2025-018 - Approving the issuance and sale of City of Paris Special Assessment Revenue Bonds, Series 2025 (Forestbrook Public Improvement District No. 1 Improvement Area #1 Project)” and approving various documents related to such bonds.

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AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, AUTHORIZING THE ISSUANCE OF THE "CITY OF PARIS, TEXAS, SPECIAL ASSESSMENT REVENUE BONDS, SERIES 2025 (FORESTBROOK PUBLIC IMPROVEMENT DISTRICT NO. 1 IMPROVEMENT AREA #1 PROJECT)"; APPROVING AND AUTHORIZING AN INDENTURE OF TRUST, A BOND PURCHASE AGREEMENT, A LIMITED OFFERING MEMORANDUM, A CONTINUING DISCLOSURE AGREEMENT, AN AMENDED AND RESTATED SERVICE AND ASSESSMENT PLAN AND OTHER AGREEMENTS AND DOCUMENTS IN CONNECTION THEREWITH; MAKING FINDINGS WITH RESPECT TO THE ISSUANCE OF SUCH BONDS; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the City of Paris, Texas (the "City"), pursuant to and in accordance with the terms, provisions and requirements of the Public Improvement District Assessment Act, Subchapter A of Chapter 372, Texas Local Government Code (the "PID Act"), has previously established the "Forestbrook Public Improvement District No. 1" (the "District"); and WHEREAS, the City Clerk (i) published notice of a public hearing (the "Assessment Hearing") to consider an ordinance levying assessments (the "Improvement Area #1 Assessments") on certain benefitted property within Improvement Area #1 of the District (the "Improvement Area #1 Assessed Property") in The Paris News, a newspaper of general circulation in the City, pursuant to Section 372.016(b) of the PID Act, and (ii) mailed notice of the Assessment Hearing to the last known address of the owners of the property liable for the Improvement Area #1 Assessments, pursuant to Section 372.016(c) of the PID Act; and WHEREAS, on July 14, 2025, the City Council of the City (the "Council") held the Assessment Hearing regarding the levy of the Improvement Area #1 Assessments against the Improvement Area #1 Assessed Property, and on such date, the Council adopted an ordinance levying the Improvement Area #1 Assessments against the Improvement Area #1 Assessed Property (the "Assessment Ordinance"); and WHEREAS, in the Assessment Ordinance, the Council approved and accepted the Forestbrook Public Improvement District No. 1 2025 Service and Assessment Plan (the "Service and Assessment Plan") and levied the Improvement Area #1 Assessments against the Improvement Area #1 Assessed Property; and WHEREAS, the Council has found and determined that it is in the best interests of the City to issue its bonds to be designated "City of Paris, Texas, Special Assessment Revenue Bonds, Series 2025 (Forestbrook Public Improvement District No. 1 Improvement Area #1 Project)" (the "Bonds"), such Bonds to be payable from and secured by the Trust Estate; and WHEREAS, the Council is authorized by the PID Act to issue revenue bonds payable from the Trust Estate for the purpose of (i) paying a portion of the Improvement Area #1 Project Costs, (ii) funding the initial deposit to the Administrative Fund for the payment of the initial Annual Collection Costs, and (iii) paying Bond Issuance Costs; and WHEREAS, the Council has found and determined to approve (i) the issuance of the Bonds for the purposes described herein, (ii) the form, terms and provisions of the Indenture (defined below) securing the Bonds authorized hereby, (iii) the form, terms and provisions of a Purchase Agreement (defined below) between the City and the Underwriter (defined below), (iv) a Limited Offering Memorandum (defined below), (v) a Continuing Disclosure Agreement (defined below) and (vi) an Amended and Restated Service and Assessment Plan (defined below); and