|
882
<br />
<br /> PARIS ECONOMIC DEVELOPMENT CORPORATION
<br />
<br /> RESOLUTION NO. 2003-004
<br />
<br /> A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PARIS
<br /> ECONOMIC DEVELOPMENT CORPORATION,: APPROVING AND
<br /> AUTHORIZING THE EXECUTION OF A DEVELOPMENT CONTRACT
<br /> WITH PARIS PACKAGING, INC., EXTENDING THE TERMS AND
<br /> CONDITIONS OF THE ORIGINAL DEVELOPMENT CONTRACT DATED
<br /> JULY 15, 1998; MAKING OTHER FINDINGS AND PROVISIONS
<br /> RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE.
<br />
<br /> WHEREAS, Paris Economic Development Corporation, hereinafter called "PEDC," and
<br /> Paris Packaging, Inc., a Texas Corporation, have previously entered into a Development Contract
<br /> dated July 15, 1998, containing certain representations and promises associated with the loan of
<br /> $4,000,000.00 in funds from PEDC to Paris Packaging, Inc. to carry on a manufacturing
<br /> operation in the city of Paris, Texas; and,
<br />
<br /> WHEREAS, the aforesaid original note securing the loan of said $4,000,000.00 between
<br /> Paris Packaging, Inc. and PEDC is scheduled to mature on July 15, 2003, the same date that the
<br /> obligations of Paris Packaging, Inc. under the original Development Contract would expire; and,
<br />
<br /> WHEREAS, Paris Packaging, Inc. has requested a renewal and extension of the existing
<br /> note such that said note in the remaining principal amount of $3,392,165.:54 would be extended
<br /> beginning July 15, 2003, for an additional one hundred sixty-five (165) monthly payments in the
<br /> amount of $32,000.00 each, with the final monthly payment of the unpaid balance being due and
<br /> payable on April 15, 2017; and,.
<br />
<br /> WHEREAS, in consideration of the acceptance of said renewed and extended note, Paris.
<br /> Packaging, Inc. is prepared to enter into an extended Development Contract on the terms aiid
<br /> conditions as set. out herein; NOW, THEREFORE,
<br />
<br /> BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT
<br /> CORPORATION:
<br />
<br /> Section 1. That the findings set out in the preamble to this resolution are hereby in all
<br /> things approved.
<br />
<br /> Section 2. That the President of the Paris Economic Development Corporation, Jay Guest,
<br /> be, and he is hereby, authorized and directed to execute, on behalf of the Paris Economic
<br /> Development Corporation, that certain Development Agreement by and between Paris Packaging,
<br /> Inc. and the Paris Economic Development Corporation, a copy of which is attached hereto as
<br /> Exhibit A and for all purposes incorpdrated herein.
<br />
<br />
<br />
|