1998-08-12-PEDC - Laserfiche WebLink

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378 President Rhodes asked Ms. Jodi Carr to give the Director's Report in the absence of Mr. Vest. Ms. Carr discussed responses received due to the advertising program and various activities since the last meeting in connection with economic development. President Rhodes asked City Attorney Scott Foster to give his report at this time. City Attorney Foster discussed Boardmember Barney Bray's question concerning the lease/purchase. He said that he had checked into the matter of ownership, and in the case of default the person who is the purchaser retains an equitable right of ownership in that property. Mr. Foster said that he is drawing up the contract to reflect the law as it stands, and a pass around resolution will be needed authorizing the contract upon completion. President Rhodes called for any questions concerning Mr. Foster's report and there were none. Mr. Anderson, Director of Finance, stated that in connection with the bond issue it might be necessary for the Paris Economic Development Corporation to have a separate audit as opposed to having the funds included in the City of Paris's Audit. Mr. Anderson also said in connection with the bond issue the Board might consider pledging any loan repayment amount from the printing company toward the payment of the debt. He said there are some advantages to doing this, and it frees up your sales tax money more quickly and allows you toissue additional bonds in the future. Mr. Anderson said that it is currently not written this way and should the Board decide to take this option, please advise him of this decision as soon as possible. President Rhodes asked if there was any other business and there being none he declared the board meeting adjourned. President Michael Rhodes ATTEST: Assistant City Clerk, Barbara Denny