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RESOLUTION AUTHORIZING EXECUTION OF ESCR06d AGREEMENT
<br />THE STATE OF TEXAS
<br />COUNTY OF LAMAR
<br />CITY OF PARIS
<br />WHEREAS, the City has concurrently herewith authorized
<br />the issuance of its Waterworks and Sewer System Revenue
<br />Refunding Bonds, Series 1983, in the principal amount of
<br />$3,110,000 for the purpose of refunding City of Paris, Texas
<br />Waterworks and Sewer Revenue Refunding Bonds, Series 1957,
<br />dated January 1, 1957 in the amount of $305,000, City of
<br />Paris, Texas Waterworks and Sewer System Revenue Bonds,
<br />Series 1957-A, dated August l, 1957 in the amount of
<br />$185,000, City of Paris, Texas Waterworks and Sewer System
<br />Revenue Bonds, Series 1962, dated October l, 1962 in the
<br />amount of $130,000, City of Paris, Texas Waterworks and
<br />Sewer System Revenue Bonds, Series 1973-A, dated January 1,
<br />1973 in the amount of $145,000, City of Paris, Texas
<br />Waterworks and Sewer System Revenue Bonds, Series 1973-B,
<br />dated January 1, 1973 in the amount of $220,000, City of
<br />Paris, Texas Waterworks and Sewer System Junior Lien Revenue
<br />Bonds, Series 1966, dated January 10, 1966 in the amount of
<br />$1,800,000 and City of Paris, Texas Certificates of
<br />Obligation, Series 1981, dated April 15, 1981 in the amount
<br />of $605,000 (the "Refunded Bonds"); and
<br />WHEREAS, Article 717k, Vernon's Texas Civil Statutes,
<br />authorizes the City to issue refunding bonds and to deposit
<br />the proceeds from the sale thereof, and any other available
<br />funds or resources, directly with the place of payment
<br />(paying agent) for the Refunded Bonds, and such deposit, if
<br />made before such payment dates, shall constitute the making
<br />of firm banking and financial arrangements for the discharge
<br />and final payment of the outstanding Refunded Bonds; and
<br />WHEREAS, Article 717k further authorizes the City to
<br />enter into an escrow agreement with any paying agent for the
<br />outstanding Refunded Bonds with respect to the safekeeping,
<br />investment, reinvestment, administration and disposition of
<br />any such deposit, upon such terms and conditions as the City
<br />and such paying agent may agree, provided that such deposits
<br />may be invested and reinvested including obligations the
<br />principal of and interest on which are unconditionally
<br />guaranteed by the United States of America, and which may be
<br />in book entry form, and which shall mature and/or bear
<br />interest payable at such times and in such amounts as will
<br />be sufficient to provide for the scheduled payment or
<br />prepayment of the outstanding Refunded Bonds; and
<br />WHEREAS, InterFirst Bank Dallas, National Association
<br />(formerly First National Bank in Dallas) is the paying agent
<br />for the outstanding Refunded Bonds with the exception of the
<br />City's Certificates of Obligation, Series 1981 which will be
<br />retired on the delivery date of the City's Refunding Bonds,
<br />Serie 1983, and the Escrow Agreement hereinafter authorized
<br />constitutes an escrow agreement of the kind authorized and
<br />permitted by said Article 717k; and
<br />THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
<br />THE CITY OF PARIS:
<br />Section 1. The Mayor of the City is hereby authorized
<br />and directed to execute and deliver and the City Clerk of
<br />the City is hereby authorized and directed to attest an
<br />Escrow Agreement in substantially the form attached hereto
<br />as Exhibit A.
<br />Section 2. That the Resolution shall become effective
<br />upon its passage.
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