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

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WHEREAS, the bonds hereafter authorized are being issued and delivered pursuant to the Act; and WHEREAS, it is officially found, determined, and declared that the meeting at which this Resolution has been adopted was open to the public and public notice of the time, place and subject matter of the public business to be considered and acted upon at said meeting, including this Resolution, was given, all as required by the applicable provisions of Tex. Gov't Code Ann. ch. 551; Now, Therefore BE IT RESOLVED BY THE BOARD OF DIRECTORS OF PARIS ECONOMIC DEVELOPMENT CORPORATION: Section 1. DEFINITIONS. "Act" shall mean former Article 5190.6, V.A.T.C.S., and now codified at Chapters 501, 502 and 504, Texas Local Government Code, as amended, and known as the Development Corporation Act. "Additional Obligations" shall mean bonds, notes or other evidences of indebtedness which the Issuer reserves the right to issue or enter into, as the case may be, in the future in accordance with the terms and conditions provided in Section 15 hereof and which, together with the Bonds, are equally and ratably secured by a parity pledge of and claim on the Pledged Revenues. "Attorney General" means the Office of the Attorney General of the State of Texas. "Average Annual Debt Service" means that amount which, at the time of computation, is derived by dividing the total amount of Debt Service to be paid over a period of years as the same is scheduled to become due and payable by the number of years taken into account in determining the total Debt Service. Capitalized interest payments provided from proceeds or borrowings of the Corporation shall be excluded in making the aforementioned computation. "Board" shall mean the Board of Directors of the Issuer. "Bond" or "Bonds" shall mean the Paris Economic Development Corporation Sales Tax Revenue Refunding Bonds, Taxable Series 2010, in the aggregate principal amount of $2,690,000, authorized to be issued by this Resolution. "City" shall mean the City of Paris, Texas. "Code" shall mean the Internal Revenue Code of 1986, as amended. "Comptroller" shall mean the Comptroller of Public Accounts of the State of Texas, and any successor official or officer thereto.