1998-11-09-Minutes - Laserfiche WebLink

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391 WHEREAS, the Board of Directors of the Issuer finds it necessary and advisable to authorize the issuance of the hereinafter described bonds for the purposes hereinafter described. THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE PARIS ECONOMIC DEVELOPMENT CORPORATION THAT: Section 1. AMOUNTAND PURPOSE OF THE BONDS. TheBoard of Directors of the Issuer hereby incorporates the recitals set forth in the preamble hereto as if set forth in full at this place and further finds and determines that said recitals are true and correct. The bonds of the Issuer are hereby authorized m be issued and delivered in the aggregate principal mount of $4,200,000 for the purpose of paying all or part of the cost of refunding the Issuer's Note in the original principal amount of $4,000,000 initially issued to be loaned to Paris Packaging, Inc., which used the proceeds together with other moneys to acquire the Precision Printing Plant in Paris, Texas (the "Project") for the specific purpose of the promotion and encouragement of employment and the public welfare. Section 2. DESIGNATION, DATE, DENOMINATIONS, NUMBERS AND MATURITIES OF BONDS. Each Bond issued pursuant to this Resolution shall be designated: "PARIS ECONOMIC DEVELOPMENT CORPORATION TAXABLE SALES TAX REVENUE BOND, SERIES 1998", and initially there shall be issued, sold and delivered hereunder fully registered -- Bonds, without interest coupons, with the Bonds being dated December 1, 1998 in the respective denominations and principal amounts hereinafter stated, with the Bonds being numbered consecutively from R-1 upward, payable to the respective initial registered owners thereof (as designated in Section 27 hereof), or to the registered assignee or assignees of said Bonds or any portion or portions thereof(in each case, the "Registered Owner"), and said Bonds shall mature and be payable serially on September 1 thereafter, in the principal mounts, respectively, as set forth in the following schedule: YEAR AMOUNT YEAR AMOUNT 1999 $105,000 2009 $200,000 2000 115,000 2010 215 000 2001 120,000 2011 230 000 2002 130,000 2012 245 000 2003 135,000 2013 265 000 2004 145,000 2014 280 000 2005 155,000 2015 300 000 2006 165,000 2016 320 000 2007 180,000 2017 340 000 2008 190,000 2018 365 000 Section 3. INTEREST. The Bonds shall bear interest calculated on the basis of a 360-day -- year composed of twelve 30-day months from the dates specified in.the FORM OF BOND set forth in this Resolution to their respective dates of maturity at the following rates per annum, to-wit: 2