1998-06-29-Minutes - Laserfiche WebLink

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373 Ridhard M. Amis, Secretary-Treasurer Leon Williams, Director Michael R. Rhodes, Director ATTEST: Richard M. Amis, Secretary-Treasurer APPROVED AS TO FORM: Scott P. Foster, City Attorney PARIS ECONOMIC DEVELOPMENT CORPORATION RESOLUTION NO. 98-011-A WHEREAS, the Paris Economic Development Corporation (PEDC) did heretofore, on the 10th day of July, 1998, in Resolution No. 98-010, authorize the process of borrowing approximately $4,000,000.00 from local lending institutions; and WHEREAS, the City Council of tile City of Paris did heretofore, on tile 13th day of July, 1998, by Resolution, approve said PEDC Resolution No. 98-010; and, WHEREAS, the Resolution adopted by the PEDC on July 10, 1998, including the documents (substantially in the form attached hereto as Exhibit A) securing the Sales Tax Loan from Liberty National Bank in the amount of $4,000,000 for this project to be used for the purpose of loaning monies to Paris Packaging, Inc., which is hereby approved, will be applied to the purchase of the Precision Printing Plant, which plant would be closed unless this acquisition is accomplished and that this (the "Project") is for the specific purpose of the promotion and encouragement of employment and the public welfare. WHEREAS, the City of Paris further approves this Project and finds that tile Sales Tax Loan of $4,000,000 with tile proceeds to be loaned to Paris Packaging, Inc. is in furtherance of the purpose of Article 5190.6, Section 4A, V.A.T.C.S. for the promotion of development and expansion of manufacturing and industrial facilities for the benefit of tile City of Paris. WHEREAS, in the interest of tirne, it is deemed appropriate that this resolution be executed in accordance with Section 5.06 of the Bylaws of tile Paris Economic Development Corporation; NOW, THEREFORE,