2025-012 - Authorizing the issuance and sale of city of Paris Texas tax notes, Series 2025; providing for the payment of said notes; approves the official statement

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of the documents authorized and approved by this Ordinance: (i) in order to cure any ambiguity, formal defect, or omission in this Ordinance or such other document, or (ii) as requested by the Attorney General or his representative to obtain the approval of the Notes by the Attorney General. In case any officer whose signature shall appear on any Note shall cease to be such officer before the delivery of such Note, such signature shall nevertheless be valid and sufficient for all purposes the same as if such officer had remained in office until such delivery. (e) The Notes have a premium of $269,397.65 and which shall be allocated as follows: (i) the amount of $114,397.65 shall be applied to pay costs of issuance of the Notes, including underwriter's discount, with any excess to be deposited into the Interest and Sinking Fund; and (ii) the amount of $155,000.00 shall be deposited into the Project Fund. Section 11. INTEREST EARNINGS ON NOTE PROCEEDS. Interest earnings derived from the investment of proceeds from the sale of the Notes shall be used along with other Note proceeds for the Projects; provided that after completion of such purpose, if any of such interest earnings remain on hand, such interest earnings shall be deposited in the Interest and Sinking Fund. It is further provided, however, that any interest earnings on Note proceeds that are required to be rebated to the United States of America pursuant to Section 9 hereof in order to prevent the Notes from being arbitrage bonds shall be so rebated and not considered as interest earnings for the purposes of this Section. Section 12. PROJECT FUND; USE OF NOTE PROCEEDS. (a) The City has previously created, and hereby agrees to maintain on the books of the City, a separate fund (the "Project Fund") for use by the City for payment of all lawful costs associated with the Projects as hereinbefore provided. Proceeds of the Notes in the amount of $4,150,000.00 shall be deposited into the Project Fund, other than amounts paid at closing for issuance costs. Upon payment of all such Project costs, any moneys remaining on deposit in the Project 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) Proceeds from the sale of the Notes shall be disbursed in the manner described in a closing instructions letter prepared by the City's financial advisor. (c) The City may place proceeds of the Notes (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 Notes will be used as soon as practicable for the purposes for which the Notes are issued. (d) 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 13