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<br />7-21-1998 8:42AM
<br />
<br />FROM CITY (f' PARIS 903 785 8519
<br />
<br />P.9
<br />
<br />PARIS ECONOMIC DEVELOPMENT CORPORATION
<br />
<br />RFSOLUTION NO. J8:01L
<br />
<br />. WHEREAS, the Paris Economic Development Corporation (PEDe) did heretofore, on
<br />the 10th day of July, 1998, in Resolution No. 98-010, authorize the process of borrowing
<br />approximately $4,000,000.00 from local lending institutions; and
<br />
<br />WHEREAS, the City Council of the City of Paris did heretofore, On the 13th day of July,
<br />1998, by Resolution, approve said PEDe Resolution No. 98-0 I 0; and,
<br />
<br />WHEREAS. the Resolution adopted by the PEDC on July to, 1998, including the
<br />documents (substantially in the form attached hereto as Exhibit A) securing tile Sales Tax Loan
<br />from Liberty National Bank in the amount of $4,000,000 for this project to be used for the
<br />purpose of loaning monies to Paris Packaging, Inc., which is hereby approved, will be applied
<br />to the purchase of the Precision Printing Plant, which plant would be closed unless this acquisition
<br />is accomplished and that this (the I/Project~) is for the specific purpose of the promotion and
<br />encouragement of employment and the public welfare.
<br />
<br />,i
<br />
<br />WHEREAS, the City of Paris further approves this Project and finds that the Sales Tax
<br />Loan of $4,000,000 with the proceeds to be loaned to Paris Packaging, Inc. is in furtherance of
<br />the purpose of Artjcle 5190.6, Section 4A, V.A.T.C.S. for the promorion of development and
<br />expansion of manufacturing and industrial facilities for the benefit of the City of Paris.
<br />
<br />WHEREAS, in the interest of time, it is deemed appropriate that this resolution be
<br />executed in accordance with Section 5.06 of the Bylaws of the Paris Economic Development
<br />Corporation;
<br />NOW, mERE}'ORE,
<br />
<br />BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT
<br />CORPORATION, that the PEDe lend $4,000,000.00 to Paris Packaging, Inc.; and,
<br />
<br />BE IT ~"URmER RESOLVED, tllat tl1e President, Curtis Fendley, be, and he is hereby,
<br />authorized and directed to execute, on behalf of the PEDC, a loan contract and any and all
<br />documents necessary to finalize the Same and bind the PEDe thereto, in the form attached hereto
<br />as Exhibit II A. and incorporated h~rein; and
<br />
<br />BE IT ."URnIER 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 over a five (5) yea(period based on a twenty (20) year amortization schedule; and,
<br />
<br />BE IT FURmER RESOLVED, that this Resolution be executed in accordance with
<br />Section 5.06 of the' Bylaws of the Paris &onomic pevelopment ,Corporation.
<br />
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