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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WHEREAS, the meeting at which this Ordinance is considered is open to the public as required by law, and the public notice of the time, place and purpose of said meeting was given as required by Chapter 551, Texas Government Code, as amended; NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: SECTION 1. FINDINGS. The findings and determinations set forth in the preamble hereof are hereby incorporated by reference for all purposes as if set forth in full herein. Capitalized terms not otherwise defined herein shall have the meanings given to such terms in the Indenture. SECTION 2. APPROVAL OF ISSUANCE OF BONDS AND INDENTURE OF TRUST. (a) The issuance of the Bonds in the principal amount of $2,012,000 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, is hereby authorized and approved. (b) The Bonds shall be issued and secured under that certain Indenture of Trust (the "Indenture"), dated as of November 1, 2025, between the City and BOKF, NA, as trustee (the "Trustee"), with such changes as may be necessary or desirable to carry out the purposes and intent of this Ordinance and as approved by an Authorized Official (defined below), such approval to be evidenced by the execution and delivery of the Indenture, which Indenture is hereby approved in substantially final form attached hereto as Exhibit A and incorporated herein as a part hereof for all purposes. The Authorized Officials, individually but not jointly, are hereby authorized and directed to execute the Indenture, and the City Clerk is hereby authorized and directed to attest the signature of such Authorized Official. (c) The Bonds shall (i) be dated, (ii) mature on the date or dates and in the principal amount or amounts, (iii) bear interest, (iv) be subject to redemption and (v) have such other terms and provisions as set forth in the Indenture. The Bonds shall be in substantially the form set forth in the Indenture, with such insertions, omissions and modifications as may be required to conform the form of Bond to the actual terms of the Bonds. The Bonds shall be payable from and secured by the Trust Estate and shall never be payable from ad valorem taxes or any other funds or revenues of the City. SECTION 3. SALE OF BONDS; APPROVAL OF BOND PURCHASE AGREEMENT. The Bonds shall be sold to FMSbonds, Inc. (the "Underwriter") at the price and on the terms and provisions set forth in that certain Bond Purchase Agreement (the "Purchase Agreement"), dated the date hereof, between the City and the Underwriter, attached hereto as Exhibit B and incorporated herein as a part hereof for all purposes, which terms of sale are declared to be in the best interest of the City. The form, terms and provisions of the Purchase Agreement are hereby authorized and approved, and the Authorized Officials, individually but not jointly, are hereby authorized and directed to execute and deliver the Purchase Agreement. SECTION 4. LIMITED OFFERING MEMORANDUM. The form and substance of the final Limited Offering Memorandum for the Bonds and any addenda, supplement or amendment thereto (the "Limited Offering Memorandum") presented to and considered at the meeting at which this Ordinance is considered are hereby approved and adopted in all respects. The Limited Offering Memorandum, with such appropriate variations as shall be approved by the City Manager or Assistant City Manager and the Underwriter, may be used by the Underwriter in the offering and sale of the Bonds. The City Clerk is hereby authorized and directed to include and maintain a copy of the Preliminary Limited Offering Memorandum (as defined in the Purchase Agreement) and the Limited Offering Memorandum and any addenda, supplement or amendment thereto thus approved among the permanent records of this meeting. The use and distribution of the Preliminary Limited Offering Memorandum by the Underwriter in the offering of the Bonds is hereby ratified, approved and confirmed. By separate resolution, the City has previously deemed the Preliminary Limited Offering Memorandum final, within the meaning of