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ORDINANCE <br />AUTHORIZING THE ISSUANCE AND SALE OF CITY OF PARIS, TEXAS GENERAL <br />OBLIGATION REFUNDING BONDS, SERIES 2010; LEVYING AN ANNUAL AD <br />VALOREM TAX FOR THE PAYMENT OF SAID BONDS; APPROVING AN OFFICIAL <br />STATEMENT; CALLING CERTAIN OUTSTANDING OBLIGATIONS FOR <br />REDEMPTION PRIOR TO MATURITY; AND ENACTING OTHER PROVISIONS <br />RELATING TO THE SUBJECT <br />THE STATE OF TEXAS § <br />COUNTY OF LAMAR § <br />CITY OF PARIS § <br />WHEREAS, certain previously issued and outstanding obligations ofthe City of Paris, Texas <br />(the "Issuer") described in Schedule I attached hereto and incorporated herein (collectively, the <br />"Refunded Obligations") are intended to be and shall be refunded pursuant to this Ordinance; <br />WHEREAS, Chapter 1207, Texas Government Code, authorizes the Issuerto issue refunding <br />bonds and to deposit the proceeds from the sale thereof, together with any other available funds or <br />resources, directly with a paying agent for the Refunded Obligations or a trust company or <br />commercial bank that does not act as a depository for the Issuer and is named in these proceedings, <br />and such deposit, if made before the payment dates of the Refunded Obligations, shall constitute the <br />making of firm banking and financial arrangements for the discharge and final payment of the <br />Refunded Obligations; <br />WHEREAS, Chapter 1207, Texas Government Code, further authorizes the Issuer to enter <br />into an escrow or similar agreement with such paying agent for the Refunded Obligations or trust <br />company or commercial bank with respect to the safekeeping, investment, reinvestment, <br />administration and disposition of any such deposit, upon such terms and conditions as the Issuer and <br />such paying agent or trust company or commercial bank may agree; <br />WHEREAS, The Bank of New York Mellon Trust Company, N.A., is a paying agent for the <br />Refunded Obligations, and the Escrow Agreement, wherein The Bank of New York Mellon Trust <br />Company, N.A. is the Escrow Agent, hereinafter authorized constitutes an escrow agreement of the <br />kind authorized and permitted by said Chapter 1207; <br />WHEREAS, the City Council hereby finds and declares a public purpose and it is in the best <br />interests of the Issuer to refund the Refunded Obligations in order to achieve a debt service savings, <br />and that such refunding will result in a present value debt service savings of approximately <br />$ and an actual debt service savings of $ to the Issuer; <br />WHEREAS, all the Refunded Obligations mature or are subject to redemption prior to <br />maturity within 20 years of the date of the bonds hereinafter authorized; <br />- 19-Q0142 <br />