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<br />WHEREAS, The Bank of New York, New York, New York, is the paying agent for the Series 1991
<br />Bonds and will be the Escrow Agenl for the Escrow Agreement, hereinafter authorized, which constitutes
<br />an agreement of the kind authorized and pernUtted by said Chapter 1207 of the Texas Government Code; and
<br />
<br />WHEREAS, all the Refimded Bonds mature or are subjecl to redemption prior to maturity within
<br />20 years of the date of the bonds hereinafter authorized; and
<br />
<br />WHEREAS, the meeting was open to the public and public notice of the time, place and purpose of
<br />said meeting was given pursuant to Chapter 551, Texas Government Code.
<br />
<br />THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS,
<br />TEXAS:
<br />
<br />Section I. AMOUNT AND PURPOSE OF THE BONDS. The bond or bonds of the CITY
<br />OF PARIS (the "Issuer") are hereby authorized 10 be issued and delivered in the aggregate principal amounl
<br />of $5,130,000 for refimding the Refimded Bonds.
<br />
<br />Section 2. DESIGNATION OF THE BONDS. Each bond issued pursuant to this Ordinance
<br />shall be designated: "CITY OF PARIS, TEXAS TAXAND REVENUE REFUNDING BOND, SERIES
<br />2001", and inilially there shall be issued, sold, and delivered hereunder a single fully regislered bond, without
<br />inleresl coupons, payable in annual installments of principal (the "Initial Bond"), but the Initial Bond may be
<br />assigned and transferred and/or converted into and exchanged for a like aggregate principal amount of fully
<br />registered bonds, without interest coupons, having serial and annual maturilies, and in the denomination or
<br />denominations of $5,000 or any integral multiple of $5,000, all in the manner hereinafter provided. The term
<br />"Bonds" as used in this Ordinance shall mean and include collectively the Initial Bond and all substitute bonds
<br />exchanged therefor, as well as all other substitute bonds and replacemenl bonds issued pursuant hereto, and
<br />the term "Bond" shall mean any of the Bonds.
<br />
<br />Section 3. INITIAL DATE. DENOMINATION. NUMBER. MATURITIES. INITIAL
<br />REGISTERED OWNER. AND CHARACTERISTICS OF THE INITIAL BOND. (a) The Initial Bond
<br />is hereby authorized to be issued, sold, and delivered hereunder as a single fully registered Bond, without
<br />inlerest coupons, dated Seplember 15, 2001, in the denonUnation and aggregate principal amount of
<br />$5,130,000, numbered R-l, payable in annual installments of principal to the inilial registered owner thereof,
<br />to-wit: FIRST SOUTHWEST COMPANY, or to the registered assignee or assignees of said Bond or any
<br />portion or portions thereof (in each case, the "registered owner"), with the annual installments of principal of
<br />the Initial Bond 10 be payable on the dates, respectively, and in the principal amounts, respectively, stated in
<br />the FORM OF INITIAL BOND set fonh in this Ordinance.
<br />
<br />(b) The Initial Bond (i) may be prepaid or redeemed prior to the respective scheduled due dates of
<br />installments of principal thereof, (ii) may be assigned and transferred, (iii) may be converted and exchanged
<br />for other Bonds, (iv) shall have the characteristics, and (v) shall be signed and sealed, and the principal of and
<br />interest on the Initial Bond shall be payable, all as provided, and in the manner required or indicaled, in the
<br />FORM OF INITIAL BOND set fonh in this Ordinance.
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