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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Section 12. CONSTRUCTION FUND. (a) The City hereby creates and establishes and shall maintain on the books of the City a separate fund to be entitled the "Series 2024 Certificate of Obligation Construction Fund" (the "Construction Fund") for use by the City for payment of all lawful costs associated with the Projects as hereinbefore provided. Proceeds of the Certificates in the amount of $44,000,000.00 shall be deposited into the Construction Fund. Uponpayment of all such Project costs, any moneys remaining on deposit in the Construction Fund shall be transferred to the Interest and Sinking Fund. Amounts so deposited to the Interest and Sinking Fund shall be used in the manner described herein. (b) The City may place proceeds of the Certificates (including investment earnings thereon) and amounts deposited into the Interest and Sinking Fund in investments authorized by the Public Funds Investment Act, Chapter 2256, Texas Government Code, as amended; provided, however, that the City hereby covenants that the proceeds of the sale of the Certificates will be used as soon as practicable for the purposes for which the Certificates are issued. (c) All deposits authorized or required by this Ordinance shall be secured to the fullest extent required by law for the security of public funds. Section 13. COMPLIANCE WITH RULE 15c2-12. (a) Definitions. As used in this Section, the following terms have the meanings ascribed to such terms below: "Financial Obligation" means a: (a) debt obligation; (b) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation; or (c) a guarantee of the foregoing (a) and (b). The term Financial Obligation does not include any municipal securities as to which a final official statement has been provided to the Municipal Securities Rulemaking Board consistent with the Rule. "MSRB" means the Municipal Securities Rulemaking Board. "Rule" means SEC Rule 15c2-12, as amended from time to time. "SEC" means the United States Securities and Exchange Commission. (b) Annual Reports. (i) The City shall provide annually to the MSRB, in the electronic format prescribed by the MSRB certain updated financial information and operating data pertaining to the City, consisting of the following: (1) the quantitative financial information and operating data of the type included in Tables numbered 1, 2, 10, 11, 12, 15, 20 and 21 in Appendix A to the Official Statement and (2) the City's comprehensive annual financial report. The City will update and provide the information in the numbered tables within six months after the end of each fiscal year ending in and after 2023 and, if not submitted as part of such annual financial information, the City will provide its audited financial statements when and if available, and in any event, within 12 months after the end of each fiscal year ending in and after 2023. If the audit of such financial statements is not complete within 12 months after any such fiscal year end, then the City will file 14