2001-049-ORD AUTHORIZING ISSUANCE, SALE AND DELIVERY OF COP TAX ADN REVENUE REFUNDING BONDS SERIES 2001

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Section] 9. SALE OF BONDS. The Bonds are hereby sold and shall be delivered to FIRST SOUTHWEST COMPANY (the "Underwriters"), al a price of$5,099,566 being the principal amount of the Bonds plus a net original issue prenUum of $],104.50, less an Underwriters discount of $3],538.50 plus accrued interest, pursuant to the terms and provisions of a Bond Purchase Agreement in substantially the form attached hereto as Exhibil B which the Mayor of the City of the Issuer is hereby authorized and directed to execute and deliver and which the City Clerk of the Issuer is hereby authorized and directed 10 attesl (with accrued interest to be deposited into the Bond Fund). It is hereby officially found, determined, and declared Ihat the terms of this sale are the mosl advantageous reasonably obtainable. The Bonds shall initially be registered in the name of FIRST SOUTHWEST COMPANY. Seclion 20. APPROVAL OF OFFICIAL STATEMENT. The Issuer hereby approves the form and conlenl of the Official Statement relating to the Bonds and any addenda, supplement or amendment thereto, and approves the distribution of such Official Slatement in the reoffering of the Bonds by the Underwriter in rmal form, with such changes therein or additions thereto as the officer executing the same may deem advisable, such delermination to be conclusively evidenced by his execulion thereof Section 21. APPROVAL OF ESCROW AGREEMENT AND TRANSFER OF FUNDS. The Mayor of the Issuer is hereby authorized and directed to execute and deliver and the City Clerk of the Issuer is hereby authorized and directed 10 attesl an Escrow Agreement in substantially the form attached hereto as Exhibit B. In Addition, the Mayor is authorized to execute such subscription for the purchase of U. S. Treasury Securities, State and Local Government Series, or the purchase of direct obligations of the Uniled Stales of America as may be necessary for the Escrow Fund, and to authorize such contribulions as may be necessary for the Escrow Fund. Section 22. NOTICE OF REDEMPTION. That there is attached 10 this Ordinance, as Exhibit C, and made a pan hereof for all purposes, a notice of prior redemption for the Refunded Bonds 10 be redeemed prior to staled maturity, and such Refunded Bonds described in said notice of prior redemption are hereby called for redemplion and shall be redeemed prior to maturity on the date, place, and al the price as set forth therein. Section 23. NOTICE TO PAYING AGENT/REGISTRAR AND PUBLICATION. The Refunded Bonds described in Exhibit C attached herelo are so called for redemption, and The Bank of New York is hereby directed to make appropriale arrangements so that such Refunded Bonds may be redeemed at said Bank on the redemption date. A copy of such Notice of Redemption shall be delivered to the Paying Agent/Registrar so mentioned, and published in the Texas Bond Reporter. Section 24. ]NTEREST EARNINGS ON BOND PROCEEDS. The earnings derived from the investment of proceeds from the sale of the Bonds shall be used along with other Bonds proceeds as described in Section] hereof; provided that after completion of such project, if any of such interesl earnings remain on hand, such interest earnings shall be deposited in the Interest and Sinking Fund. It is further provided, however, that inlerest earnings on the Bonds proceeds which are required to be rebated 10 the United States of America pursuant to Section ]4 hereof in order to prevent the Bonds from being arbitrage bonds shall be so rebated and not considered as interest earnings for the purpose of this Section. Section 25. REASONS FOR REFUNDING. The Issuer deems it advisable and in the best interests of the Issuer to refund the Refunded Bonds in order to restructure the Issuer's debt service 25