98-039 ORD AUTHORIZE TEXAS WATERWORKS AND SEWER SYSTEM REVENUE REFUNDING BONDS, SERIES 1998

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ORDINANCE 98-039 AUTHORIZING THE ISSUANCE OF CITY OF PARIS, TEXAS WATERWORKS AND SEWER SYSTEM REVENUE REFUNDING BONDS, SERIES 1998, APPROVING AN OFFICIAL STATEMENT, AUTHORIZING THE EXECUTION OF A BOND PURCHASE AGREEMENT AND THE EXECUTION OF AN ESCROW AGREEMENT, AND MAKING PROVISIONS FOR THE SECURITY THEREOF, AND ORDAINING OTHER MATTERS RELATING TO THE SUBJECT THE STATE OF TEXAS § COUNTY OF LAMAR § CITY OF PARIS § WHEREAS, the following, revenue bonds of the City of Paris are presently outstanding: Waterworks and Sewer System Revenue Bonds, Series 1992, dated April 1, 1992, maturities December 15, 1998 through December 15, 2011, now outstanding in the principal amount of $7,980,000 (the "Series 1992 Bonds"); Waterworks and Sewer System Revenue Bonds, Series 1997, dated February 15, 1997, maturities June 15, 1999 through June 15, 2016, now outstanding in the principal amount of $5,000,000 (the "Series 1997 Bonds"); WHEREAS, the Issuer now desires to refund maturities 2002 through 2011 of the Series 1992 Bonds in the principal amount of $6,405,000 (the "Refunded Bonds"); and WHEREAS, the City Council of the Issuer deems it advisable to refund the Refunded Bonds in order to achieve a gross savings of approximately $420,205.50 and a present value savings of $374,032.82; and WHEREAS, Article 717k, V.A.T.C.S. authorizes the Issuer to issue refunding bonds and to deposit the proceeds from the sale thereof together with any other available funds or resources, directly with a place of payment (paying agent) for the Refunded Bonds, and such deposit, if made before such payment dates, shall constitute the making of firm banking and financial arrangements for the discharge and final payment of the Refunded Bonds; and WHEREAS, Article 717k further authorizes the Issuer to enter into an escrow agreement with the paying agent for the Refunded Bonds with respect to the safekeeping, investment, reinvestment, administration and disposition of any such deposit, upon such terms and conditions as the Issuer and such paying agent may agree, provided that such deposits may be invested and reinvested including obligations the principal of and interest on which are unconditionally guaranteed by the United States of America, and which shall mature and bear interest payable at such 1