2003-06-05-Minutes - Laserfiche WebLink

Home Browse Search

PARIS ECONOMIC DEVELOPMENT CORPORATION RESOLUTION NO. 2003-008 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PARIS _ ECONOMIC DEVELOPMENT CORPORATION, APPROVING AND AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT, PROMISSORY NOTE, AND OTHER NECESSARY FINANCING INSTRUMENTS ASSOCIATED WITH A LINE OF CREDIT OF UP TO $2,000,000.00 TO FUND AN INCENTIVE AGREEMENT WITH C-TECH, INC. AND OTHER INCENTIVE AND ASSOCIATED EXPENSES; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Paris Economic Development Corporation (PEDC) did heretofore, on the 5th day of June, 2003, in Resolution No. 2003-007, authorize the execution of an Incentive Agreement with C-Tech, Inc., subject to approval by the City Council of the City of Paris; and, WHEREAS, in order to fund the incentives provided under said Agreement, and to have resources available to fund other possible incentives to future prospects, the PEDC deems it to be in its best interest to borrow up to $2,000,000.00 in the form of a line of credit from a local financial institution; and, WHEREAS, said line of credit shall bear interest at varying rates and terms as stated in the financing proposal attached hereto and incorporated herein as Exhibit A, and shall be payable to Hibernia National Bank in accordance with the terms thereof; and, WHEREAS, the Board of Directors of the PEDC finds and determines that sufficient f'mancial resources are available from PEDC to adequately fund said financing; and, WHEREAS, the President of the PEDC should be authorized to execute a loan agreement and any and all documents necessary to fmalize the lending transaction and bind the PEDC thereto, with the forms of all such documents being first approved by the City Attorney; 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 Paris Economic Development Corporation borrow up to $2,000,000.00 from Hibernia National Bank in the form of a line of credit to fund the incentives provided under the Incentive Agreement with C-Tech, Inc. and to have resources available to fund other possible incentives to future prospects.