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

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RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF PARIS ECONOMIC DEVELOPMENT CORPORATION SALES TAX REVENUE REFUNDING BONDS, TAXABLE SERIES 2010; PROVIDING FOR THE SECURITY FOR AND PAYMENT OF SAID BONDS; APPROVING AN ESCROW AGREEMENT AND A SALES TAX REMITTANCE AGREEMENT; CALLING OUTSTANDING OBLIGATIONS FOR REDEMPTION; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT THE STATE OF TEXAS § PARIS ECONOMIC DEVELOPMENT CORPORATION § WHEREAS, Paris Economic Development Corporation (the "Issuer") is a non-profit industrial development corporation created pursuant to Section 4A of the Development Corporation Act, formerly Article 5190.6, Texas Revised Civil Statutes, as amended, and now operates and exists and is governed under the recodified provisions of such Act, as a Type A corporation, as such Act has been codified in Chapters 501, 502 and 504, Texas Local Government Code, as amended (the "Act" WHEREAS, pursuant to the authority granted in the Act, the City of Paris, Texas (the "City") has levied a one-quarter of one percent sales and use tax for the benefit of the Issuer (the "Sales Tax"), to be used exclusively for the purposes set forth in the Act; WHEREAS, the Issuer has previously issued, and there are presently outstanding, bonds of the Issuer payable from a pledge by the Issuer of the Sales Tax sufficient to pay principal of and interest on the obligations as they become due; WHEREAS, all such previously issued and outstanding bonds are intended to be and shall be refunded pursuant to this Resolution, the obligations to be refunded being described in Schedule I attached hereto and incorporated herein (collectively, the "Refunded Bonds"); WHEREAS, Section 501.213, Texas Local Government Code, authorizes the Issuer to issue refunding bonds for the purpose of refunding any outstanding bonds of the Corporation and Section 23 of the resolution that authorized the issuance of the Refunded Bonds provides that the Corporation may provide for the payment and defeasance of the Refunded Bonds by depositing with the Paying Agent/Registrar for the refunded bonds an amount of money sufficient to pay the principal of and interest on the Refunded Bonds on the due date thereof, whether such due date be by reason of maturity or redemption; WHEREAS, the Board of Directors of the Issuer (the "Board") hereby finds and declares a public purpose and that it is in the best interests of the Issuer to refund the Refunded Bonds in order to achieve a debt service savings, and that such refunding will result in an actual debt service savings of approximately $272,306.98 and a present value debt service savings of approximately $237,738.65 to the Issuer; OtIO113