2024-010 - Directing publication and posting of notice of intention to issue certificates of obligationRESOLUTION N0. X024-010
RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION; AND RESOLVING OTHER MATTERS
RELATING TOT E SUBJECT
THE STATE OF TEXAS
COUNTY OF LAMAR
CITY OF PARIS
WHEREAS, the City Council of the City of Paris'. Texas (the "City"), deems it advisable
to give notice of intention to issue certificates of obligation of the City (the "Certificates of
Obligation"), as hereinafter provided; and
WHEREAS, it is hereby officially found and determined that the meeting at which this
Resolution was 1�);,aii-s-sed was open tO the public and public notice of the time, place and purpose of
said meeting was given, all as required by Chapter 55 1, Texas Government Code;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PARIS, TEXAS:
Section 1. Attached hereto and marked Exhibit A i*s the form of Notice of Intention to
Issue Certificates of Obligation of the City the "Notice"), the form and substance of which are
hereby passed and approved,,
Section 2. The City Clerk shall cause the Notice, i*n substantially the form attached hereto,
to be published i*n a newspaper of general circulation in the City and published in the City,, once a
week for two consecutive weeks, the date of the first publication thereof to be before the forty-
fifth (45th ) day before the date tentatively set for the passage of the ordinance or ordinances
authorizing the issuance of the Certificates of Obligation.
Section 3. The City Clerk shall cause the Notice, in substantially the form attached hereto,
to be posted continuously on the City's Internet website for at least forty-five (45) days before the
date tentatively set for the passage of the ordinance or ordinances authorizing the issuance of the
Certificates of Obligation.
Section 4. This Resolution shall be effective immediately upon adoption.
Exhibit A
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
OF THE CITY OF PARIS, TEXAS
NOTICE IS HEREBY GIVEN that the City Council of the City of Paris, Texas (the
"City"), at its meeting to commence at 5:30 p.m. on March 25, 2024, i*n the City Council Chamber
at City Hall, 107 E. Kaufman Street, Paris, Texas 75460, tentatively proposes to adopt one or more
ordinances authorizing the issuance of interest-bearing certificates of obligation, i*n one or more
series'. in an amount not to exceed $65,000,000, for the purpose of paying all or a portion of the
City's contractual obligations incurred in connection with (i) the acquisition, construction,
installation and equipment of additions, improvements and extensions to the City's waterworks
and sewer system (the "System") and (ii) paying legal, fiscal and engineering fees len connection
with such projects. The City proposes to provide for the payment of such certificates of obligation
from the levy and collection of ad valorem taxes in the City as provided b y law and from a pledge
of the surplus revenues of the System that remain after P ayment of all operation and maintenance
expenses thereof, and after all debt service, reserve and other requirements in connection with all
revenue bonds or other obligations (now or hereafter outstanding) of the City have been met, to
the extent that such obligations are payable from all or any part of the net revenues of the System.
The certificates of obligation are to be issued, and this notice is given, under and pursuant to the
'10provisions of V.T.C.A., Local Government Code, Subchapter C of Chapter 271.
The following information is provided to comply with Tex. H.B. 477, 86 Leg., R.S. (2019).
The current principal of all outstanding debt obligations of the City is $91,260,000. The current
combined principal and interest required to pay all outstanding debt obligations of the City on time
andl'on full is $133,861,515. The maximum principal amount of the certificates to be authorized is
$65,000,000 and the estimated combined principal and interest required to pay the certificates to
be authorized on time and in full is $125,339,761. The maximum interest rate for the certificates
may not exceed the maximum legal interest rate,, The maximum maturity date of the certificates
to be authorized is June 15, 2054. The above information does not exclude any outstanding debt
obligations the City has designated as self-supporting and which the City reasonably expects to
pay from revenue sources other than ad valorem taxes.
CITY OF PARIS, TEXAS
CERTIFICATE FOR RESOLUTION
THE STATE OF TEXAS
COUNTY OF LAMAR
CITY OF PARIS
We, the undersigned officers of the City of Paris, Texas (the "City"), hereby certify as
follows:
I'm The City Council of the City (the "Council") convened i*n a regular meeting on
January 22, 2024, at the designated meeting place, and the roll was called of the duly constituted
officers and members of the Council, to wit:
Reginald B. Hughes, Mayor
Mihir "Mark" Pankaj, Mayor Pro Tem
Shatara Moore, Council member
Gary Savage, Council member
Rebecca Norment, Council member
Clayton Pilgrim, Council member
Rudv Kessel. Council member
Janice Ellis, City Clerk
and all of said T ersons were T resent except Gary Savage and Rebecca Norment
constituting a quorum. Whereupon, among
meeting: a written
, thus
other business, the following was transacted at said
RESOLUTION DIRECTING PUBLICATION OF NOTICE OF INTENTION TO ISSUE
CERTIFICATES OF OBLIGATION; AND RESOLVING OTHER MATTERS RELATING TO
THE S UBJECT
was duly introduced for the consideration of the Council. It was then duly moved and seconded
that said Resolution be adopted and, after due discussion, said motion, carrying with it the adoption
of said Resolution, prevailed and carried with all members present voting "AYE" except the
following:
NAY:
ABSTAIN:
2. A true, full and correct copy of the aforesaid Resolution adopted at the meeting
described i*n the above and foregoing paragraph is attached to and follows this Certificate; that said
Resolution has been duly recorded in the Council's minutes of said meeting; that the above and
foregoing paragraph is a true, full and correct excerpt from the Council's minutes of said meeting
pertaining to the adoption of said Resolution; that the persons named in the above and foregoing
paragraph are the duly chosen, qualified and acting officers and members of the Council as
indicated therein; that each of the officers and members of the Council was duly and sufficiently
notified officially and personally, in advance, of the time, place and purpose of the aforesaid
meeting, and that said Resolution would be introduced and considered for adoption at said meeting,
and each of said officers and members consented, in advance, to the holding of said meeting for
such purpose, and that said meeting was open to the public and public notice of the time, place and
purpose of said meeting was given, all as required by Chapter 5 5 1, Texas Government Code.
3. The Council has approved and hereby approves the aforesaid Resolution; and the
Mayor and the City Clerk of the City hereby declare that their signing of this Certificate shall
constitute the signing of the attached and following copy of said Resolution for all purposes.
SIGNED AND SEALED THIS JANUARY 22, 2024.
1
erk
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