88-033 ORD CERTIFICATE FOR ORDINANCE

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ORDINANCE 88-033 AUTHORIZING THE ISSUANCE OF CITY OF PARIS, TEXAS WATERWORKS AND SEWER SYSTEM PRIOR LIEN REVENUE BONDS, SERIES 1988 THE STATE OF TEXAS . COUNTY OF LAMAR . CITY OF PARIS . WHEREAS, the City of Paris, Texas (the "Issuer") has duly issued and there is now outstanding, pursuant to Vernon's Ann. Tex. Civ. St. Article 717k, as amended, and other applicable laws, the following series or issue of revenue bonds which are secured solely by a lien on and pledge of the Net Revenues of the City's Waterworks and Sewer System: 81 Waterworks and Sewer System Revenue Refunding Bonds, Series 1983, dated June 15, 1983, maturing June 15, 1988 through June 15, 2003, outstanding in the princi- pal amount of $2,725,000 (the "Refunding Bonds"); and WHEREAS, Sections 23 and 24 of the Ordinance authoriz- ing the outstanding Refunding Bonds permits the Issuer to authorize and deliver "Additional Bonds" as "Prior Lien Bonds" as said terms are defined and used in said Ordinance; and WHEREAS, the Issuer determines that it will authorize, issue and deliver a series of Prior Lien Bonds; and WHEREAS, notice of intention to issue bonds has been duly published in the Paris News on July 17, 1988 and July 24, 1988, and no petition requesting a referendum election was received; and WHEREAS, the bonds hereinafter authorized are to be issued, sold, and delivered pursuant to Articles lllla, 1112, 1113, 1114, and 1115, Vernon's Annotated Texas Civil Statutes, and other applicable laws. THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: 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 $5,000,000 for the purpose of providing money for improvements and extensions to the Issuer's Waterworks System and Sewer System.