98-040 ORD AUTHORIZE TEXAS TAX AND REVENUE REFUNDING BONDS, SERIES 1998

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WHEREAS, the Issuer now desires to refund a portion of maturities 2002 through 2011 of the Taac and Revenue Refunding Bonds, Series 1991 Bonds in the principal amount of $5,380,000 (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 $368,694.70 and a present value savings of $326,722.68; 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 times and in such amounts as will be sufficient to provide for the scheduled payment or prepayment of the Refunded Bonds; and WHEREAS, The Bank of New York, New York, New York (successor to NCNB Texas, Dallas, Texas) is the paying agent for the Refunded Bonds and the Escrow Agreement hereinafter authorized, constitutes an agreement of the kind authorized and permitted by said Article 717k; and WHEREAS, all the Refunded Bonds mature or are subject to redemption prior to maturity within 20 years of the date of the bonds hereinafter authorized. WHEREAS, the bonds hereinafter authorized aze to be issued and delivered pursuant to Articles 1111 through 1118, V.A.T.C.S. and Article 717k, V.A.T.C.S.; and WHEREAS, the meeting was open to the public and public notice of the time, place and purpose of said meeting was given pursuant to Chapter 551, Texas Government Code. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. AMOLJNT AND PURPOSE OF THE BONDS. The bond or bonds of the City of Paris (the "Issuer") are hereby authorized to be issued and delivered in the aggregate principal amount of $5,810,000, for the purpose of refunding maturities 2002 through 2011 of the Refunded Bonds. 2