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<br />ORDI NANCE NO. .2003-032
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<br />ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF PARIS, TEXAS GENERAL
<br />OBLIGATION REFUNDING BONDS, SERIES 2003; APPROVING AN OFFICIAL
<br />STAlEMENT; AUTIIORlZING TIlE EXECunON OF A PURCHASE AGREEMENT AND AN
<br />ESCROW AGREEMENT; MAKING PROVISIONS FOR THE SECURITY THEREOF; AND
<br />ORDAINING OTIlER MAITERS RELATING TO TIlE SUBJECT
<br />
<br />TIlE STATE OF TEXAS
<br />COUNTY OF LAMAR
<br />CITY OF PARIS
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<br />WHEREAS, the City of Paris, Texas (the "Issuer) has duly issued and there is now outstanding, the
<br />following series or issue of bonds and certificates of obligation which are secured by the full faith and credit
<br />of the Issuer and a pledge by the Issuer to levy ad valorem taxes sufficient to pay principal of and interest
<br />on the certificates of obligation as they become due and a pledge of surplus revenues to further secure the
<br />certificates of obligation:
<br />
<br />CITY OF PARIS, TEXAS Certificates of Obligation, Series 1993, dated December 15,
<br />1993, maturities December 15, 2004 through December 15,2013, in the aggregate principal
<br />amount of$3,220,000 (the "Series 1993 Certificates of Obligation");
<br />
<br />CITY OF PARIS, TEXAS Certificates of Obligation, Series 1994, dated August 15, 1994,
<br />maturities December 15,2005 through December 15, 2014, in the aggregate principal amount
<br />of $3,485,000 (the "Series 1994 Certificates of Obligation");
<br />
<br />WHEREAS, the Issuer now desires to refund maturities 2004 through 2013 of the Series 1993
<br />Certificates of Obligation, in the principal amount of $3,220,000 and maturities 2005 through 2014 of the Series
<br />1994 Certificates of Obligation, in the principal amount of $3,485,000, for a total aggregate amount of
<br />$6,705,000 (the "Refunded Obligations"); and
<br />
<br />WHEREAS, the City Council of the Issuer deems it advisable to refund the Refunded Obligations
<br />in order to achieve a debt service savings of approximately $505,340.64 and a net present value savings of
<br />$415,302.62; and
<br />
<br />WHEREAS, Chapter 1207, Texas Government Code, authorizes the Issuer to issue refunding bonds
<br />and to deposit the proceeds from the sale thereof together with any other available funds or resources, directly
<br />with a place of payment or paying agent or a trust company or commercial bank that does not act as a
<br />depository for the Issuer and is named in these proceedings for the Refunded Obligations, and such deposit,
<br />if made before such payment dates, shall constitute the making of firm banking and fmancial arrangements
<br />for the discharge and final payment of the Refunded Obligations; and
<br />
<br />WHEREAS, Chapter 1207, Texas Government Code, further authorizes the Issuer to enter into an
<br />escrow agreement with the paying agent, or a trust company or commercial bank, for the Refunded
<br />Obligations with respect to the safekeeping, investment, reinvestment, administration and disposition of any
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