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Regular Council Meeting September 25, 2023 Page 6 Council Member Pilgrim said the spoke with Maureen Hammond who was very happy about having this company in Paris, and that they would be providing additional jobs. Subject to the conditions set out by P&Z and City Staff, a Motion to approve this item was made by Council Member Savage and seconded by Council Member Kessel. Motion carried, 6 ayes — 0 nays. 26. Discuss and consider all matters incident and related to the issuance and sale of City of Paris, Texas, General Obligation Refunding Bonds, Series 2023, including the adoption of ORDINANCE NO. 2023-060: AN 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. City Manager Grayson Path said the City had issued $33,925,000.00 in General Obligation Bonds in July of 2013, to replace aging water and wastewater lines in the City. He also said the term of the loan was 20 years with an option to call the loan on December 15, 2023. Mr. Path explained the most common reason to call a bond issue was when interest rates had fallen since the original bonds were issued and the new Refunding Bonds carrying lower interest rates, could replace the old Bonds. He said the lower interest rates reduced the annual debt service payment. Mr. Path further explained that another reason that bonds were called were to restructure the original debt. Mr. Path said the City Council heard a presentation from the City's financial advisor on June 12, 2023, setting out options to proceed. After hearing the options, the City Council authorized Staff to bring back documents supporting the issuance of Refunding Bonds to restructure the existing bonds by adding 10 years to the final maturity. He explained this would reduce the annual debt service by approximately $1,000,000/year through fiscal year 2033, but would increase the total debt service by approximately $4,250,000. Mr. Path said this would fund Phase II of the Waste Water Treatment Plant Project. Andrew Friedman from SAMCO Capital Markets provided a presentation to City Council, specifically addressing Section 3 of the Ordinance. A Motion to adopt an Ordinance authorizing the issuance and sale of City of Paris, Texas, General Obligation Refunding Bonds, Series 2023 was made by Council Member Pilgrim and seconded by Mayor Pro -Tem Pankaj. Motion carried, 6 ayes — 0 nays. 27. Discuss and act on a temporary waiver of the City of Paris Personnel Manual Section 14.03 in 2023 for certain Paris Police Department personnel. Mr. Path said City and Police Management had implemented strategies in an effort to attract, hire and retain personnel; however, there were currently 20 vacancies in the Patrol Division of the Police Department. He explained it was necessary for police officers to work overtime including missing scheduled vacations in order to continue to provide minimum staffing for patrol coverage in the community. Mr. Path said 40 days was the maximum number