2024-014 - Approving the issuances and sale of City of Paris Texas Combination and Tax and Surplus Revenue Certificates of Obligation, Series 2024 and approving various documents related to such

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N0. 20241014 ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF CITY OF PARIS, TEXAS, COMBINATION TAX AND SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES 2024; LEVYING AN ANNUAL AD VALOREM TAX AND PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID CERTIFICATES; APPROVING AN OFFICIAL STATEMENT; PROVIDING AN EFFECTIVE DATE; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT THE STATE OF TEXAS COUNTY OF LAMAR CITY OF PARIS WHEREAS, the City Council (the "Council") of the City of Paris, Texas (the "City"), deems it advisable to issue it "City of Paris, Texas, Combination Tax and Surplus Revenue Certificates of Obligation, Series 2024" (the "Certificates") in the amount of $42,790,000 for the purpose of paying all or a portion of the City's contractual obligations incurred in connection with: (i) the acquisition, construction, installation and equipment of additions, improvements and extensions to the City's waterworks and sewer system (the "System") and (ii) paying legal, fiscal and engineering fees in connection with such projects (collectively, the "Projects"); and WHEREAS, the Certificates hereinafter authorized and designated are to be issued and delivered for cash pursuant to Subchapter C of Chapter 271, Local Government Code; and Chapter 1502 Texas Government Code; and WHEREAS, the Council has heretofore passed a resolution authorizing and directing the City Clerk to give notice of the City's intention to issue the Certificates, and the notice has been duly (i) posted on the City's website and (ii) published in a newspaper of general circulation in the City, said newspaper being a "newspaper" as defined in Section 2051.044, Texas Government Code; and WHEREAS, the City received no petition from the qualified electors of the City protesting the issuance of the Certificates; and WHEREAS, during the preceding three years, the City has not submitted a bond proposition to authorize the issuance of bonds for any of the purposes for which the Certificates are hereby being issued and which proposition was disapproved by voters; and WHEREAS, it is considered to be to the best interest of the City that said interest-bearing Certificates be issued; and WHEREAS, it is officially found, determined, and declared that the meeting at which this Ordinance has been adopted was open to the public and public notice of the time, place and subject matter of the public business to be considered and acted upon at said meeting, including this Ordinance, was given, all as required by the applicable provisions of Texas Government Code, Chapter 551; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: