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424 <br /> <br /> President Rhodes asked Gene Anderson, Director of Finance, to give the <br /> financial report for the month of December. Mr. Anderson gave the financial <br /> report. In discussing this report Mr. Anderson advised that there are two new <br /> accounts which are the cash account for the Board's interest and sinking fund <br /> and a cash account related to the bond reserve which are required by the recent <br /> bond issue and the issuance of that debt. Mr. Anderson stated that the Board <br /> would probably want to put this reserve in some type certificate or other <br /> investment because these amounts will be held during the life of the bond issue. <br /> He stated that this can only be used in an instance where the sales tax is not <br /> available to make a payment on the debt. Mr. Anderson said at the present time <br /> this fund is in an interest bearing account at Liberty National Bank. After <br /> discussion by the Board, it was there consensus for Mr. Anderson to place this <br /> fund into a certificate of deposit and report on this transaction at the next Board <br /> meeting. President Rhodes asked if anyone had any questions and there were <br /> none. Boardmember Amis made a motion, seconded by Boardmember Guest, <br /> that the financial report be approved as presented. The motion carried <br /> unanimously. <br /> <br /> President Rhodes asked Gary Vest to give the Director's Report. Mr. Vest <br /> discussed responses received due to the advertising program and stated that on <br /> January 11, 1999, he had given the quarterly and annual report for the Paris <br /> Economic Development Corporation to the City Council. He reviewed this <br /> presentation for the boardmembers. <br /> <br /> Mr. Vest stated that there were a couple of items that he would like to see <br /> accomplished this year. He said one of those items is the development of the <br /> Northwest Industrial Park by developing it as a first class industrial site with a <br /> master plan, infrastructure plan with costs estimates and time projections, and a <br /> model building plan. <br /> <br /> Mr. Vest said the other item is the Hearne Street Project. He said that this item <br /> has been previously discussed and would service Rodgers Wade and Delta <br /> Logistics. He said this is very important due to truck usage in this area and the <br /> Rodgers Wade expansions. Mr. Vest stated that he would like for the Board to <br /> strongly consider these items over the short term. <br /> <br /> President Rhodes said the next item on the agenda was consideration of and <br /> action on appointing an auditor to conduct the independent annual audit for fiscal <br /> year ending September 30, 1998. He stated that one bid had been received and <br /> he asked Finance Director Gene Anderson to discuss this item. Mr. Anderson <br /> discussed the proposal received from Malnory, McNeal & Company. <br /> Boardmember Amis made a motion, seconded by Boardmember Guest, <br /> appointing Malnory, McNeal & Company to conduct the independent annual audit <br /> for fiscal year ending September 30, 1998, for the Paris Economic Development <br /> Corporation. The motion passed unanimously. <br /> <br /> President Rhodes asked if there was any other business and there being none he <br /> declared the board meeting adjourned. <br /> <br /> President Michael Rhodes <br /> <br /> ATTEST: <br /> <br /> Assistant City Clerk, Barbara Denny <br /> <br /> <br />