1152 RES AUTHORIZING CITY MANAGER TO FILE FORMAL APPLICATION FOR SALE OF $2,300,000 WORTH OF WATER AND SEWER REVENUE BONDSRE5OLUTI01V NQ. 1152 .
RESOLUTION AUTHORIZING THE CITY MANAGER TO .FILE A
FORNLA.L APPLICATIQN FOR THE SALE OF $2, 300, 000. 00
WORTH OF ViTATER AND SEWER REVENUE SONDS WiTH T'rIE
TEXAS WATER DEVE.LOPMENT BQARD,
WrIEREAS, the City of Paris has recently undertaken and has contracted
with the United 5tates Corps of Engineers for water storage in Sanders Creek
Project, known as "Pat Mayse Reservoir", to be used as a municipal water
supply for said City; and,
WHEREAS, the City of Paris did, on the 21st day of September, A.D,,,
1965, hold an election within the City of Paris, wnerein the qualified voters
voted to authorize the issuance of $2, 500, 000. 00 in water and sewer im7rove-
ment revenue bonds; and,
WHEREAS, the CityDS present source of income will not, according to
the advice of the financial advisors of the City of Paris, justify the sale of
$2, 300, 000. 00 worth of said bonds as first lien revenue bonds, and that the
sale of the same as junior lien revenue bonds wi.ll be extremely expensive to
the Ci.ty of Paris; and,
WHEr_'Z,E.A5, the City of Paris has heretofore filed its intention with the
Texas Water Developme.nt Board to sell to the Texas Water Development Board
the amount of $2, 300, 000. 00 in revenue bonds; and,
WHEREAS, under said Texas Water Developme.nt Board rules it is
necessary that a formal application, accompanied by certain information re-
quired by the rules of said Board be filed with the Texas Water Development
Board; NOW', THEREFORE,
BE IT RESOLVE7 BY THE CITY COUNCIL OF THE CITY OF PARIS,
TEX.AS :
Section 1. That H. C, Kennemer, City Manager, be, and he is hereby
authorized and directed to file said application for the sale of said bonds to
the Texas Water Development Board to finance the watersupply line and various
other requirements to bring water from Lake Pat Mayse to the City of Paris for
domestic and cominercial use.
Section 2. That he is further authorized to furnish to the Texas W ater
Development Board all information available and requtred hy the Texas Water
Development Board in support of such application.
Passed and adopted this 29th day of Sep e er, A. D, , 1965.
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A T T ES T: M,ayo r
~ City Clerk ~
APPROVED AS TO FORM:
f'/ J
- . City Atto r ey.
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