <br /> actuarial analysis (the"Unfunded Liability"); and <br /> WHEREAS, Section 107.003, Texas Local Government Code, requires that the Council <br /> enter into a written agreement with the Board of Trustees of the PFRRF (the `Board"), which is <br /> the governing body of the PFRRF,which written agreement(the"Pension Obligation Agreement") <br /> must state the amount of the Unfunded Liability and the date or dates on which the PFRRF will <br /> accept the net proceeds of the Bonds to be issued in payment of all or a portion of the Unfunded <br /> Liability; and <br /> WHEREAS, the Council desires to enter into the Pension Obligation Agreement in <br /> compliance with Chapter 107 and in connection with the issuance of the Bonds; <br /> NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br /> OF PARIS, TEXAS: <br /> Section 1. <br /> The recitals set forth in the preamble of this Resolution are true and correct in all material <br /> respects. <br /> Section 2. <br /> The Council hereby approves the Pension Obligation Agreement by and between the City <br /> and the Board in substantially the form attached hereto as Exhibit A. The Mayor is hereby <br /> authorized to execute the Pension Obligation Agreement and the City Clerk may attest such <br /> signature. <br /> Section 3. <br /> It is hereby found, determined, and declared that sufficient written notice of the date, hour, <br /> place, and subject of this meeting of the Council was posted at a place convenient to the public at <br /> the City Hall of the City for the time required by law preceding this meeting, as required by the <br /> Open Meetings Act, Chapter 551,Texas Government Code,and that this meeting has been open to <br /> the public as required by law at all times during which this Resolution and the subject matter thereof <br /> has been discussed, considered and formally acted upon. Council further ratifies, approves and <br /> confirms such written notice and the contents and posting thereof. <br /> Section 4. <br /> This Resolution shall be effective immediately upon its adoption. <br />