|
<br />7-21-1998 8:41AM
<br />
<br />FROM CITY CF PARIS 903 785 8519
<br />
<br />I ...
<br />
<br />PARIS ECONOMIC DEVELOPMENT CORPORATION
<br />
<br />RESOLUI10N NO. ~
<br />
<br />WHEREAS, the Paris Economic Development Corporation (PEDe) did heretofore, on
<br />the 29th day of June, 1998, in Resolution No. 98-008, authorize the initiation of the process of
<br />issuing approximately $4,000,000.00 in Sales Tax Revenue Bonds, Series 1998; retain Southwest
<br />Securities as bond counsel for the same; request the City Atromey (0 procure bond ,counsel for
<br />the same; and, in the alternative, authorize the seeking of financing in a means that best suits the
<br />PEDe's needs; and,
<br />
<br />WHEREAS, the City Council of the City of Paris did heretofore, on the 29th day of June,
<br />1998, by motion reflected in the minutes, approve said PEDe Resolution No. 98-008; and,
<br />
<br />, ~, WHEREAS, the PEDC deems it to be in its best interest to borrow said $4,000,009.00
<br />from a local financial institution or institutions; and,
<br />
<br />WHEREAS, said note shall bear interest in an amount not to exceed seven percent (7 % )
<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 amortization schedule; and,
<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; NOW, THEREFORE,
<br />
<br />BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT
<br />CORPORATION, that the PEDe borrow $4,000,000.00 from a local financial institution or
<br />institutions; and,
<br />
<br />BE IT FUR'IHER RESOLVED, that the President, Curtis Fendley, be, and he is hereby,
<br />authorized and directed to execute, on behalf of the PEDC, a loan agreement and any and all
<br />documents necessary to finalize the same and bind the PEDe thereto, with the forms of all such
<br />. documents being first approved by the City Attomey~ Scott P. Foster; and,
<br />
<br />BE IT FURmER RESOLVED, that the PEDe 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 Dote shall bear interest in an amount not to
<br />exceed seven percent (1 %) per annum, and shall be payabl~ to the financial institution or
<br />institutions over a five (5) year period based on a twenty (20) year amortization schedule; and,
<br />
<br />'BE IT FUR:TBER RESOLVED, that this ,Resolution be executed in accordance with
<br />Section 5.06 of'the Bylaws of the Paris Economic Development Corporation.
<br />
<br />P.7'
<br />
<br />j ,I
<br />
<br />'I !
<br />
|