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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Section 2. That the First Amended Renewal and Extension Promissory Note executed by Paris Packaging, Inc., as Maker, and payable to the order of Paris Economic Development Corporation, as Payee attached hereto and incorporated herein as Exhibit "A", the same being a renewal and extension of that original nate executed by Paris Packaging, lnc., as Maker, and payable to Paris Economic Development Corparation, as Payee, dated July 15, 1998 be authorized and appraved. 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-6ve percent (3.55%) with monthly payments af $28,511.17 due and payable on the fifteenth (15th) day of each month beginning on july 15, 2010, and continuing thereafter until a 6nal payment of the unpaid balance is made on April 15, 2017, the maturity date of said note as set forth in the Amortization Schedule attached hereto and incorporated herein by reference as Exhibit "B". Section 4. That the Chairman af the Board of the Paris Economic Deveiopment Corporation, be, and he is hereby authorized and directed to execute on behalF of the Paris Economic Development Corporation, the First Amended Renewal and Extension Promissory Nate, and Second Addendum to Security Agreement (consumer gaods, equipment, and farm products) to secure the pledge of assets by Paris Fackaging, Inc. to the payment of the aforesaid note, and any and all other necessary documents associated with said transaction. SecCion S. That this resolutian shall be effective from and after its date of passage, PASSED AND ADOPTED this 24th day of June, 2010. . A;TE~i:-4 . ~ , LC~L~ RickPoston, Secretary-Treasurer APPROVED AS TO FORM: Kent McIlyar, Ciry Att y . j~i7 1'~'~► Dan Smi , Chairman 53