Laserfiche WebLink
PARIS ECONOMIC DEVELOPMENT CORPORATION <br />RESOLUTION N0. PEDC -2010-002 <br />A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PARIS <br />ECONOMIC DEVELOPMENT COPRORATION AUTHORIZING AND <br />APPROVING THE FIRST AMENDED RENEWAL AND EXTENSION <br />PROMISSORY NOTE AND SECOND ADDENDUM TO THE SECURITY <br />AGREEMENT BETWEEN PARIS PACKAGING, INC. AND PARIS ECONOMIC <br />DBVELOPMENT CORPORATION TO REFLECT A LOWER INTEREST RATE; <br />MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE <br />SUBJECT; AND PROVIDING AN EFFECTIVE DATE. <br />WHEREAS, On July 13, 1998, the Paris Economic Development Corporation passed <br />Resolution No. 98-011, authorizing and approving a loan in the amount of $4,000,000.00 <br />to Paris Packaging, Inc. with a five-year term and a seven percent (7%) interest rate; and, <br />WHEREAS, on April 16, 2003, the PEDC passed Resolution No. 2003-003 <br />authorizing and approving a Renewal and Extension of the 1998 Promissory Note by <br />extending the maturity date of the Note from July 15, 2003 to April 15, 2017; and, <br />WHEREAS, the original $4,000,000 loan from PEDC to Paris Packaging, Inc. was <br />financed in part through PEDC's issuance of $4,000,000 in Sales Tax Revenue Bonds, <br />Series 1998; and, <br />WHEREAS, in order to take advantage of lower interest rates, on March 22, 2010, <br />the PEDC passed a Resolution authorizing the issuance of $2,685,000.00 in Refunding <br />Bonds to refinance the 1998 Series Sales Tax Revenue Bonds at a Net Interest Cost (NIC) <br />of 3.689%; and, <br />WHEREAS, on March 22, 2010, the Paris Economic Development Corporation <br />voted to pass the interest rate savings generated from the 2010 Refunding Bonds to Paris <br />Packaging, Inc.; and, <br />WHEREAS, it is now deemed necessary and appropriate to amend the 2003 <br />Renewal and Extension Promissory Note and the Security Agreement between the PEDC <br />and Paris Packaging, Inc. to reflect the lower interest rate and revised amortization <br />schedule. <br />NOW, THEREFORE, BE IT RESOLVED BY THE PARIS ECONOMIC <br />DEVELOPMENT CORPORATION: <br />Section 1. That the findings set out in the preamble to this resolution are hereby <br />in all things approved. <br />EXHIBIT g <br />