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607 <br /> <br /> MINUTES OF THE PARIS ECONOMIC DEVELOPMENT CORPORATION <br /> SPECIAL MEETING <br /> MARCH 1, 2001 <br /> <br />The Paris Economic Development corporation met in special session on Thursday, <br />March 1, 2001, 12:00 Noon., at Heritage Hall, 1009 West Kaufman Street, Paris, <br />Texas. President Mike Rhodes called the meeting to order with the following <br />Directors present: Jay Guest, Melba Harris, Michael Dunn and Don Wall. Also <br />present were ex-officio boardmembers Bobby Walters, Terry Christian, Executive <br />Director Gary Vest, City Manager Michael E1 Malone, City Attorney Larry Schenk <br />and City Clerk Mattie Cunningham. <br /> <br />President Rhodes announced that the first item on the agenda was a closed session in <br />accordance with Sec. 551.086 of the Open Meetings Act, discuss pending <br />negotiations and commercial or financial information from business prospects <br />regarding the following: <br /> <br /> A. Discuss financial information regarding participation by the PEDC in <br /> the Northeast Texas Economic Development District Revolving Loan <br /> Fund and the Chapman Revolving Loan Fund in the amount of <br /> $125,000.00 for use by Sesaco, Inc. <br /> <br />President Rhodes declared the open session closed at 12:16 P. M. and the closed <br />session open. <br /> <br />At 1:30 P. M. President Rhodes announced that the Board would go back into <br />open session. <br /> <br />Resolution No. 2001-003, resolving that the Director of Economic Development <br />be, and he is hereby authorized and directed to submit to the Northeast Texas <br />Economic Development District Revolving Loan Fund and the Chapman <br />Revolving Loan Fund a loan request in the amount of $125,000.00 for use by <br />Sesaco, and that the Director is hereby authorized and directed to execute a loan <br />agreement and any and all documents necessary to finalize the same and bind <br />the PEDC thereto; that the PEDC does hereby pledge its one-quarter (1/4) cent <br />economic development sales tax to the repayment of said loan, was presented <br />by City Attorney Schenk. <br /> <br /> <br />