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<br />7-21-1998 8:40AM <br /> <br />FROM CITY OF PARIS 903 785 8519 <br /> <br />P.4 <br /> <br />./ . <br />/ <br />I <br /> <br />PARIS ECONOMIC DEVELOPMENT CORPORATION <br /> <br />RESOLUTION NO. 9S-010 <br /> <br />. 'VHEREAS, the P:\ris Economic Development Corporation (PEDC) did heretofore, on <br />the 29th day of June, 1998, in Resolution No. 98-008, authorize the initi:uion of the process of <br />issuing approximately $4,000,000.00 in Sales T:lx Revenue Bonds. Series 1998; remin Southwest <br />Securities as bond counsel for the S:lme; request the City Attorney to procure bond counsel for <br />the s:lme; tlnd. in the alternative. .authorize the seeking of finnncing in :1 means rh3[ best suits the <br />PEDe's needs; ~nd. <br /> <br />WlmREAS, the Ciry Council of [he City of Paris did heretofore, on the 29th day of June, <br />1998, by motion reflected in the minutes. npprove said PEDe Resolution No. 9S-008; and, <br /> <br />\VHEREAS, the PEDe deems it to be in its best interest to borrow snid $4.000.000.00 <br />. from n local finnnciaI institution or institutions: nnd, <br /> <br />\VHEREAS, said note shall bC3f interest in an amount not to exceed seven percent (7 %) II ,I <br />per annum, and shall be payable to the financial institution or institutions over a five (5) year <br />period based on a twenty (20) year amortiz~tion schedule; and, <br /> <br />\VHEREAS, in the interest of time, it is deemed appropriate that this resolution be <br />executed in nccordance with Section 5.06 of the Byla\vs of the Paris Economic .Development <br />Corporation; NOvY, THEREFORE>> <br /> <br />BE IT RESOLVED BY THE PAIUS ECONOMIC DEVELOPMENT <br />CORPORA TrON, that the PEDe borrow $4.000,000.00 from tl local financial institution or. <br />institutions; and, <br /> <br />BE IT FURTHER RESOLVED, thit the Preside"nt, Curtis Fendley, be, and he is hereby, <br />authorized and directed to execute. on behalf of the PEDe, a loan agreement and any and all <br />documents necessnry to finalize the same and bind the PEDe thereto, with the forms of all such <br />documents being first approved by the Ciry Attorney. Scott P. Foster; :md, . . <br /> <br />BE IT FURTI-ffiR RESOLVED, that the PEDe does hereby pledge its one-quarter (1/4) <br />cent economic development s:lles tax to the repayment of said loan: nnd, <br /> <br />nE IT FURTHER RESOLVED, that said note shall bear interest in an amount not to <br />. exceed seven percem (7%) per annum, and shall be payable to the financial institution or <br />institutions over a five (5) year period based on n twenty (20) yenr amortization schedule; and, <br /> <br />'.BE IT FURTHER RESOLVED, that this Resolution be executed in nccord:mce with <br />. ~ I <br /> <br />Section 5.06 of the Bylaws of the Paris Economic Development Corporation. <br /> <br />'I <br /> <br />. j I <br /> <br />E.XHIBIT A <br />