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325
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<br />
<br /> WHEREAS, the Paris Economic Development Corporation did heretofore, on the 29th
<br /> day of January, 1998, in Resolution No. 98-001, authorize payment of said guaranty obligation
<br /> to NationsBank of Texas for appropriate distribution to the participating banks as follows:
<br /> payment of seventy-five percent (75 %) of the guaranty of principal, said payment being in the
<br />-- amount of $270,000.00; payment of one hundred twenty (120) days interest on said guaranty at
<br /> the rate of ten and one-quarter percent (10.25%), said interest payment being $12,131.50; and
<br /> payment to NationsBank of the net proceeds of the sale of equipment up to one hundred percent
<br /> (100%) of the principal plus the interest described herein; and,
<br />
<br /> WHEREAS, in accordance with the above-described terms of said payment of its guaranty
<br /> obligation, it is deemed appropriate that the Paris Economic Development Corporation conduct
<br /> a public auction on June 25, 1998, to dispose of the equipment; and,
<br />
<br /> WHEREAS, the Director of Economic Development, Gary Vest, recommends the
<br /> selection of Investment Recovery Services (IRS) to conduct said auction; and,
<br />
<br /> WHEREAS, the form of the Contract Agreement, attached hereto as Exhibit A, should,
<br /> in all things, be approved, and the President, Curtis Fendley, should be authorized to execute the
<br /> same; NOW, THEREFORE,
<br />
<br /> BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT
<br /> CORPORATION, that the form of the Contract Agreement with Investment Recovery Services
<br /> (IRS) for auctioneer services, attached hereto as Exhibit A, be, and the same is hereby, approved;
<br /> and,
<br />
<br />-- BE IT FURTHER RESOLVED, that the President, Curtis Fendley, be, and he is hereby,
<br /> authorized and directed to execute, on behalf of the Paris Economic Development Corporation,
<br /> the Contract Agreement with IRS, under the terms and conditions and in the form shown in
<br /> Exhibit A, attached hereto.
<br />
<br /> PASSED AND ADOPTED this 10th day of June,1998.
<br />
<br /> Curtis Fendley, President
<br />
<br /> ATTEST:
<br />
<br /> Richard M. Amis, Secretary-Treasurer
<br />
<br /> APPROVED AS TO FORM:
<br />
<br /> Scott P. Foster, City Attorney
<br />
<br />
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