2013-003 RES APPROVING EXECUTION AND DELIVERY OF LOAN AGREEMENT WITH LOAN FORGIVENESS

Home Browse Search

RESOLUTION N0. 2013-003 RESOLUTION APPROVING THE EXECUTION AND DELIVERY OF A LOAN AGREEMENT WITH LOAN FORGIVENESS; AND RESOLVING OTI�R MATTERS RELATING TO TI-iE SUBJECT THE STATE OF TEXAS § COUNTY OF LAMAR § CITY OF PARIS § WHEREAS, the City of Paris, Texas (the "City") has received approval from the Texas Water Development Board ("TWDB") for financial assistance from TWDB to the City in the amount of $3,400,778 (the "Loan") , consisting ofthe City's Combinatian Tax and Surplus Revenue Certificates of Obligation, Series 2013, in the amount of $2,900,000 (the "Certificates"), and loan forgiveness in the amount of $500,778; WHEREAS, TWDB has presented to the City a Loan Agreement with Loan Forgiveness (the "Loan Forgiveness Agreement") in connection with the Loan, in which the CiTy agrees to certain conditions with respect to the Loan; WHEREAS, this City Council hereby finds and determines that it is a public benefit to and in the best interests of the City and its residents to enter into the Loan Forgiveness Agreement in order to obtain the Loan to fund needed improvements and additions to the City's pota.ble water distribution system; and WHEREAS, it is officially found, deternuned and declared that the meeting at which ttus Resolution has been adopted was open to the public, and public notice of the date, hour, place and subject of said meeting, including this Resolution, was given, a11 as required by the applicable provisions of Chapter 551, Texas Govemment Code; Now, Therefore BE IT RESOLVED BY TI-� CITY COUNCIL OF TI� CITY OF PARIS, TEXAS: 1. The recitals set forth in the preamble hereof are incorporated herein and shall have the same force and effect as if set forth in this Section. 2. The Loan Forgiveness Agreement, in substantially the form presented at this meeting, is hereby approved and the Mayor of the City is hereby authorized and directed to execute and deliver the Loan Forgiveness Agreement. The Escrow Agreement relating to the Loan Forgiveness Agreement between the Issuer and the escrow agerrt named therein (the "Escrow Agent"), substantially in the form and content presented at this meeting, is hereby approved and the Mayor or the City Manager is hereby authorized and directed to execute the Escrow Agreement on behalf of the City, and the City Clerk is authorized to attest the signature thereon. The Escrow Agent narned in the Escrow Agreement is hereby appointed as the Escrow Agent pursuant to such Escrow Agreement. 3. The Mayor, Mayor Pro-tem, City Manager and City Clerk ofthe City, and each ofthem, shall be and they aze hereby expressly authorized, empowered and directed from time to time and at any time to do and perform all such acts and thirigs and to take such actions and to execute and deliver in the name and on behalf of the City all other instruments, whether or not herein mentioned, as may be necessary or desirable in order to carry out the terms and provisions of this Resolution. 4. This Resolution shall become effective immediately upon adoption.