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Regular Council Meeting June 12, 2023 Page 5 Mr. Anderson explained that in July 2013, the City issued $33,925,000.00 in General Obligation Bonds to replace aging water and wastewater lines throughout the City, with a term of the loan being 20 years with an option to call the loan on December 15, 2023. Mr. Anderson said the City could pay off the bond anytime on or after the call date, and the most common reason to call a bond issue is when interest rates had fallen since the original bonds were issued. Mr. Anderson also said the lower interest rates reduce the annual debt service payments without changing the final maturity date. Mr. Anderson introduced Mark McLiney from SAMCO Capital Markets, who gave a presentation of opportunities available on the GO Bonds, Series 2013. Mr. McLiney said with paying off the old bonds and issuing new bonds, the City could stretch and save money. He reviewed option 1, which would reduce the annual payment of about $105,000.00 a year totaling $945,000.00 in total savings as opposed to the present value savings of $804,000.00. He reviewed option 2, in which the City would issue refunding bonds to restructure the existing bonds by adding ten years to the final maturity, reducing the debt service by approximately $1,000,000.00 per year through fiscal year 2033. He said option 2 would increase the total debt service by approximately $4,250,000.00, which was a present value loss of $125,000.00 over the life of the bonds. Mr. McLiney said after discussing these opportunities with staff, that it was the recommendation that the City Council consider option 2, because it would allow issuance of additional debt to complete Phase II of the Wastewater Treatment Plant and by restructuring the bonds, there would be significant advantages to rate payers. Following additional discussion, City Council favored moving forward with option 2. Mr. McLiney said additional items would be brought back to the City Council for them to take action. 13. Discuss and act on revisions to the Fagade Grant application and procedures. Mr. Mack said the Historic Preservation Commission provides incentives for facade grants for historic structures, and the purpose of the grant was to assist property owners with rehabilitation of the historic structures in Historic Districts. He also said a subcommittee was formed to review current guidelines and review the current grant amount. Mr. Mack reported that the subcommittee met several times and recommended that the Favade Grants be increased beginning immediately as follows: 1) from $2,500.00 to $5,000.00 for commercial property; 2) from $1,000.00 to $2,000.00 for residential; 3) increase the frequency of application; and 4) the addition of a signage grant in the amount of $1,000.00 with design assistance from Texas Main Street Design staff. A Motion to approve this item as was made by Council Member Pankaj and seconded by Council Member Pilgrim. Motion carried, 6 ayes - 0 nays. 14. Discuss and act on ORDINANCE NO. 2023-024: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, AMENDING THE CITY OF PARIS CODE OF ORDINANCES TO AMEND CHAPTER 10, "STREETS, PARKS AND OTHER PUBLIC WAYS AND PLACES," BY ADDING A NEW DIVISION 9, "STREET LIGHT REGULATIONS," TO ARTICLE 10.05, "STREETS AND