09-Deliberate and act on a Resolution approving the PEDC Resolution authorizing the Amended Promissory Note and Second Addendum to Security Agreement between Paris Pkg.and Paris Economic Dev. Corp.

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into a First Amended Renewal and Extension Promissory Note with Paris Packaging, Inc., as Maker, and payable to the order of Paris Economic Development Corporation, as Payee, the same being a renewal and extension of that original note executed by Paris Packaging, Inc., as Maker, and payable to Paris Economic Development Corporation, as Payee dated July 15, 1998 attached hereto and incorporated herein as Exhibit "A", be authorized and approved. Section 3. That said First Amended Renewal and Extension Promissory Note shall be in the principal amount of $2,073,242.00, with interest at a yearly rate of three point fifty-five percent (3.55%) with monthly payments of $28,511.17 due and payable on the fifteenth (15th) day of each month beginning on July 15, 2010, and continuing thereafter until a final payment of the unpaid balance is made on April 15, 2017, the maturity date set out in said note. Section 4. That, the Second Addendum to the Security Agreement attached to and incorporated in the PEDC Resolution is hereby in all things approved. Section S. That this resolution shall be effective from and after its date of passage. PASSED AND ADOPTED this 28th day of June, 2010. Will Biard, Mayor ATTEST: Janice Ellis, City Clerk APPROVED AS TO FORM: Kent McIlyar, City Attorney 51