2010-005 ORD GENERAL OBLIGATION REFUNDING BONDS

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WHEREAS, the Bonds hereinafter authorized to be issued and are to be issued, sold and delivered pursuant to the general laws of the State of Texas, including Texas Government Code, Chapter 1207, as amended; and WHEREAS, it is officially found, determined, and declared that the meeting at which this Ordinance has been adopted was open to the public and public notice of the time, place and subject matter of the public business to be considered and acted upon at said meeting, including this Ordinance, was given, all as required by the applicable provisions of Texas Government Code, Chapter 551; Now, Therefore BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. RECITALS, AMOUNT AND PURPOSE OF THE BONDS. The recitals set forth in the preamble hereof are incorporated herein and shall have the same force and effect as if set forth in this Section. The bonds of the Issuer are hereby authorized to be issued and delivered in the aggregate principal amount of $17,190,000 for the purpose of refunding certain outstanding obligations of the Issuer referenced in the preamble hereto and described in Schedule I hereto and to pay the costs incurred in connection with the issuance of the Bonds. Section 2. DESIGNATION, DATE, DENOMINATIONS, NUMBERS, AND MATURITIES AND INTEREST RATES OF BONDS. Each bond issued pursuant to this Ordinance shall be designated: "CITY OF PARIS, TEXAS, GENERAL OBLIGATION REFLJNDING BOND, SERIES 2010," and initially there shall be issued, sold, and delivered hereunder one fully registered bond, without interest coupons, dated February 15, 2010, in the principal amount stated above and in the denominations hereinafter stated, numbered T-1, with bonds issued in replacement thereof being in the denominations and principal amounts hereinafter stated and numbered consecutively from R-1 upward, payable to the respective Registered Owners thereof (with the initial bond being made payable to the initial purchaser as described in Section 10 hereof), or to the registered assignee or assignees of said bonds or any portion or portions thereof (in each case, the "Registered Owner"), and said bonds shall mature and be payable serially on June 15 and December 15 in each of the years and in the principal amounts, respectively, and shall bear interest from the dates set forth in the FORM OF BOND set forth in Section 4 of this Ordinance to their respective dates of maturity or redemption prior to maturity at the rates per annum, as set forth in the following schedule: Maturity Principal Interest Maturity Principal Interest Dates Amount Rates Dates Amount Rates 06/ 1512010 12/15/2010 06/1 S/2011 12/15/2011 06/15/2012 12/15/2012 06/ 15/2013 06/15/2015 12/15/2015 06/15/2016 12/15/2016 06/15/2017 12/15/2017 06/15/2018 2