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PARIS ECONOMIC DEVELOPMENT CORPORATION
<br />
<br /> RESOLUTION NO. 2003-003
<br />
<br /> A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PARIS
<br /> ECONOMIC DEVELOPMENT CORPORATION, AUTHORIZING AND
<br /> APPROVING THE RENEWAL AND EXTENSION OF THE CURRENT
<br /> PROMISSORY NOTE AND FIRST ADDENDUM TO SECURITY
<br /> AGREEMENT FROM PARIS PACKAGING, INC., TO EXTEND THE
<br /> TERM OF SAID NOTE AND SAID SECURITY AGREEMENT CO-
<br /> EXTENSIVE WITH THE TERM OF THE PEDC TAXABLE SALES TAX
<br /> REVENUE BONDS, SERIES 1998; MAKING OTHER FINDINGS AND
<br /> PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN
<br /> EFFECTIVE DATE.
<br />
<br /> WHEREAS, the Paris Economic Development Corporation (PEDC) did heretofore, on
<br />the 29th day of June, 1998, in Resolution No. 98-008, authorize the initiation of the process of
<br />issuing $4,200,000.00 in Taxable Sales Tax Revenue Bonds, Series 1998; retain Southwest
<br />Securities as financial advisor for the same; request the City Attorney to procure bond counsel for
<br />the same; and, in the alternative, authorize the seeking of financing in a means that best suits the
<br />PEDC's needs; and,
<br />
<br /> WHEREAS, the City Council of the City of Paris did heretofore, on the 29th day of June,
<br />1998, by motion reflected in the minutes, approve said PEDC Resolution No. 98-008; and,
<br />
<br /> WHEREAS, the Paris Economic Development Corporation (PEDC) did heretofore, on
<br />the 10th day of July, 1998, in Resolution No. 98-010, authorize the process of borrowing on
<br />approximately $4,000,000.00 from local lending institutions; and
<br />
<br /> WHEREAS, the City Council of the City of Paris did heretofore, on the 13th day of July,
<br />1998, by Resolution No. 98-101, approve said PEDC Resolution No. 98-010; and,
<br />
<br /> WHEREAS, the Paris Economic Development Corporation did heretofore, on the 13th
<br />day of July, 1998, in Resolution No. 98-011, authorize and approve a loan in the amount of
<br />$4,000,000.00 to Paris Packaging, Inc. and authorize the execution of a loan contract in an amount
<br />not to exceed seven percent (7%) per annum with a local financial institution or institutions over
<br />a five (5) year period based on a twenty (20) year amortization schedule; and,
<br />
<br /> WHEREAS, it is deemed appropriate that the current promissory note with Paris
<br />Packaging, Inc. be renewed and extended, the term of such extension to be co-extensive with the
<br />term of said bonds; and,
<br />
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