14-Deliberate and act on a Resolution approving a PEDC Resolution

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"Debt Service" means, as of any particular date of computation, with respect to any obligations and with respect to any period, the aggregate of the amounts to be paid or set aside by the Issuer as of such date or in such period for the payment of the principal of, premium, if any, and interest (to the extent not capitalized) on such obligations; assuming, in the case of obligations without a fixed numerical rate of interest, that such obligations bear, or would have borne, interest at the maximum per annum rate applicable to such obligations by law or contract, and further assuming in the case of obligations required to be redeemed or prepaid as to principal prior to maturity, the principal amounts thereof will be redeemed prior to maturity in accordance with the mandatory redemption provisions applicable thereto. "Designated Financial Officer" means the Executive Director of the Issuer or the chief financial officer of the Issuer, if such an office has been created, or such other financial or accounting official of the Issuer so designated by the Board. "Event of Default" - Each of the following occurrences or events for the purpose of this Resolution is hereby declared to be an event of default: (i) the failure to make payment of the principal of or interest on any of the Bonds when the same becomes due and payable; or (ii) default in the performance or observance of any other covenant, agreement or obligation of the Issuer, the failure to perform which materially, adversely affects the rights of the Registered Owners, including, but not limited to, their prospect or ability to be repaid in accordance with this Resolution, and the continuation thereof for a period of 60 days after notice of such default is given by any Registered Owner to the Issuer. "Fiscal Year" shall mean the fiscal year ofthe Issuer, being the twelve month period ending September 30 of each year. "Holder," "Registered Owner" or words of similar import means each registered owner of the Bonds from time to time as shown in the books kept by the Paying Agent/Registrar as bond registrar and transfer agent. "Investment Act" shall mean the Public Funds Investment Act, Chapter 2256, Texas Government Code, as amended. "Issuer" shall mean Paris Economic Development Corporation, a Type A corporation under the Act. "Maximum Annual Debt Service" shall mean the highest amount of Debt Service due on the Parity Obligations in any Fiscal Year. "Outstanding" - When used in this Resolution with respect to Parity Obligations, including the Bonds, means, as of the date of determination, all Parity Obligations theretofore sold, issued and delivered by the Issuer, except: