20 Motion to authorize the City Manager to sign an irrevocable standby letter of credit for $393,520.00

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GTY OF PARIS PO BOX 9037 PARIS, TX 75461 BORROWER'S NAME AND ADDRESS includes each borrower ahove, jointly and severally. LIBERTY NATIONAL BANK 305 LAMAR AVE. P.O. BOX 919 PARIS.TX 75480 'S NAME AN4;i;ADDRESS lender, its sucGessors and assigns. SSq 75-6000635 Loan Number 400010238 Date 04-30-2008 Maturity Date ON DEMAND Loan Amount $393,520.00 Renewal Of CTILOILP PRC:CMR For value received, I promise to pay to you, or your order, at your address listed above the PRINCiPAL sum of THREE HUNDRED NINETY THREE THOUSAND FIVE HUNDREO TWENTY ANO N01100 Dollars $ 393.520.00 I Single Advance: I witl receive all ot this principal sum on 04-302008 . No additional advances are contemplated under this note. D Multiple Advance: The principal sum shown above is the maximum amount of principai I can borrow under this note. On I will receive the amount ot $ and future prmcipal advances are contemplated. Conditions: The conditions for future advances are ❑ Open End Credit: You and I agree that i may borrow up to the maximum amount of principal more than one time. This feature is subjeci to all other conditions and expires on ❑ Closed End Credit: You and I agree that 1 may borrow up to the maximum only one time Iand subject to all other conditionsl. INTEREST: I agree to pay interest on the outstanding principal balance from 0430-2008 at the rate of 5,000 % per year until DEMANO IS MAOE Ll Varia6le Rate: This rate may then change as stated below. , ❑ Index Rate: The future rate will be the following index rate: ❑ Ceiling Rate: The interest rate ceiling for this note is the ceiling rate announced by the Credit Commissioner from [ime to time. ❑ Frequency and Timing: The rate on this note may change as often as A change in the interest rate will take effect ❑ Limitations: During the term of this loan, the applicable annual interest rate will not be more than % or less than The rate may not change more than % each EfTect oi Variable Rate: A change in the interest ra[e will have the following effect on the payments: ❑ The amount of each scheduled payment will change. ❑ The amount of the final payment will change. ❑ ACCRUAL METHOD: Interest wiil be calculated on a ACTUALI365 basis. POST MATURITY RATE: I agree m pay_interest on the unpaid balance of this note owmg after maturity, and until paid in full, as stated below: ~ on the same fixed or variable rate basis in effect before maturity (as indicated a6ove). ❑ at a rate equal to 1_1 LATE CHARGE: If a payment is made more than days after it is due, I agree to pay a late charge of i:. ADDITIONAL CHARGES: In addition to inierest, I agree to pay the following charges which LJ are ❑ are not included in the pnncipal amount above: PAYMENTS: I agree to pay this note as follows: ON DEMANO WITH SEMIANNUAL INTEREST PAYMENTS BEGINNING 01-30-2009. ADDITIONAL TERMS: THIS WRITTEN LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. Siynature for Lender PHILIP CECIL, CHAIRMAN ❑ SECURITY: This note is separately secured by (describe separate documem by type and date): lThis senion is tor your internal use. Failure to Iisi a separaie security Aocument tloes not ean ihe agraement will not secure ihls nole.~ FURPOSE: The purpose of this loan is FUND LETTER DF CREDIT q175 SIGNATURES: I AGREE TO THE TERMS OF THIS NOTE (INCLUDING THOSE ON PAGE 21. I have received a copy on today's date. CITY OF PARIS UNIVERSAL NOTE ` ~~rLlo lc~1984, 1991 Bankers Systems, Inc., St. Clo~d. MN Form UN-TX 7(7/2007. n ( i I{ I`1 ~ (Ndye 1 0/ 2/