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Regular City Council Meeting <br />August 7, 2003 <br />Page 4 <br /> <br />$3,200.00. Other fees include Moody's Bond rating, the official statement, <br />printing estimate, electronic posting/distribution of POS, refunding <br />calculation's fee, CPA verification report and a miscellaneous fee for a total <br />estimated cost of $65,000.00. <br /> <br />Peter Tart with McCall, Parkhurst, and Hurst, came forward stating that with <br />the adoption of this ordinance those interest rates are fixed as presented by Mr. <br />Almon. It would authorize the execution of a purchase agreement with the <br />underwriter, First Southwest, which they have signed and he has here for the <br />city's execution. This fixes the terms which means the rates and savings will <br />be exactly like they are stated. The delivery date is September 16, 2003. This <br />ordinance authorizes the issuance of the bonds and the submission of the <br />transcript to the Attorney General, sets the delivery date of the 16th and that is <br />when the purchaser pays for the bonds and the escrow agreement will then be <br />funded with J.P. Morgan/Chase. The redemption would be given to call in <br />those Certificates of Obligation. <br /> <br />ORDINANCE NO. 2003-032 <br /> <br />AN ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF PARIS, <br />TEXAS GENERAL OBLIGATION REFUNDING BONDS, SERIES 2003; <br />APPROVING AN OFFICIAL STATEMENT; AUTHORIZING THE <br />EXECUTION OF A PURCHASE AGREEMENT AND AN ESCROW <br />AGREEMENT; MAKING PROVISIONS FOR THE SECURITY THEREOF; <br />AND ORDAINING OTHER MATTERS RELATING TO THE SUBJECT, <br />WAS PRESENTED. <br /> <br />A motion was made Councilman Guest, seconded by Councilwoman Neeley, <br />for adoption of the ordinance. The motion carried 6 ayes, 0 nays. <br /> <br />At 4:57 P.M., Mayor Fendley announced that the City Council would take a <br />five minute break to allow for the signing of the necessary documents for the <br />bond issue. <br /> <br /> <br />