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<br /> ORDINANCE N0. 2569
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<br /> ORDINANCE
<br /> AUTHORIZING THE ISSUANCE OF INTEREST
<br /> BEARING CERTIFICATES OF OBLIGATION
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<br /> THE SThTE OF TEXAS ~
<br /> COUNTY OF LAMAR §
<br /> CITY OF PF,RIS §
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<br /> WHEREAS, the City Council deems it advisable to issue
<br /> Certificates of Obligation in the amount of $650,000 for the
<br /> purpose of paying, in whole or in part, contractual obliga-
<br /> tions for improvements and extensions to the City's Sewer
<br /> System, and for paying all- or a portion of the legal, fiscal
<br /> and engineering fees in connection with this project; and
<br /> WHEREAS, the Certificates of Obligation hereinafter
<br /> authorized and designated are to be issued and delivered
<br /> for cash pursuant to Article 2368a. 1, V.A. T. C. S. ; and
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<br /> WHEREAS, the City Cauncil has heretofore, on the 16th
<br /> day of March , 1981, passed an ordinance authorizing and
<br /> directing the city clerk to give notice of intention to
<br /> issue Certificates of Obligation; and
<br /> WHEREAS, said notice has been duly published in the The
<br /> Paris News, which is a newspaper of general circulation in
<br /> said City, in its issues of March 22, 1981 and March 29,
<br /> 1981; and
<br /> WHEREAS, the City received no petition from the qualified
<br /> electors of the City protesting the issuance of such Certifi-
<br /> cates of Obligation; and
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<br /> WHEr.E:,S, it is cor.siciered tc be to the best interest of
<br /> the City that said interest bearing Certificates of Obli-
<br /> gation of even denominations in the amount of $5,000 be
<br /> issued.
<br /> THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
<br /> CITY OF PARIS ;
<br /> l. That the City's Certificates of Obligation, to be
<br /> called the "CITY OF PARIS, TEXAS CERTIFICATES OF OBLIGATION,
<br /> SERIES 1981" shall be issued under and by virtue of the
<br /> Constitution and laws of the State of Texas, for the purpose
<br /> of paying, in whole or in part, contractual obligations for
<br /> improvements and extensions to the City's Sewer System, to-
<br /> wit: to provide $115,000 to purchase land, rights of way and
<br /> easements, to provide $520,000 to pay professional services
<br /> for engineering studies, reports and plans, and to provide
<br /> $15,000 to pay legal and fiscal fees in connection with this
<br /> project.
<br /> 2. That said Certificates of Obligation sha11 be
<br /> dated April 15, 1981, shall be numbered consecutively from
<br /> one upward, shall be in the denomination of $5,000 each, ag-
<br /> gregating $650,000, shall become due and payable on April 15
<br /> of each of the years as follows:
<br /> YEARS AMOUNTS YEARS AMOUNTS
<br /> 1982 $20,000 1990 $45,000
<br /> 1983 25,000 1991 50,000
<br /> 1984 25,000 1992 55,000
<br /> 1985 30,000 1993 60,000
<br /> 1986 30,000 1994 65,000
<br /> 1987 35,000 1995 70,000
<br /> 1988 35,000 1996 65,000
<br /> 1989 40,000
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