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such deposit, upon such terms and conditions as the Issuer and such paying agent may agree, provided that
<br />such deposits may be invested and reinvested including obligations the principal of and interest on xvhich are
<br />unconditionally guaranteed by the United States of America, and xvhich shall mature and bear interest payable
<br />at such times and in such amounts as xvill be sufficient to provide for the scheduled payment or prepayment
<br />of the Refunded Obligations; and
<br />
<br /> WHEREAS, JPMorgan Chase Bank, Dallas, Texas, is the Escroxv Agent for the Escroxv Agreement
<br />hereinafter authorized, constitutes an agreement of the kind authorized and permitted by said Chapter 1207,
<br />Texas Govemment Code and the Escroxv Agent is so named in accordance xvith Section 1207.061, Texas
<br />Govemment Code; and
<br />
<br /> WHEREAS, all the Refunded Obligations mature or are subject to redemption prior to maturity
<br />xvithin 20 years of the date of the bonds hereinafter authorized; and
<br />
<br /> WHEREAS, the bonds hereinafter authorized and designated are to be issued and ddivered pursuant
<br />to Chapter 1207, Texas Government Code; and
<br />
<br /> WHEREAS, the meeting xvas open to the public and public notice of the time, place and purpose of
<br />said meeting xvas given pursuant to Chapter 551, Texas Government Code.
<br />
<br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY
<br />OF PARIS, TEXAS:
<br />
<br /> Section 1. AMOUNT AND PURPOSE OF THE BONDS. The bond or bonds of the CITY
<br />OF PARIS, TEXAS (the "Issuer") are hereby authorized to be issued and delivered in the aggregate principal
<br />amount of $7,185,000 for refunding the Refunded Obligations.
<br />
<br /> Section 2. DESIGNATION OF THE BONDS. Each bond issued pursuant to this Ordinance
<br />shall be designated: "CITY OF PARIS, TEXAS GENERAL OBLIGATION REFUNDING BOND,
<br />SERIES 2003", and initially there shall be issued, sold, and delivered hereunder a single fully registered bond,
<br />xvithout interest coupons, payable in annual installments of principal (the "Initial Bond"), but the Initial Bond
<br />may be assigned and transferred and/or converted into and exchanged for a like aggregate principal amount
<br />of fully registered bonds, xvithout interest coupons, having serialand annual maturities, and in the denomination
<br />or denominations of $5,000 or any integral multiple of $5,000, all in the manner hereinafter provided. The term
<br />"Bonds" as used in this Ordinance shall mean and include collectively the Initial Bond and all substitute bonds
<br />exchanged therefor, as xvell as all other substitute bonds and replacement bonds issued pursuant hereto, and
<br />the term "Bond" shall mean any of the Bonds.
<br />
<br />Section 3. INITIAL DATE, DENOMINATION. NUMBER, MATURITIES. INITIAL
<br />
<br />REGISTERED OWNER~ AND CHARACTERISTICS OF THE INITIAL BOND. (a) The Initial Bond
<br />
<br />is hereby authorized to be issued, sold, and delivered hereunder as a single fully registered Bond, xvithout
<br />interest coupons, dated September 1, 2003, in the denomination and aggregate principal amount of $7,185,000
<br />numbered R-l, payable in annual installments of principal to the initial registered oxvner thereof, to-xvit: FIRST
<br />SOUTHWEST COMPANY, or to the registered assignee or assignees of said Bond or any portion or
<br />portions thereof (in each case, the "registered oxvner"), xvith the annual installments of principal of the Initial
<br />
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