2003-02-12-Minutes - Laserfiche WebLink

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PARIS ECONOMIC DEVELOPMENT CORPORATION RESOLUTION NO. 2003-002 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PARIS ECONOMIC DEVELOPMENT CORPORATION, AUTHORIZING THE FINANCE DIRECTOR OF THE CITY OF PARIS TO MAKE APPROPRIATE INVESTMENTS IN ORDER TO MAINTAIN THE SECURITY OF PEDC FUNDS; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO TI-W. SUBJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Paris Economic Development Corporation is a non-profit corporation governed by the Development Corporation Act of 1979 (the Act) and was established for the purposes of promoting, assisting, and enhancing economic development; and, WHEREAS, the means and measures authorized by the Act and the assistance provided therein with respect to financing are found to be in the public interest and serve a public purpose of the state in promoting the welfare of the citizens of the state economically by securing and retaining business enterprises and the resulting maintenance of a higher level of employment, economic activity, and stability; and, WHEREAS, in keeping with the purposes for which the legislature enacted the Development Corporation Act of 1979 and the purposes for which the voters of the City of Paris established the Paris Economic Development Corporation, it is deemed appropriate that the Finance Director of the City of Paris be authorized to make appropriate investments of funds that are uninsured or not secured by pledged securities in order to maintain the security of PEDC funds; NOW, THEREFORE, BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT CORPORATION: Section 1. That the findings set out in the preamble to this resolution are hereby in all things approved. Section 2. That the Director of Finance of the City of Paris be, and he is hereby, authorized and directed to make appropriate investments of funds that are uninsured or not secured by pledged securities, including establishing new accounts, diversifying accounts, or taking other similar actions, in order to maintain the security of PEDC funds. Section 3. That this resolution shall be effective from and after its date of passage.