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LAW OFPICES <br />MECALL, PARKHURST & HORTON L.L.P. <br />600 CONGRESS AVENUE <br />717 NORTH HARWOOD <br />1800 ONE AMERICAN CENTER <br />NINTH FLOOR <br />AUSTIN.TEXAS 78701-3248 <br />DALLAS,TEXAS 75201-6587 <br />TELEPHONE: 512 478-3805 <br />TELEPHONE 214 754-8200 <br />FACSIMILE:512 472-0877 <br />FACSIMILE 214754-8250 <br />March 8, 2010 <br />Mayor and Members af the City Council <br />City of Paris <br />135 1 st Street SE <br />Paris, Texas 75460-5803 <br />700 N. ST. MARY'S STREET <br />1525 ONE RIVERWALK PIACE <br />SAN ANTONIO, TEXAS 78205-3503 <br />TELEPHONE: 210 225-2800 <br />FACSIMIIE'210 225-2884 <br />Re: Proposed City of Paris, Texas Combination Tax and Revenue Certificates of Obligation, <br />Series 2010 <br />Ladies and Gentlemen: <br />The purpose of this engagement letter i s to set forth certain matters concerning the services we <br />will perform as bond counsel to the City of Paris (the "Issuer") in connectian with the issuance of <br />the above-referenced Certificates of Obligation (the "Certificates"). We understand that the <br />Certificates are being issued for the purpose of paying all or a portion of the Issuer's contractual <br />obligations incuired in connection with improving and expanding South Collegiate Drive and <br />making improvements to the frontage access for South Collegiate Drive and paying legal, fiscal, <br />engineering and architectural fees in connection with such project. We further understand that the <br />Certificates will be secured by a pledge of the receipts of an ad valorem tax levied by the Issuer <br />within the limitation prescribed by law and additionally from a limited pledge of the surplus net <br />revenues of the Issuer's waterwarks and sewer system. We understand that the Certificates will be <br />issued in the amount of $3,005,000. We further understand that the Certificates will be sold by the <br />City Council of the Issuer (the "City Council") by competitive sale on the date hereof (the "Sale <br />Date") to an investment banking firm or syndicate of banking firms (collectively, the "Purchasers"). <br />A. THE FINANCING <br />As Bond Counsel to the Issuer, we would like for the City Council to understand how the <br />issuance of the Certificates will be effected. I will briefly describe the procedures and certain <br />applicable law that pertains to the issuance of the Certificates, below. However, you sbould feel free <br />to call me at any time to discuss any questions that you or your staff may have. <br />(1) The first step in the issuance of the Certificates will be the adoption of a resolution <br />expressing the Issuer's intention to issue the Certificates, providing for the intended use of the <br />Certificate proceeds and describing the sources of payment. The resolution will include a <br />notice that must be published in the local paper on two occasions, with the first publicatian to <br />be at least 30 days prior to the adoption of the Certificate Ordinance, described below. The <br />publication of the notice gives right to voters of the Issuer to present a petition calling for a <br />referendum on the adoption of the Certificate Ordinance. If no such petition is received from <br />Page 1 of 6 <br />.w 5 s 1'~ ~.j t.f <br />X <br />