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380 <br /> <br /> <br /> MINUTES OF THE PARIS ECONOMIC DEVELOPMENT CORPORATION <br /> REGULAR MEETING <br /> October 21, 1998 <br /> <br /> The Paris Economic Development Corporation met in a regular meeting on <br /> Tuesday, October 21, 1998, at 2:00 P.M., in the City Council Chambers, City Hall, <br /> Paris, Texas. President Mike Rhodes called the meeting to order with the <br /> following boardmembers present: Dick Amis and Melba Harris. Also present <br /> were ex-officio boardmembers George Struve, Mayor Charles Neeley, Executive <br /> Director Gary Vest, and City Attorney Scott Foster. <br /> <br /> President Rhodes stated that the next item on the agenda was discussion of <br /> bonds by Mr. Dan AImon of Southwest Securities Mr. Vest introduced Mr. Dan <br /> Almon of Southwest Securities and Mr. Tom Posharsky of McCall, Parkhurst and <br /> Horton, L. L. P., bonding attorneys. Mr. Vest stated that these gentlemen were <br /> present to discuss the upcoming bond issue. <br /> <br /> Mr. Almon presented a revised schedule of events to the boardmembers that he <br /> asked the Board to consider for approval in order to proceed with selling the <br /> bonds. Mr. Almon stated that this procedure has already begun with the <br /> preliminary official statement. Mr. AImon said that they have set up a tentative <br /> date to sell the bonds if this meets with the Board's approval. Mr. Almon and Mr. <br /> Posharsky passed out copies of recent Official Statements concerning bonds <br /> issued for the Ennis Economic Development Corporation and Waxahachie <br /> Economic Development Corporation. <br /> <br /> Mr. Almon asked Mr. Posharsky to discuss the flow of funds in relation to the <br /> issuance of the bonds. Mr. Posharsky said that the official statements from the <br /> two cities was similar to what this Board was considering since they have an <br /> Appendix D. Mr. Almon and Mr. Posharsky discussed what the market wants in <br /> terms of security for an economic development corporation with a sales tax <br /> backed bond. Mr. Posharsky said the bond holders as their security are going <br /> to want first call basically on all of the corporation's sales tax revenues. Mr. <br /> Posharsky said if you had a new prospect and the Board was going to make a <br /> commitment to make payments over time then the Board would have to note in <br /> that arrangement that it is subject to the bonds because the bonds come off the <br /> top. He said any other commitment would have to be on a subordinated basis to <br /> the bonds unless the Board funds it with bonds. <br /> <br /> <br />