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371 <br /> <br /> BE IT FURTHER RESOLVED, that the PEDC does hereby pledge its one-quarter (1/4) <br /> cent economic development sales tax to the repayment of said loan; and, <br /> <br />__ BE IT FURTHER RESOLVED, that said note shall bear interest in.an amount not to <br /> exceed seven percent (7%) per annum, and shall be payable to the financial institution or <br /> institutions in two hundred forty (240) equal monthly installments of $38,333.32. <br /> <br /> PASSED AND ADOPTED this 9th day of July, 1998. <br /> <br /> Curtis Fendley, President <br /> <br /> Barney Bray,III, Vice-President <br /> Richard M. Amis, Secretary-Treasurer <br /> Leon Williams, Director <br /> Michael R. Rhodes, Director <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 /> <br />