1998-11-09-PEDC - Laserfiche WebLink

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404 dishonored checks and drafts, to the extent such charges and retentions are authorized or required by law. (s) "Previously Issued Bonds" shall mean the outstanding revenues bonds of the Issuer payable fi.om and secured by a first lien on and pledge of the Pledged Revenues, if any. (t) "Project" shall mcan refunding the Issuer's note in the original principal amount of $4,000,000 initially issued to be loaned to Paris Packaging, Inc., which used the proceeds together with other moneys to acquire the precision printing plant in Paris, Texas, in order to promote and encourage employment and public welfare by the acquisition of the precision printing plant which will save the City bom the loss of those jobs. (u) "Required Reserve Amount" shall mean the average annual Debt Service requirements on the outstanding bonds of the Corporation. (v) "Sales Tax" shall mean the one-quarter of one percent sales and use tax levied by the City within the boundaries of the City as they now or hereafter exist, together with any increases in the aforesaid rate if provided and authorized by the laws of the State of Texas, including specifically the Act, and collected for the benefit of the Issuer and the Project, all in accordance with the Act, including particularly Section 4A thereof. (w) "Transfer Agreement" shall mean the Sales Tax Remittance Agreement dated as of December 1, 1998, between the City and the Issuer. Section 7. PLEDGE. The Bonds and any Additional Bonds and any interest payable thereon, are and shall be secured by and payable from a first lien on and pledge of the Pledged Revenues; and the Pledged Revenues are further pledged to the establishment and maintenance of the Debt Service Fund and the Reserve Fund as hereinafter provided. The Bonds, the Outstanding Bonds, and any Additional Bonds are and will be secured by and payable only from the Pledged Revenues and amounts on deposit in the Debt Service Fund and the Reserve Fund, and are not secured by or payable from a mortgage or deed of trust on any real, personal or mixed properties constituting the Project. Section 8. REVENUE FUND. There has been created and established on the books of the Issuer, and accounted for separate and apart from all other funds of the Issuer, a special fund entitled the "Paris Economic Development Corporation Sales Tax Revenue Fund" (hereinafter called the "Revenue Fund"). All Pledged Revenues shall be credited to the Revenue Fund immediately upon receipt. Monies in said Fund shall be maintained by the Issuer at its Depository Bank. Section 9. DEBT SERVICE FUND. For the sole purpose of paying the principal of and interest on the Bonds and any Additional Bonds, as the same come due, there shall be created and established on the books of the Issuer a separate fund entitled the "Paris Economic Development Corporation Sales Tax Revenue Bonds Debt Service Fund" (hereinafter called the "Debt Service Fund"). Monies in said Fund shall be maintained by the Issuer's Depository Bank. 15