91-055 ORD AUTHORIZING ISSUANCE OF TAX AND REVENUE REFUNDING BONDS SERIES 1991

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Series 1991 Certificates of Obligation in the aggregate principal amount of $3,300,000 (the "Refunded Bonds"). WHEREAS, the City Council of the Issuer deems it advisable to refund the Refunded Bonds in order to achieve a present value savings of $665,486.69, with an actual interest cost loss of $3,192,540.28, and to permit taxes to be pledged to the repayment of such debt so that reserves do not have to be maintained for additional financing for improvements to the Waterworks and Sewer System, and to simplify the provisions for the issuance of additional bonds for improvements to the Waterworks and Sewer System; 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, NCNB Texas National Bank, 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. THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. AMOUNT 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 $16,110,000, for the purpose of providing funds to refund all of the outstanding Series 1983 Bonds in the aggregate principal amount of $2,420,000, all of the Series 1984 Certificates of Obligation in the aggregate principal amount of $4,800,000, all of the Series 1988 Bonds in the aggregate principal amount of $4,725,000, and all of the outstanding Series 1991 Certificates of Obligation in the aggregate principal amount of $3,300,000.