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Draft <br />S:attorney/reswork/current/9-12-11 <br />RESOLUTION N0. <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, <br />TEXAS, ACKNOWLEDGING AND APPROVING A LOAN AGREEMENT <br />AND PROMISSORY NOTE BY AND BETWEEN THE PARIS ECONOMIC <br />DEVELOPMENT CORP. "BORROWER" AND CAPITAL ONE, N.A. BANK <br />"LENDER" FOR A REVOLVING LINE OF CREDIT IN THE AMOUNT OF <br />($2,000.000.00) TWO MILLION DOLLARS; MAKING OTHER <br />FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND <br />DECLARING AN EFFECTIVE DATE. <br />WHEREAS, the Paris Economic Development Corporation is a non-profit <br />corporation established under the Development Corporation Act of 1979 (the Act) <br />and was created for the purposes of promoting, assisting, and enhancing economic <br />development in the City of Paris, Lamar County, Texas; and, <br />WHEREAS, on September 1, 2011 at a regular meeting of the Paris Economic <br />Development the PEDC Board voted unanimously to approve loan documents <br />necessary to establish a TWO MILLION DOLLAR ($2,000,000.00) revolving line of <br />credit with Capital One Bank, N.A. for future economic development projects; and <br />WHEREAS, the City of Paris, Texas is not a party to the loan agreement and <br />promissory note between Paris Economic Development Corp. "Borrower" and Capital <br />One Bank, N.A. the "Lender" has requested the City Council of the City of Paris to <br />acknowledge the financing agreements between the Paris Economic Development <br />Corp. and Capital One Bank, N.A. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF PARIS, PARIS, TEXAS: <br />Section 1. That the findings set out in the preamble of this resolution are <br />hereby in all things approved. <br />Section 2. That the City Council of the City of Paris, Texas acknowledges and <br />approves of the loan agreement, promissory note and other related loan documents <br />between the Paris Economic Development Corp. and Capital One Bank, N.A. attached <br />hereto as Exhibit "A". <br />Section 3. That this resolution shall be effective from and after the date of <br />passage. <br />116 <br />