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PEDC Board Meeting Minutes July 21, 2017 Page 2 of 6 Election of Officers. Continuing the business of a new board, Mr. Manning stated that the board would be electing new officers. The first to be nominated would be the Chairman. Mr. Banks nominated Mr. Manning for Chairman. Mr. Hughes seconded the motion. Vote was 5 -ayes to 0 -nays. Nomination for Vice - Chairman came from Mr. Banks who nominated Mr. Hamill. Mr. Manning seconded the motion. Vote was 5 -ayes to 0 -nays. Mr. Banks nominated Mr. Hernandez for Secretary/Treasurer. Mr. Hughes seconded the motion. Vote was 5 -ayes to 0 -nays. Discuss and possibly approve Minutes of the June 13, 2017, Monthly Meeting. Mr. Manning asked if there was anything to discuss in the June 13, 2017 minutes. Mr. Banks made a motion that the minutes be approved as presented. Mr. Manning seconded the motion. Vote was 5 -ayes to 0 -nays. Discuss and possibly approve May 2017 Financials and June 2017 Financials. Mr. Paris stated that the May financials did not make it for the June meeting, so we have both the May and the June financials this month. The cash out total in May was $36,688.46. Mr. Hernandez asked if the Capital One expenses were a credit card, to which Mr. Paris said they were. He said before the invoice is paid all the receipts are looked at make sure they are in the right accounts. The credit card is mainly used for marketing and travel. Mr. Banks made a motion to accept the May financial report as presented. Mr. Hughes seconded the motion. Vote was 5 -ayes to 0 -nays. Mr. Paris went on to the June financials. The total for expenses in June was $49,879.33. Under the Job Training expense the PEDC committed to a matching funds grant of $25,000.00 for Paris Junior College to buy a CNC machine. The other $210.00 to PJC was for the WorkKeys testing. Within the Marketing and Promotion budget there is a line item called ROI. This is a company we committed to work with last fall on marketing Paris and our industries. The $6,625.00 is the last payment to them. Mr. Banks made a motion to accept the June financial report as presented. Mr. Hughes seconded the motion. Vote was 5 -ayes to 0- nays. Presentation by Delbert Horton, Chairman of SuRRMA. A return of SuRRMA highway investment funds totaling $533,777.98. The PEDC will receive an additional $148,522.00 when CDs mature. Mr. Horton updated the Board on Highway 24 progress, telling the Board that the highway plans to be open sometime in October 2017. There are four bridges being rebuilt and when they are done the highway will be much closer to completion. Mr. Banks asked about the flooding on the highway and if it is being caused by work on the bridges. Mr. Horton said that drainage work needs to be done in one area to slow the water down. Mr. Horton held up the check that SuRRMA was giving to the PEDC for $533,777.98. Mr. Paris asked if this is what the PEDC was receiving back from the $1.4 million that it originally put toward the project. Mr. Horton said it was. The City of Paris, Lamar County and the City of Cooper all received payments on part of the principal of each of their loans taken out for the Highway 24 Project. A unique partnership was formed among the entities involved in this project. Mr. Paris said having this part of Highway 24 complete in October will allow four -lane access between Paris and Interstate 30. He asked Mr. Horton about other four -lane access into the City of Paris. Mr.