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the same being a renewal and extension of that original note executed by Paris Packaging, <br />Inc., as Maker, and payable to Paris Economic Development Corporation, as Payee dated <br />July 15, 1998 attached hereto and incorporated herein as Exhibit "A", be authorized and <br />approved. <br />Section 3. That said First Amended Renewal and Extension Promissory Note shall <br />be in the principal amount of $2,073,242.00, with interest at a yearly rate of three point <br />fifty-five percent (3.55%) with monthly payments of $28,511.17 due and payable on the <br />fifteenth (15th) day of each month beginning on July 15, 2010, and continuing thereafter <br />until a final payment of the unpaid balance is made on April 15, 2017, the maturity date <br />set out in said note. <br />Section 4. That, the Second Addendum to the Security Agreement attached to and <br />incorporated in the PEDC Resolution is hereby in all things approved. <br />Section 5. That this resolution shall be effective from and after its date of passage. <br />PASSED AND ADOPTED this 28th day of June, 2010. <br />ill ard , Mayor <br />ATTEST: <br />nn~~ E Qa~ <br />anice Ellis, City Clerk <br />APPROVED AS TO FORM: <br />Kent McIlyar, Ci Att ney <br />