2001-04-11-Minutes - Laserfiche WebLink

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610 Minutes of the PEDC April 11, 2001 Page 2 needed is because they had to do a correction due to a double posting of an interest payment in February; and when that was corrected, it more than offset the interest that was actually earned during the month. Mr. Anderson moved to the next page and called the Board's attention to a payment of $ 410.00 to the agency for the bond debt, which is usually paid one or twice a year. The next page is the February Report showing sales tax of $102,782.78, and the interest number of $11,344.00 is overstated due to the double posting. He said the unusual expenditures for February were the International Piping System's payment, payment to the auditors for the audit report of $22,025.00, and the interest payment of $136,655.00 on the bonded indebtness. A motion was made by Director Jay Guest, seconded by Director Don Walls, for approval of the financial report as presented. The motion carried unanimously. President Rhodes announced that he did not have a report, but asked Gary Vest to report on the litigation involving Narda M. Brown and Danny Myles. Gary Vest pointed out that the Board had been furnished a letter from Ed Ellis and he is just bringing the Board up to date regarding the law suit, Miles/Brown vs. the Paris Industrial Foundation, and as you can see there is a copy of the letter from the Court of Appeals. Mr. Vest informed the Board that the court entered this order to date and the appeal was dismissed for want of prosecution. Mr. Vest said that an opinion came from the Justice telling them that they had 30 days to protect their appeal. Mr. Vest said that Mr. Ellis would take care of advising them and getting them off of the property so something could be done with that property. Mr. Vest said the first thing they would do is go out for bids to clear out the timber on the property.