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<br />- WHEREAS, said Development Contract provides that said Promissory Note shall become <br /> a personal liability of David C. Hickerson, President of Paris Packaging, Inc., in the event of <br /> default thereof; and, <br /> <br /> WHEREAS, the Paris Economic Development Corporation finds that Paris Packaging, <br /> Inc. is satisfactorily financially sound to the extent that it is no longer deemed necessary for Mr. <br /> Hickerson to be a personal guarantor on such Promissory Note and it is deemed appropriate that <br /> said Development Contract be amended to remove such provision; and, <br /> <br /> WHEREAS, the form of the amended Development Contract, attached hereto as Exhibit <br /> A, should in all things be approved, and the President of the. Board of Directors should be <br /> authorized to execute the same; NOW, THEREFORE, <br /> <br /> BE IT RESOLVED BY THE PARIS ECONOMIC DEVELOPMENT <br /> CORPORATION: <br /> <br /> Section 1. That the findings set out in the preamble to this resolution are hereby in all <br /> things approved. <br /> <br /> Section 2. That the President of the Paris Economic Development Corporation be, and he <br /> is hereby, authorized and directed to execute, on behalf of the Paris Economic Development <br /> Corporation, that certain amended Development Contract by and between Paris Packaging, Inc. <br /> and the Paris Economic Development Corporation, a copy of which is attached hereto as Exhibit <br /> A and for all purposes incorporated herein. <br /> <br /> Section 3. That this resolution shall be effective from and after its date of passage. <br /> <br /> PASSED AND ADOPTED this 9th day of July, 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 />