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322 <br /> <br /> Boardmember Michael Rhodes made a motion, seconded by Boardmember Leon <br /> Williams that this resolution be adopted, and the Board voted unanimously to <br /> adopt the resolution. <br /> <br /> President Fendley stated the next item on the agenda was authorizing application <br /> to the Chapman Revolving Loan Fund for funding in the amount of $250,000.00 to <br /> assist in the purchase of Precision Printing and Packaging, Inc. He asked Mr. <br /> Vest to discuss this agenda item. Mr. Vest stated the Chapman Revolving Loan <br /> Fund is a pool of money that Congressman Chapman designated for Northeast <br /> Texas when he was in office. He said with Precision Printing and the potential <br /> role that the Board will play we are probably going to need to borrow some <br /> money. He said the maximum loan that the Chapman Revolving Loan Fund will <br /> grant is $250,000.00 with three percent (3%) interest. He said that this a public <br /> sector loan that will be made directly to the P.E.D.C. and we will have pledge our <br /> revenues to repay the note. <br /> <br /> Resolution 98-004, Authorizing application to the Chapman Revolving Loan Fund <br /> for funding in the amount of $250,000.00 to assist in the purchase of Precision <br /> Printing and Packaging, Inc. <br /> <br /> <br /> PARIS ECONOMIC DEVELOPMENT CORPORATION <br /> <br /> RESOLUTION NO. 98-004 <br /> <br /> WHEREAS, the Paris Economic Development Corporation (PEDC) is a non-profit <br /> corporation governed by the Development Corporation Act of 1979 (the Act) and was established <br /> for the purposes of promoting, assisting, and enhancing economic development; and, <br /> <br /> WHEREAS, the means and measures authorized by the Act and the assistance provided <br /> therein with respect to financing are found to be in the public interest and serve a public purpose <br /> of the state in promoting the welfare of the citizens of the state economically by the securing and <br /> retaining of business enterprises and the resulting maintenance of a higher level of employment, <br /> economic activity, and stability; and, <br /> <br /> WHEREAS, in keeping with the purposes for which the legislature enacted the <br /> Development Corporation Act of 1979 and the purposes for which the voters of the City of Paris <br /> established the Paris Economic Development Corporation, it is deemed appropriate that the PEDC <br /> should, as necessary, from time to time, seek outside revenue to accomplish specific projects; <br /> NOW, THEREFORE, <br /> <br /> BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT <br /> CORPORATION, that Gary Vest, Director of Economic Development, be, and he is hereby, <br /> authorized and directed to submit to the Chapman Revolving Loan Fund a loan request in the <br /> amount of $250.000.00; and, <br /> <br /> BE IT FURTHER RESOLVED, that Gary Vest be. and he is hereby, authorized and <br /> directed to execute a loan agreement and any and all documents necessary to finalize the same and <br /> bind the PEDC thereto; and, <br /> <br /> <br />