2010-069 RES EXTENSION OF NOTE PEDC AND PARIS PACKAGING

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Section 2. That the First Amended Renewal and Extension Promissory Nate 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 renewaI and extension of that original note executed by Paris Packaging, Inc., as Maker, and payable to Paris Economic Development Corporation, as Payee, dated JuIy 15, 1998 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°10) with manthly payments of $28,511.17 due and payable on the fifteenth (15th) day of each month beginning on July 15, 2010, and continuing thereafter until a final payment of the unpaid balance is made on April 15, 2017, the maturity date of said note as set forth in the Amortization Schedule attached hereto and incorporated herein by reference as Exhibit "B". Seetion 4. That the Chairman of the Board of the Paris Economic Development Corporation, be, and he is hereby authorized and directed ta execute on behalf of the Paris Economic Development Corporation, the First Amended Renewal and Extension Promissory Note, and Second Addendum to Security Agreement (consumer goods, equipment, and farm products) to secure the pledge of assets by Paris Packaging, Inc. to the payment of the aforesaid note, and any and all other necessary documents assaciated with said transaction. Sectidn S. That this resolution shall be effective from and after its date of passage. PASSED AND ADOPTED this 24th day of June, 2010. ATTE$i / Rick Poston , Secretary-Treasurer APPROVED AS TO FORM: Kent McIlyar, City Atty Dan Smi , Chairman