2013-007 RES CALLING BOND ELECTION

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certified by the Secretary of State in accordance with the Texas Election Code and approved by the United States Department of Justice. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. The findings set out in the preamble to this Resolution are hereby in all things approved and adopted. Section 2. An election be called for and held on the second Saturday in May, 2013, the same being May 11, 2013, between the hours of 7:00 a.m. and 7:00 p.m., at which election the following proposition shall be submitted in accordance with law: PROPOSITION Shall the City Council of the City of Paris be authorized to issue the bonds of the City, in one or more series or issues, in the aggregate principal amount of $45,000,000, with the bonds of each such series or issue, respectively, to mature serially within not to exceed 40 years from their date, and to be sold at such prices and bear interest at such rates as shall be determined within the discretion of the City Council, for the purpose of constructing and acquiring improvements and equipping the City's waterworks and sewer system, to-wit: for replacing and extending water distribution lines and sewer collection lines and constructing repairs to streets and drainage infrastructure necessitated by such water and sewer line construction, and shall the City Council be authorized to levy and cause to be assessed and collected annual ad valorem taxes in an amount sufficient to pay the annual interest on the bonds and provide a sinking fund to pay the bonds at maturity? Section 3. The official ballots for the election shall be prepared in accordance with the Code so as to permit the electors to vote "FOR" or "AGAINST" the aforesaid PROPOSITION, with the ballots to contain such provisions, markings and language as required by law, and with such PROPOSITIONS to be expressed substantially as follows: PROPOSITION ) ) THE ISSUANCE OF $45,000,000 TAX BONDS FOR FOR ) REPLACING AND EXTENDING WATER AND AGAINST ) SEWER LINES AND MAKING REPAIRS TO ) STREETS AND DRAINAGE INFRASTRUCTURE ) NECESSITATED BY SUCH CONSTRUCTION. )