20 & 21-APPROVE ABATEMENT REQUEST AS PRESENTED

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WHEREAS, the City Council of the City has determined that the Project is of vital importance to the growth and retention of business and industry in the City of Paris, Texas, Lamar County, Texas and to the growth and retention of primary jobs at these local businesses and industry in the City of Paris, Texas, Lamar County, Texas; and WHEREAS, the City Council has been advised by legal counsel that the SIB Loans and the Interlocal Cooperative Agreement need not be submitted for approval to the Texas Attorney General's Public Finance Division office because no "public security" as defined in Chapter 1201, as amended, Texas Government Code, is being issued by the City or the Authority; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS THAT: SECTION 1: Authorization of SIB Loans and Interlocal Cooperative Agreement - Purpose. The City recognizes its payment obligations to the Authority as set forth in the Interlocal Cooperative Agreement (the "City Obligations"), and acknowledges and approves the use of funds submitted to the Authority to pay the City Obligations will be used by the Authority to pay Authority obligations set forth in the SIB Loans. The City is obligated to repay the principal amount of ONE MILLION FOUR HUNDRED TWENTY SIX THOUSAND EIGHT HLINDRED THIRTEEN AND NO/100 DOLLARS ($1,426,813) for the purpose of providing funds (i) to pay the City's share of the rights-of-way acquisition and utility relocation costs relating to the Project, (ii) to recognize the City's additional potential pecuniary obligations as set forth in the Interlocal Cooperative Agreement, and (iii) to pay certain Authority legal and engineering professional services related to the SIB Loans as set forth in the SIB Loan Agreements, all in conformity with the laws of the State of Texas and an ordinance (the "Ordinance") adopted by the City Council on October 8, 2012. SECTION 2: City Obli atg ions. The City's payment obligations pursuant to the SIB Loans shall become due and payable not later than March 29 in each of the years and in amounts (the Stated Maturities) and bear interest on the unpaid principal amounts from the Closing Date, or from the most recent Interest Payment Date (hereinafter defined) to which interest has been paid or duly provided for, to Stated Maturity or prior prepayment, at the per annum rate, in accordance with the following schedule: Years of Stated Maturitv 2013 2014 2015 2016 2017 2018 2019 2020 2021 Principal Amounts ($) $65,822.47 50,742.50 52,609.82 54,545.86 56,553.15 58,634.31 60,792.05 63,029.20 65,348.67 95604560.7 '3' Interest Amounts ($) $35,004.48 50,084.45 48,217.13 46,281.09 44,273.80 42,192.64 40,034.90 37,797.75 35,478.28 Interest Rates % 3.68 3.68 3.68 3.68 3.68 3.68 3.68 3.68 3.68