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372
<br />
<br /> PARIS ECONOMIC DEVELOPMENT CORPORATION
<br />
<br /> RESOLUTION NO. 98-010-A
<br />
<br /> WHEREAS, the Paris Economic Development Corporation (PEDC) did heretofore, on
<br /> the 29th day of June, 1998, in Resolution No. 98-008, authorize the initiation of the process of
<br /> issuing approximately $4,000,000.00 in Sales Tax Revenue Bonds, Series 1998; retain Southwest
<br /> Securities as bond counsel for the same; request the City Attorney to procure bond counsel for
<br /> the same; and, in the alternative, authorize the seeking of financing in a means that best suits the
<br /> PEDC's needs; and,
<br />
<br /> WHEREAS, the City Council of the City of Paris did heretofore, on the 29th day of June,
<br /> 1998, by motion reflected in the minutes, approve said PEDC Resolution No. 98-008; and,
<br />
<br /> WHEREAS, the PEDC deems it to be in its best interest to borrow said $4,000,000.00
<br /> from a local financial institution or institutions; and,
<br />
<br /> WHEREAS, said note shall bear interest in an amount not to exceed seven percent (7 %)
<br /> per annum, and shall be payable to the financial institution or institutions over a five (5) year
<br /> period based on a twenty (20) year amortization schedule; and,
<br />
<br /> WHEREAS, in the interest of time, it is deemed appropriate that this resolution be
<br /> executed in accordance with Section 5.06 of the Bylaws of the Paris Economic Development
<br /> Corporation; NOW, THEREFORE,
<br />
<br /> BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT
<br /> CORPORATION, that the PEDC borrow $4,000,000.00 from a local financial institution or
<br /> institutions; and,
<br />
<br /> BE IT FURTHER RESOLVED, that the President, Curtis Fendley, be, and he is hereby,
<br /> authorized and directed to execute, on behalf of the PEDC, a loan agreement and any and all
<br /> documents necessary to finalize the same and bind the PEDC thereto, with the forms of all such
<br /> documents being first approved by the City Attorney, Scott P. Foster; and,
<br />
<br /> BE IT FURTHER RESOLVED, that the PEDC does hereby pledge its one-quarter (1/4)
<br /> cent economic development sales tax to the repayment of said loan; and,
<br />
<br /> BE IT FURTHER RESOLVED, that said note shall bear interest in an amount not to
<br /> exceed seven percent (7%) per annum, and shall be payable to the financial institution or
<br /> institutions over a five (5) year period based on a twenty (20) year amortization schedule; and,
<br />
<br /> BE IT FURTHER RESOLVED, that this Resolution be executed in accordance with
<br /> Section 5.06 of the Bylaws of the Paris Economic Development Corporation.
<br />
<br /> PASSED AND ADOPTED this 10th day of July, 1998.
<br />
<br /> · Curtis Fendley, President
<br />
<br /> Barney Bray, III, Vice President
<br />
<br />
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