1998-06-29-Minutes - Laserfiche WebLink

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370 After discussion, Boardmember Dick Amis made a motion, seconded by Boardmember Leon Williams, that this resolution be adopted and the Board voted unanimously to adopt the resolution. President Fendley asked if there was any other business and there being none he declared the board meeting adjourned. President Curtis Fendley ATTEST: Assistant City Clerk, Barbara Denny PARIS ECONOMIC DEVELOPMENT CORPORATION RESOLUTION NO. 95-010 WHEREAS, the Paris Economic Development Corporation (PEDC) did heretofore, on the 29th day of June, 1998, in Resolution No. 98-008, authorize the initiation of the process of issuing approximately $4,000,000.00 in Sales Tax Revenue Bonds, Series 1998; retain Southwest Securities as bond counsel for the same; request the City Attorney to procure bond counsel for the same; and, in the alternative, authorize the seeking of financing in a means that best suits the PEDC's needs; and, WHEREAS, the City Council of the City of Paris did heretofore, on the 29th day of June, 1998, by motion reflected in the minutes, approve said PEDC Resolution No. 98-008; and, WHEREAS, the PEDC deems it to be in its best interest to borrow said $4,000,000.00 from a local financial institution or institutions; and, WHEREAS, said note shall bear interest in an amount not to exceed seven percent (7%) per annum, and shall be payable to the financial institution or institutions in two hundred forty (240) equal monthly installments of $38,333.32; NOW, THEREFORE, BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT CORPORATION, that the PEDC borrow $4,000,000.00 from a local financial institution or institutions; and, BE IT FURTHER RESOLVED, that the President, Curtis Fendley, be, and he is hereby, authorized and directed to execute, on behalf of the PEDC, a loan agreement and any and all documents necessary to finalize the same and bind the PEDC thereto, with the forms of all such documents being first approved by the City Attorney, Scott P. Foster; and,