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<br />RESOLUTION NO. 2003-072
<br />
<br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS,
<br />PARIS, TEXAS, APPROVING THE PEDC RESOLUTION AUTHORIZING
<br />THE RENEWAL AND EXTENSION OF THE CURRENT PROMISSORY
<br />NOTE AND FIRST ADDENDUM TO SECURITY AGREEMENT FROM
<br />PARIS PACKAGING, INC. TO THE PARIS ECONOMIC DEVELOPMENT
<br />CORPORATION (PEDC), TO EXTEND THE TERM OF SAID NOTE AND
<br />SAID SECURITY AGREEMENT CO-EXTENSIVE WITH THE TERM OF
<br />THE PEDC TAXABLE SALES TAX REVENUE BONDS, SERIES 1998;
<br />MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE
<br />SUBJECT; AND PROVIDING AN EFFECTIVE DATE.
<br />
<br />WHEREAS, 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 $4,200,000.00 in Taxable Sales Tax Revenue Bonds, Series 1998; retain Southwest
<br />Securities as financial advisor for the same; request the City Attorney to procure bond counsel for
<br />the same; and, in the alternative, authorize the seeking of fmancing 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 Paris Economic Development Corporation (PEDC) did heretofore, on
<br />the 10th day of July, 1998, in Resolution No. 98-010, authorize the process of borrowing on
<br />approximately $4,000,000.00 from local lending institutions; and
<br />
<br />WHEREAS, the City Council of the City of Paris did heretofore, on the 13th day of July,
<br />1998, by Resolution No. 98-101, approve said PEDC Resolution No. 98-010; and,
<br />
<br />WHEREAS, the Paris Economic Development Corporation did heretofore, on the 13th
<br />day of July, 1998, in Resolution No. 98-011, authorize and approve a loan in the amount of
<br />$4,000,000.00 to Paris Packaging, Inc. and authorize the execution of a loan contract in an amount
<br />not to exceed seven percent (7 %) per annum with a local financial institution or institutions over
<br />a five (5) year period based on a twenty (20) year amortization schedule; and,
<br />
<br />WHEREAS, Sections 21 and 25 of Article 5190.6, Texas Civil Statutes (the Texas
<br />Economic Development Act), require consent and approval by the City Council of the City of
<br />Paris of the PEDC resolution authorizing expenditures related to or associated with bonds issued
<br />by the PEDC; and,
<br />
<br />WHEREAS, it is deemed appropriate, subject to the approval of the PEDC Board, that
<br />the current promissory note with Paris Packaging, Inc. be renewed and extended, the term of such
<br />extension to be co-extensive with the term of said bonds; and,
<br />
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