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MINUTES OF THE REGULAR MEETING OF THE CITY COUNCIL <br /> August 7, 2003 <br /> <br />The City Council of the City of Paris met in special session, Thursday, August <br />7, 2003, 6:00 P.M. At Paris Junior College, Applied Technology Building, <br />Room 1206, 2400 Clarksville Street, Paris, Texas. Mayor Curtis Fendley <br />called the meeting to order with the following Council Members present: Jim <br />Bell, Jay Guest, Francine Neeley, Benny Plata, and Willie Weekly, Jr. Also <br />present were City Manager Michael E. Malone, City Attorney Larry W. <br />Schenk, and City Clerk Mattie Cunningham. <br /> <br />Mayor Fendley announced that the first order of business was consideration of <br />and action on an ordinance authorizing the issuance of City of Paris Texas <br />General Obligation Refunding Bonds, Series 2003, approving an official <br />statement, and authorizing the execution of a purchase agreement and an <br />escrow agreement. <br /> <br />Dan Almon with Southwest Securities came forward presenting the City <br />Council with a packet containing a copy of the Official Statement that has the <br />bid down the left-hand border for the $7,130,000.00 General Obligation <br />Refunding Bonds Series 2003. He said on the left-hand side is the summary <br />of the financing of deal points and behind that is the bond buyer's index, <br />showing the trend analysis for what municipal bond rates are doing. <br /> <br />Mr. Almon called the Council's attention to the summary of the bond sale. He <br />said the pertinent data regarding the sale is a proposal by an underwriter, being <br />First Southwest Securities and Dain Rauscher, jointly underwriting the <br />proposed bonds. They have submitted a debt interest cost of 3.499%, which <br />is an average interest rate ora coupon of 3.38%. They acknowledged in their <br />proposal that this would result in a net savings of $505,340.00. The future debt <br />service payments of bonds are bank qualified and they do have an average life <br />of 6.42 years. The city retains and makes them subject to early redemption <br />prior to their scheduled maturities on December 15, 2009. <br /> <br />Mr. Almon advised that Item No. 2 is a summary of the market conditions. He <br />said the Bond Buyer Index this past Thursday was 5.07% and the Bond Buyer <br /> <br /> <br />