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<br /> <br /> Section 3. That the President be, and he is hereby, authorized and directed to execute, on <br />behalf of the PEDC, a loan agreement, promissory note, and any and all other instruments <br />necessary to finalize the same and bind the PEDC thereto, under the terms and conditions and in <br />the forms approved by the City Attorney, and subject to approval by the City Council of the City <br />of Paris. <br /> <br /> Section 4. That the PEDC does hereby pledge its one-quarter (1/4) cent economic <br />development sales tax and other available revenues to the repayment of said loan, subject to any <br />and all prior security pledges, notes, and other prior obligations of the PEDC. <br /> <br /> Section 5. That said line of credit shall bear interest at varying rates and terms as stated <br />in the financing proposal attached hereto and incorporated herein as Exhibit A, and shall be <br />payable to Hibernia National Bank in accordance wi/la the terms thereof. <br /> <br /> Section 6. That this resolution shall be effective from and after its date of passage. <br /> <br /> PASSED AND ADOPTED this 5th day of June, 2003. <br /> <br /> Don Wall, President <br /> <br />ATTEST: <br /> <br />Richard Severson, Secretary-Treasurer <br /> <br />APPROVED AS TO FORM: <br /> <br />Larry W. Schenk, City Attorney <br /> <br /> <br />