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<br /> PARIS ECONOMIC DEVELOPMENT CORPORATION
<br />
<br /> RESOLUTION NO. 2003-004
<br />
<br />A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PARIS
<br />ECONOMIC DEVELOPMENT CORPORATION, APPROVING AND
<br />AUTHORIZING THE EXECUTION OF A DEVELOPMENT CONTRACT
<br />WITH PARIS PACKAGING, INC., EXTENDING THE TERMS AND
<br />CONDITIONS OF THE ORIGINAL DEVELOPMENT CONTRACT DATED
<br />JULY 15, 1998; MAKING OTHER FINDINGS AND PROVISIONS
<br />RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE.
<br />
<br />WHEREAS, Paris Economic Development Corporation, hereinafter called "PEDC," and
<br />Paris Packaging, Inc., a Texas Corporation, have previously entered into a Development Contract
<br />dated July 15, 1998, containing certain representations and promises associated with the loan of
<br />$4,000,000.00 in funds from PEDC to Paris Packaging, Inc. to carry on a manufacturing
<br />operation in the city of Paris, Texas; and,
<br />
<br />WHEREAS, the aforesaid original note securing the loan of said $4,000,000.00 between
<br />Paris Packaging, Inc. and PEDC is scheduled to mature on July 15, 2003, the same date that the
<br />obligations of Paris Packaging, Inc. under the original Development Contract would expire; and,
<br />
<br />WHEREAS, Paris Packaging, Inc. has requested a renewal and extension of the existing
<br />note such that said note in the remaining principal amount of $3,392,165.54 would be extended
<br />beginning July 15,2003, for an additional one hundred sixty-five (165) monthly payments in the
<br />amount of $32,000.00 each, with the final monthly payment ofthe unpaid balance being due and
<br />payable on April 15, 2017; and,
<br />
<br />WHEREAS, in consideration of the acceptance of said renewed and extended note, Paris
<br />Packaging, Inc. is prepared to enter into an extended Development Contract on the terms and
<br />conditions as set out herein; NOW, THEREFORE,
<br />
<br />BE IT RESOLVED BY THE
<br />CORPORATION:
<br />
<br />PARIS
<br />
<br />ECONOMIC
<br />
<br />D EVELO PMENT
<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, Jay Guest,
<br />be, and he is hereby, authorized and directed to execute, on behalf of the Paris Economic
<br />Development Corporation, that certain Development Agreement by and between Paris Packaging,
<br />Inc. and the Paris Economic Development Corporation, a copy of which is attached hereto as
<br />Exhibit A and for all purposes incorporated herein.
<br />
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