2023-060 - Issuance and sale of City of Paris General Obligation Refunding Bonds, Series 2023, including the adoption of an ordinance authorizing the issuance of such bonds

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ORDINANCE NO. 2023-060 ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF PARIS, TEXAS, GENERAL OBLIGATION REFUNDING BONDS, SERIES 2023, ESTABLISHING SALE PARAMETERS, PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BONDS; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT THE STATE OF TEXAS § COUNTY OF LAMAR § CITY OF PARIS § WHEREAS, the City of Paris, Texas (the "City"), has previously issued, and there are presently outstanding, obligations of the City payable from ad valorem taxes levied and to be levied, assessed and collected within the City, within the limits prescribed by law, and from waterworks and sewer system revenues; and WHEREAS, the City now desires to refund all or part of' the bonds described in Schedule I attached hereto, collectively, the "Eligible Refunded Obligations", and those Eligible Refunded Obligations designated by the Pricing Officer (hereinafter designated) in the Pricing Certificate (defined herein) to be refunded are herein referred to as the "Refunded Obligations"; and WHEREAS, Chapter 1207, Texas Government Code ("Chapter 1207"), authorizes the City to issue refunding bonds and to deposit the proceeds from the sale thereof, and any other available funds or resources, directly with a place of payment (paying agent) for the Refunded Obligations, and such deposit, if made before such payment dates, shall constitute the making of firm banking and financial arrangements for the discharge and final payment of the Refunded Obligations; and WHEREAS, the bonds hereafter authorized (the "Bonds") are being issued and delivered pursuant to Chapter. 1207; and WHEREAS, all the Refunded Obligations mature or are subject to redemption prior to maturity within 20 years of the date of the Bonds; and WHEREAS, the City Council (the "Council") of the City hereby finds and determines that it is a public purpose and in the best interests of the City to refund the Refunded Obligations in order to restructure the City's outstanding debt service payments, notwithstanding that the refunding produces a debt service loss to the City, and to delegate to the Pricing Officer the authority to act on behalf of the City in selling and delivering the Bonds and setting the dates, price, interest rates, interest payment periods and other procedures relating thereto, as hereinafter specified, with such information and terms to be included in a pricing certificate (the "Pricing Certificate") to be executed by the Pricing Officer, all in accordance with the provisions of Section 1207.007, Texas Government Code, as amended; and