2010-043 RES APPROVING RESOLUTION PEDC

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SALES TAX REMITTANCE AGREEMENT THIS SALES TAX REMITTANCE AGREEMENT, dated as of March 22, 2010, executed by and between the City of Paris, Texas (the "City") and the Paris Economic Development Corporation (the "Corporation") WITNESSETH: WHEREAS, the Corporation was created by the City pursuant to Section 4A of the Development Corporation Act, formerly Article 5190.6, Texas Revised Civil Statutes, as amended, and now operates, exists and is governed by the recodified provisions of such Act as a Type A corporation, as such Act has been codified in Chapters 501, 502 and 504, Texas Local Government Code, as amended (the "Act"), specifically with the Corporation to possess the powers granted by Chapter 504, Texas Local Government Code; and WHEREAS, on May 1, 1993, the citizens of the City voting at an election on said date approved the levy of a one quarter of one percent sales and use tax upon the receipts at retail of taxable items, pursuant to Section 4A of the Development Corporation Act, formerly Article 5190.6, Texas Revised Civil Statutes, as amended, now as codified in Chapter 504, Texas Local Government Code, as amended (the "Economic Development Sales Tax"); and WHEREAS, under the Act and the provisions of the Texas Tax Code, disbursements of sales and use taxes are made to cities, such as the City, by the Comptroller of Public Accounts of Texas (the "Comptroller"); and WHEREAS, under authority of the Act, the Corporation was created to fund and finance eligible projects under the Act, particularly Chapter 504, Texas Local Government Code, as amended, and to secure said obligations with the Economic Development Sales Tax collected by the City under authority of Chapter 504, Texas Local Government Code, as amended; and WHEREAS, the parties hereto find it necessary and advisable to enter into this Agreement to evidence the duties and responsibilities of the respective parties with respect to the collection, remittance and transfer of such sales and use tax revenues. NOW THEREFORE, in consideration of the covenants and agreements herein made, and subject to the conditions herein set forth, the City and the Corporation contract and agree as follows: ARTICLE I SALES TAX FUND Section I.I. Creation of Fund. The City agrees to establish and maintain at an official depository bank of the City (the "Depository"), a fund to be entitled "Paris Economic Development Corporation Sales and Use Tax Fund" (the "Sales Tax Fund"). The Sales Tax Fund shall be