2003-032-ORD AUTHORIZING ISSUANCE OF COP TEXAS GENERAL OBLIGATION REFUNDING BONDS SERIES 2003

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such deposit, upon such terms and conditions as the Issuer and such paying agent may agree, provided that such deposits may be invested and reinvested including obligations the principal of and interest on which are unconditionally guaranteed by the United States of America. and which shall mature and bear interest payable at such times and in such amOlmts as will be sufficient to provide for the scheduled payment or prepayment of the Refunded Obligations; and WHEREAS, JPMorgan Chase Bank, Dallas, Texas, is the Escrow Agent for the Escrow Agreement hereinafter authorized. constitutes an agreement of the kind authorized and pennitted by said Chapter 1207, Texas Government Code and the Escrow Agent is so named in accordance with Section 1207.061, Texas Government Code; and WHEREAS, all the Refunded Obligations mature or are subject to redemption prior to maturity within 20 years of the date of the bonds hereinafter authorized; and WHEREAS, the bonds hereinafter authorized and designated are to be issued and delivered pursuant to Chapter 1207, Texas Government Code; and WHEREAS, the meeting was open to the public and public notice of the time, place and purpose of said meeting was given pursuant to Chapter 551, Texas Government Code. NOW, TIlEREFORE, BE IT ORDAINED BY 1HE CIlY COMMISSION OF THE CITY OF PARIS, TEXAS: Section 1. AMOUNT AND PURPOSE OF 1HE BONDS. The bond or bonds of the CITY OF PARIS, TEXAS (the "Issuer") are hereby authorized to be issued and delivered in the aggregate principal amount of $7, 130,000 for refunding the Refunded Obligations. Section 2. DESIGNATION OF THE BONDS. Each bond issued pursuant to this Ordinance shall be designated: "CITY OF PARIS, TEXAS GENERAL OBLIGATION REFUNDING BOND, SERIES 2003", and initially there shall be issued. sold. and delivered hereunder a single fully registered bond. without interest coupons, payable in annual installments of principal (the "Initial Bond"), but the Initial Bond may be assigned and transferred and/or converted into and exchanged for a like aggregate principal amount of fully registered bonds, without interest coupons, having serial and annual maturities, and in the denomination or denominations of$5,000 or any integral multiple of $5,000, all in the manner hereinafter provided The term "Bonds" as used in this Ordinance shall mean and include collectively the Initial Bond and all substitute bonds exchanged therefor, as well as all other substitute bonds and replacement bonds issued pursuant hereto, and the tenn "Bond" shall mean any of the Bonds. Section 3. INITIAL DATE. DENOMINATION. NUMBER. MATURITIES. INITIAL REGISTERED OWNER AND CHARACTERISTICS OF THE INITIAL BOND. (a) The Initial Bond is hereby authorized to be issued. sold. and delivered hereunder as a single fully registered Bond. without interest coupons, dated September 1,2003, in the denomination and aggregate principal amount of $7,130,000 nwnbered R-l, payable in annual installments of principal to the initial registered owner thereof, to-wit: FIRST SOUTHWEST COMPANY, or to the registered assignee or assignees of said Bond or any portion or portions thereof (in each case, the "registered owner"), with the annual installments of principal of the Initial 2