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<br />PARIS ECONOMIC DEVELOPMENT CORPORATION
<br />
<br />RESOLUTION NO. 98-010
<br />
<br />. \YHEREAS, the Paris Economic Development Corporation (PEDC) 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 Attorney to 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 PEDC Resolution No. 98-008; and,
<br />
<br />WHEREAS, the PEDC deems it to be in its best interest to borrow said $4,000,000.00
<br />from a local financial institution or institutions; and,
<br />
<br />\YHEREAS, 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 PEDC borrow $4,000,000.00 from a local financial institution or
<br />institutions; and,
<br />
<br />BE IT FURTHER 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 PEDC thereto, with the forms of all such
<br />documents being first approved by the City Attorney, Scott P. Foster; and,
<br />
<br />BE IT FURTHER RESOLVED, that the PEDC 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 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) year period based on a twenty (20) year amortization schedule; and,
<br />
<br />BE IT FlJRTHER RESOLVED, that this Resolution be executed in accordance with
<br />Section 5.06 of the Bylaws of the Paris Economic Development Corporation.
<br />
<br />EXHIBIT A
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