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times and in such amounts as will be sufficient to provide for the scheduled payment or prepayment
<br />of the Refunded Bonds; and
<br />WHEREAS, The Bank of New York, New York, New York (successor to NationsBank,
<br />Dallas, Texas) is the paying agent for the Refunded Bonds and the Escrow Agreement hereinafter
<br />authorized, constitutes an agreement of the kind authorized and permitted by said Article 717k; and
<br />WHEREAS, all the Refunded Bonds mature or are subject to redemption prior to maturity
<br />within 20 years of the date of the bonds hereinafter authorized.
<br />WHEREAS, the bonds hereinafter authorized are to be issued and delivered pursuant to
<br />Articles 1111 through 1118, V.A.T.C.S. and Article 717k, V.A.T.C.S.; and
<br />WHEREAS, the meeting was open to the public and public notice of the time, place and
<br />purpose of said meeting was given pursuant to Chapter 551, Texas Government Code.
<br />NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
<br />PARIS, TEXAS:
<br />Section 1. AMOUNT AND PURPOSE OF THE BONDS. The bond ar bonds of the City
<br />of Paris (the "Issuer") are hereby authorized to be issued and delivered in the aggregate principal
<br />amount of $6,905,000, for the purpose of refunding maturities 2002 through 2011 of the Refunded
<br />Bonds.
<br />Section 2. DESIGNATION OF THE BONDS. Each bond issued pursuant to this Ordinance
<br />shall be designated: "CITY OF PARIS, TEXAS WATERWORKS AND SEWER SYSTEM
<br />REVENUE REFUNDING BOND, SERIES 1998", and initially there shall be issued, sold, and
<br />delivered hereunder a single fully registered bond, without interest coupons, payable in annual
<br />installments of principal (the "Initial Bond"), but the Initial Bond may be assigned and transferred
<br />and/or converted into and exchanged for a like aggregate principal amount of fully registered bonds,
<br />without interest coupons, having serial and annual maturities, and in the denomination or denomi-
<br />nations of $5,000 or any integral multiple of $5,000, all in the manner hereinafter provided. The
<br />term "Bonds" as used in this Ordinance shall mean and include collectively the Initial Bond and all
<br />substitute bonds exchanged therefor, as well as all other substitute bonds and replacement bonds
<br />issued pursuant hereto, and the term "Bond" shall mean any of the Bonds.
<br />Section 3. INITIAL DATE, DENOMINATION, NUMBER, MATURITIES, INITIAL
<br />REGISTERED OWNER, AND CHARACTERISTICS OF THE INITIAL BOND. (a) The Initial
<br />Bond is hereby authorized to be issued, sold, and delivered hereunder as a single fully registered
<br />Bond, without interest coupons, dated September l, 1998, in the denomination and aggregate
<br />principal amount of $6,905,000, numbered R-1, payable in annual installments of principal to the
<br />initial registered owner thereof, to-wit: FIRST SOUTHWEST COMPANY, or to the registered
<br />assignee or assignees of said Bond or any portion or portions thereof (in each case, the "registered
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