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<br /> <br /> <br /> PARIS ECONOMIC DEVELOPMENT CORPORATION <br /> <br /> RESOLUTION NO. 2003-008 <br /> <br />A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PARIS <br />ECONOMIC DEVELOPMENT CORPORATION, APPROVING AND <br />AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT, <br />PROMISSORY NOTE, AND OTHER NECESSARY FINANCING <br />INSTRUMENTS ASSOCIATED WITH A LINE OF CREDIT OF UP TO <br />$2,000,000.00 TO FUND AN INCENTIVE AGREEMENT WITH C- TECH, <br />INC. AND OTHER INCENTIVE AND ASSOCIATED EXPENSES; MAKING <br />OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; <br />AND PROVIDING AN EFFECTIVE DATE. <br /> <br />WHEREAS, the Paris Economic Development Corporation (PEDC) did heretofore, on <br />the 5th day of June, 2003, in Resolution No. 2003-007, authorize the execution of an Incentive <br />Agreement with C- Tech, Inc., subject to approval by the City Council of the City of Paris; and, <br /> <br />WHEREAS, in order to fund the incentives provided under said Agreement, and to have <br />resources available to fund other possible incentives to future prospects, the PEDC deems it to be <br />in its best interest to borrow up to $2,000,000.00 in the form of a line of credit from a local <br />financial institution; and, <br /> <br />WHEREAS, said line of credit shall bear interest at varying rates and terms as stated in <br />the financing proposal attached hereto and incorporated herein as Exhibit A, and shall be payable <br />to Hibernia National Bank in accordance with the terms thereof; and, <br /> <br />WHEREAS, the Board of Directors of the PEDC finds and determines that sufficient <br />financial resources are available from PEDC to adequately fund said financing; and, <br /> <br />WHEREAS, the President of the PEDC should be authorized to execute a loan agreement <br />and any and all documents necessary to finalize the lending transaction and bind the PEDC thereto, <br />with the forms of all such documents being first approved by the City Attorney; NOW, <br />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 Paris Economic Development Corporation borrow up to <br />$2,000,000.00 from Hibernia National Bank in the form of a line of credit to fund the incentives <br />provided under the Incentive Agreement with C- Tech, Inc. and to have resources available to fund <br />other possible incentives to future prospects. <br />