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318 <br /> <br /> <br /> Mr. Anderson stated that the Board had requested that he check with the local <br /> financial institutions for interest rates on C.D.'s, etc. He stated that the six month <br /> rate yield varied from 5.00, 5.12, 5.15, 5.17 and 5.35. He said that your current T- <br /> Bill rate is 5.17. He said that you would have to put less than $100,000.00 in each <br /> account for insurance purposes. President Fendley called for discussion from <br /> the boardmembers. Boardmember Bray stated that since this was public funds, <br /> they should be placed in all the local financial institutions that participated in <br /> loans with the Paris Economic Development Corporation. After discussion by the <br /> boardmembers, it was the Board's consensus to divide it evenly among all the <br /> local participating financial institutions with compatible rates. It was the <br /> consensus of the Board to place slightly less than $100,000.00 in each local <br /> participating financial institution consisting of People's National Bank, Lamar <br /> National Bank, Hibernia National Bank, First Federal Savings and Loan <br /> Association, NationsBank and Guaranty Bank-Paris with the remainder in Liberty <br /> National Bank. Boardmember Bray made a motion, seconded by Boardmember <br /> Michael Rhodes, to divide the funds evenly among the local financial institutions <br /> that have participated with the Board in projects. The motion carried <br /> unanimously with Boardmember Dick Amis abstaining from the vote. <br /> <br /> President Fendley stated that in the President's Report that he wanted to discuss <br /> boardmember terms. He said when each member of the Board is appointed they <br /> are eligible to serve two (2) consecutive three year terms. He said that in July, he <br /> and Leon Williams will be ineligible to serve another term. He appointed a <br /> committee consisting of Dick Amis, Leon Williams and Gary Vest to make <br /> recommendations to the Board at the May or June meeting in order to provide the <br /> Board's recommendations to the City Council for their July meeting. <br /> <br /> President Fendiey asked Mr. Vest to make his report. Mr. Vest discussed the <br /> responses received since the last meeting, and he provided copies of the labor <br /> survey to the Board that will be used in future presentations to prospects. He <br /> said that he had attended several meetings with local industries this past month, <br /> and he had shown the BITCO building three times. President Fendley called for <br /> questions and there were none. <br /> <br /> City Attorney Haynes questioned the title on the BITCO machinery and the <br /> foreclosure. Mr. Vest stated that he would have to review the documents. It was <br /> the consensus of the Board that these question should be researched. <br /> <br /> President Fendley asked if there was any other business and there being none he <br /> declared the board meeting adjourned. <br /> <br /> President Curtis Fendley <br /> <br /> ATTEST: <br /> <br /> Assistant City Clerk, Barbara Denny <br /> <br /> <br />