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<br /> ORDINANCE NO. US'~y
<br /> AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS
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<br /> THE STATE OF TEXAS .
<br /> COUNTY OF LAMAR .
<br /> CITY OF PARIS .
<br /> WHEREAS, the bonds hereinafter authorized were lawfully
<br /> and favorably voted at an election duly held in said City on
<br /> May 4, 1985; and
<br /> WHEREAS, none of the bonds voted at the election has been
<br /> authorized, issued or delivered; and
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<br /> WHEREAS, it is necessary and advisable to authorize, issue
<br /> and deliver all of said bonds; and
<br /> WHEREAS, the bonds hereinafter authorized and designated
<br /> were voted and are to be issued and delivered pursuant to Art.
<br /> 1175, V.A.T.C.S.
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<br /> THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OE THE CITY
<br /> OF PARIS:
<br /> Section 1. AMOUNT AND PURPOSE OF THE BONDS. The bond or
<br /> bonds of the City of Paris (the "Issuer") are hereby authorized
<br /> to be issued and delivered in the aggregate principal amount of
<br /> $975,000, for the purpose of improving, remodeling and
<br /> constructing additions to the Issuer's Library.
<br /> Section 2. DESIGNATION OF THE BONDS. Each bond issued
<br /> pursuant to this Ordinance shall be designated: "CITY OF
<br /> PARIS, TEXAS GENERAL OBLIGATION BOND, SERIES 1985", and initi-
<br /> ally there shall be issued, sold, and delivered hereunder a
<br /> single fully registered bond, without interest coupons, payable
<br /> in annual installments of principal (the "Initial Bond"), but
<br /> the Initial Bond may be assigned and transferred and/or conver-
<br /> ted into and exchanged for a like aggregate principal amount of
<br /> fully registered bonds, without interest coupons, having serial
<br /> and annual maturities, and in the denomination or denominations
<br /> of $5,000 or any integral multiple of $5,000, all in the manner
<br /> hereinafter provided. The term "Bonds" as used in this Ordin-
<br /> ance shall mean and include collectively the Initial Bond and
<br /> all substitute bonds exchanged therefor, as well as all other
<br /> substitute bonds and replacement bonds issued pursuant hereto,
<br /> and the term "Bond" shal l mean any of the Bonds.
<br /> Section 3. INITIAL DATE, DENOMINATION, NUMBER, MATURI-
<br /> TIES, INITIAL REGISTERED OWNER, AND CHARACTERISTICS OF THE
<br /> INITIAL BOND. (a) The Initial Bond is hereby authorized to be
<br /> issued, sold, and delivered hereunder as a single fully
<br /> registered Bond, without interest coupons, dated September 1,
<br /> 1985, in the denomination and aggregate principal amount of
<br /> $975,000, numbered R-l, payable in annual installments of
<br /> prin ipal to the initial registered owner thereof, to-wit:
<br /> ~r AJ 6h'. RRNK aNQ s, A/ A. E79 c c A s, % ra s ,
<br /> or to the registered assignee or assignees of said Bond or any
<br /> portion or portions thereof (in each case, the "registered
<br /> owner"), with the annual installments of principal of the
<br /> Initial Bond to be payable on the dates, respectively, and in
<br /> the principal amounts, respectively, stated in the FORM OF
<br /> INITIAL BOND set forth in this Ordinance.
<br /> (b) The Initial Bond (i) may be prepaid or redeemed prior
<br /> to the respective scheduled due dates of installments of
<br /> principal thereof, (ii) may be assigned and transferred, (iii)
<br /> may be converted and exchanged for other Bonds, (iv) shall have
<br /> the characteristics, and (v) shall be signed and sealed, and
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