2001-026-RES APPROVING/AUTHORIZING PREPARATION OF SPECIFICATIONS AND ACCEPTANCE OF COMPETITIVE BIDS FOR T-HANGARS AT COX FIELD AIRPORT

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RESOLUTION NO. 2001-026 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS, APPROVING AND AUTHORIZING THE PREPARATION OF SPECIFICATIONS AND THE ACCEPTANCE OF COMPETITIVE BIDS FOR THE CONSTRUCTION OF ADDITIONAL T-HANGARS AT COX FIELD AIRPORT; AUTHORIZING THE USE OF FUNDS DERIVED FROM INTEREST EARNED ON THE PROCEEDS OF THE SALE OF SERIES 1993 CERTIFICATES OF OBLIGATIONS TO UNDERWRITE THE COST OF SUCH CONSTRUCTION; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, Cox Field Airport has experienced progressive growth with continued demand for additional hangar space located at said airport; and, WHEREAS, the Airport Advisory Board of the City of Paris has suggested the construction of additional T-Hangars because additional tenants for said hangars are available and the hangars could be used to generate additional revenues to support the activities at the airport; and, WHEREAS, the City Manager has identified additional funds available from the sale of Series 1993 Certificates of Obligation to underwrite the cost of such construction; and, WHEREAS, all projects, the subject of the sale of the 1993 City of Paris Certificates of Obligation, Series 1993, for which sufficient funds were available, have been completed, and all funds remaining from said Certificates of Obligation constitute interest earnings from the proceeds of said certificates; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. That the findings set out in the preamble to this resolution are hereby in all things approved. Section 2. That the City Manager and the City staff are hereby authorized and directed to prepare appropriate specifications and seek competitive bids in accordance with state law and the City Charter for the construction of additional T -Hangars at the Cox Field Airport. Section 3. That all projects the subject of the sale of the 1993 City of Paris Certificates of Obligation, Series 1993, for which sufficient funds were available, have been completed, and all funds remaining from said certificates are interest earnings from the proceeds of said certificates, and said interest is hereby authorized for and is to be applied to other airport improvements, the same constituting the construction of additional T-Hangars at the Cox Field Airport. Section 4. That this resolution shall be effective from and after its date of passage.