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<br />
<br />
<br /> PARIS ECONOMIC DEVELOPMENT CORPORATION
<br />
<br /> RESOLUTION NO. 2003-011
<br />
<br />A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PARIS
<br />ECONOMIC DEVELOPMENT CORPORATION, APPROVING AND
<br />AUTHORIZING THE EXECUTION OF AN AMENDED DEVELOPMENT
<br />CONTRACT WITH PARIS PACKAGING, INC., REMOVING THE
<br />REQUIREMENT FOR A PERSONAL GUARANTOR ON THE
<br />PROMISSORY NOTE ASSOCIATED THEREWITH; MAKING OTHER
<br />FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND
<br />PROVIDING AN EFFECTIVE DATE.
<br />
<br />WHEREAS, the Paris Economic Development Corporation and Paris Packaging, Inc., a
<br />Texas Corporation, have previously entered into a Development Contract dated July 15, 1998,
<br />containing certain representations and promises associated with the loan of $4,000,000.00 in funds
<br />from PEDC to Paris Packaging, Inc. to carry on a manufacturing operation in the city of Paris,
<br />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 fmal monthly payment of the unpaid balance being due and
<br />payable on April 15, 2017; and,
<br />
<br />WHEREAS, the City Council of the City of Paris did heretofore, on the 14th day of April,
<br />2003, in Resolution No. 2003-072, approve proposed PEDC Resolution No. 2003-003 authorizing
<br />the renewal and extension of the current Promissory Note and First Addendum to Security
<br />Agreement from Paris Packaging, Inc. to extend the term of said Note and said Security
<br />Agreement co-extensive with the term of the PEDC Taxable Sales Tax Revenue Bonds, Series
<br />1998; and,
<br />
<br />WHEREAS, the Paris Economic Development Corporation did heretofore, on the 16th
<br />day of April, 2003, adopt said PEDC Resolution No. 2003-003; and,
<br />
<br />WHEREAS, the Paris Economic Development Corporation did heretofore, on the 16th
<br />day of April, 2003, adopt Resolution No. 2003-004, amending the Development Contract with
<br />Paris Packaging, Inc., extending the terms and conditions of the original Development Contract
<br />dated July 15, 1998; and,
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