2010-043 RES APPROVING RESOLUTION PEDC

Home Browse Search

RESOLUTION NO. 2010-043 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, APPROVING A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF REFUNDING BONDS BY THE PARIS ECONOMIC DEVELOPMENT CORPORATION; APPROVING A SALES TAX REMITTANCE AGREEMENT; AND ENACTING OTHER PROVISIONS RELATING TO THE SUBJECT; MAKING OTHER FINDINGS AND PROVISION RELATED TO THE SUBJECT AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Paris Economic Development Corporation (the "Corporation") has been incorporated and exists and operates as a duly constituted authority and instrumentality of the City of Paris, Texas (the "City"), pursuant to Section 4A of the Development Corporation Act, formerly Article 5190.6, Texas Revised Civil Statutes, as amended, and now operates, exists and is governed by the recodified provisions of such Act, as codified in Chapters 501, 502 and 504, Texas Local Government Code, as amended (the "Act"), specifically with the Corporation being a Type A corparation possessing the powers granted by Chapter 504, Texas Local Government Code; and; WHEREAS, there has been presented to this City Council a resolution (the "Bond Resolution") to be adopted by the Board of Directors of the Corporation authorizing the issuance and sale of the Corporation's sales tax revenue refunding bonds for the purpose of refunding the Corporation's outstanding Taxable Sales Tax Revenue Bonds, Series 1998, in order to reduce debt service payments made by the Corporation; and, WHEREAS, there has been presented to this City Council a Sales Tax Remittance Agreement, between the Corporation and the City, pursuant to which sales taxes collected by the City for the benefit of the Corporation pursuant to the Act shall be transferred and deposited into a fund for the use by the Corporation in the furtherance of its authorized powers and purposes; and, WHEREAS, this City Council finds and determines that it is necessary and appropriate to approve the Bond Resolution and to approve the execution and delivery of said Sales Tax Remittance Agreement for the purposes hereinabove provided. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS THAT: Section 1. 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. Section 2. The Bond Resolution, attached hereto as Exhibit A, is hereby approved and the issuance by the Corporation of sales tax revenue refunding bonds in the principal amount of $2,560,000 (the "Bonds"), for the purpose of refunding the Corporation's outstanding Taxable