14-Deliberate and act on a Resolution approving a PEDC Resolution

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(1) those Parity Obligations canceled or delivered to the transfer agent or registrar for cancellation in connection with the exchange or transfer of such obligations; (2) those Parity Obligations paid or deemed to be paid in accordance with the provisions of Section 19 hereof or similar provisions of any resolution authorizing the issuance of Additional Obligations. (3) those Parity Obligations that have been mutilated, destroyed, lost, or stolen and replacement obligations have been registered and delivered in lieu thereof. "Parity Obligations" shall mean, collectively, the Bonds and Additional Obligations. "Paying Agent/Registrar" shall mean the financial institution so designated in accordance with the provisions of Section 4 of this Resolution. "Pledged Revenues" shall mean all of the Issuer's receipts of the Sales Tax, less any amounts due or owing to the Comptroller as charges for collection or retention by the Comptroller for refunds and to redeem dishonored checks and drafts, to the extent such charges and retentions are authorized or required by law. "Required Reserve Amount" has the meaning set forth in Section 9. "Sales Tax" shall mean the one-quarter of one percent sales and use tax levied by the City within the boundaries of the City as they now or hereafter exist, together with any increases in the aforesaid rate if provided and authorized by the laws of the State of Texas, including specifically the Act, and collected for the benefit of the Issuer, all in accordance with the Act, including particularly Chapter 504 thereof. "Transfer Agreement" shall mean the Sales Tax Remittance Agreement dated as of March 22, 2010, between the City and the Issuer. Section 2. RECITALS, AMOiJNT 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 Paris Economic Development Corporation (the "Issuer") are hereby authorized to be issued and delivered in the aggregate principal amount of $2,685,000 for the public purpose of refunding the Refunded Bonds, and to pay the costs incurred in connection with the issuance of the Bonds. Section 3. DESIGNATION, DATE, DENOMINATION, NUMBER, AND MATURITY AND INTEREST RATE OF BONDS. Each Bond issued pursuant to this Resolution shall be designated: "PARIS ECONOMIC DEVELOPMENT CORPORATION SALES TAX REVENUE REFiJNDING BOND, TAXABLE SERIES 2010," and initially there shall be issued, sold, and delivered hereunder one fully registered Bond, without interest coupons, dated April 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 cloo1iG