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<br />ORDINANCE No. 2001-049
<br />AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF CITY OF PARIS, TEXAS TAX
<br />AND REVENUE REFUNDING BONDS, SERIES 2001, APPROVING AN OFFICIAL
<br />STATEMENT, AUTHORIZING THE EXECUTION OF A BOND PURCHASE AGREEMENT
<br />AND AN ESCROW AGREEMENT MAKING PROVISIONS FOR THE SECURITY THEREOF,
<br />AND ORDAINING OTHER MATTERS RELATING TO THE SUBJECT
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<br />THE STATE OF TEXAS
<br />COUNTY OF LAMAR
<br />CITY OF PARIS
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<br />WHEREAS,lhe CITY OF PARIS, TEXAS (the "Issuer) has duly issued and there is now
<br />oulstanding, the following series or issue of bonds which are secured by the full faith and credil of the Issuer
<br />and a pledge by the Issuer 10 levy ad valorem taxes sufficienllo pay principal of and interest on the general
<br />obligation bonds As same become due and a pledge of swplus revenues:
<br />
<br />CITY OF P ARlS, TEXAS Tax and Revenue Refunding Bonds, Series 1991, dated
<br />November I, 1991, maturities December 15, 2001 through December 15, 2011, in the
<br />aggregate principal amount of $5,755,000 (the "Series 1991 Bonds"); and
<br />
<br />WHEREAS, the Issuer now desires to refund all of the Series 1991 Bonds maturing December 15,
<br />2001 through December 15,201 I in the principal amount of $5,755,000, for a total aggregate amounl of
<br />$5,755,000 (the "Refunded Bonds"); and
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<br />WHEREAS, the City Council of the Issuer deems it advisable and in the best inlerests of the Issuer
<br />to refund the Refunded Bonds in order to restructure the Issuer's debt service payments, resulting in a debl
<br />service savings of approximalely $671,431.02 and a present value savings, after taking inlo account transfers
<br />from the Interest and Sinking Fund for the Refunded Bonds, of $533,760.95; and
<br />
<br />WHEREAS, Article 717k, V.A.T.C.S., now codified as Chapter 1207 of the Government Code,
<br />authorizes the Issuer to issue refunding bonds and to deposit the proceeds from the sale thereof together with
<br />any other available funds or resources, directly with a place of payment (paying agenl) for the Refunded
<br />Bonds, and such deposit, if made before such payment dates, shall constitute the making of firm banking and
<br />financial arrangements for the discharge and final payment of the Refunded Bonds; and
<br />
<br />WHEREAS, Article 717k, now codified as Chapter 1207 of the Government Code, funher
<br />aulhorizes the Issuer 10 enler into an escrow agreement with the paying agent for the Refunded Bonds with
<br />respect to the safekeeping, investment, reinvestment, administration and disposition of any such deposit, upon
<br />such lerms and conditions as the Issuer and such paying agent may agree, provided that such deposits may
<br />be invesled and reinvested including obligations the principal of and interest on which are unconditionally
<br />guaranleed by the United States of America, and which shall mature and bear interest payable at such times
<br />and in such amounts as will be sufficient to provide for the scheduled payment or prepayment of the Refunded
<br />Bonds; and
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