83-027 ORD CERTIFICATE FOR ORDINANCE

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c! ! ~ i 6. E; Agreement City of Paris Waterworks and Sewer System Revenue ~ Refunding Bonds, Series 1983" between the City and ~ InterFirst Bank, National Association, Dallas, Texas, which ~ provides for the deposit with said bank of the part of said , e; proceeds required for the purpose of refunding, discharging, ~ k and retiring the Outstanding Bonds. ~ x' Section 33. REASONS FOR REFUNDING. That it is speci- ~i fically found and determined by the City that the underlying ~ ordinances authorizing the Outstanding Bonds contain restrictive covenants which require the City to provide ~ Y excess revenues which results in the necessity of charging R; and collecting rates considerably higher than necessary, ~ thus increasing the cost of water and sewer services to the g inhabitants of the City and prevent, because of excessively ~ restrictive covenants, the adequate and economical financing P of projects.which are expected to be required for the System ~ in the near future, and require unnecessary, cumbersome, and , onerous procedures with respect to operation and maintenance ~ ; of the System and the issuance of bonds thereunder. There- ~ fore, for the reasons stated in this Section, the City and ? ~ the City Council have found it to be necessary and essential ~ in the best interest of the City that such refunding be ; accomplished, and the Outstanding Bonds be refunded, dis- ~ charged, and retired thereby. ' i Section 34. FURTHER PROCEDURES. That the Mayor, City ~ ~s Clerk, and all other officers, employees, and agents of the j; City, and each of them, shall be and they are hereby ' ~a expressly authorized, empowered, and directed from time to ? time and at any time to do and perform all such acts and § things and to exexecute, acknowledge and deliver in the name g and under the corporate seal and on behalf of the City all ~ i; such instruments, whether or not herein mentioned, as may be ~ g; necessary or desirable in order to carry out the terms and ; provisions of this Ordinance and the Bonds, and the Bond h Purchase Contract and Official Statement pertaining thereto. h ~ In case any officer whose facsimile signature shall appear ~ ~ on any Bond or interest coupon appertaining thereto shall ~ cease to be such officer before the delivery of the Bonds, r ' such facsimile signature shall nevertheless be valid and ~ ' sufficient for all purposes the same as if he or she had i t` remained in office until such delivery. ~ Section 35. EMERGENCY MEASURE; EFFECTIVE DATE. That ~ this Ordinance is hereby passed as an emergency measure, to ➢ be effective immediately upon enactment, such emergency ~ being that the issuance and delivery of the Bonds herein g siauthorized are required as soon as possible for the preser- ; vation of the public peace, property, health, or safety. ~ Section 36. SEVERABILITY. That the provisions of this p Ordinance are severable; and in case any one or more of the ~ provisions of this Ordinance or the application thereof to any person or circumstance should be held to be invalid, un- ? :i constitutional, or ineffective as to any person or circum- a i~ stance, the remainder of this Ordinance nevertheless shall ~ ~ be valid, and the application of any such invalid provision ~ ~ to persons or circumstances other than those as to which it ' 5i is held invalid shall not be affected thereby. ~ Passed and adopted this 31s day of May, 19 3. ~ ~ - City of P ris z; ATTEST - City Cle k, City of Paris ~ s ; k s APPROVED AS T FORM: ~ s; k 4 / ~ ~ i City ttorney, City of Paris € „ i~