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Regular Council Meeting <br />September 12, 2011 <br />Page 8 <br />APPROVING A LOAN AGREEMENT AND PROMISSORY NOTE BY AND <br />BETWEEN THE PARIS ECONOMIC DEVELOPMENT CORP. "BORROWER" AND <br />CAPITAL ONE, N.A. BANK "LENDER" FOR A REVOLVING LINE OF CREDIT IN <br />THE AMOUNT OF ($2,000,000.00) TWO MILLION DOLLARS; MAKING OTHER <br />FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING <br />AN EFFECTIVE DATE. <br />PEDC Board Chairman Pike Burkhart told the City Council that this was a reserve line of <br />credit that supports their strategic planning, that it was a very favorable interest rate, and that the <br />funds may or may not be used for several projects on the horizon. Erik Roddy from Capital One <br />Bank informed the City Council that the rate was prime minus 1.96%. Mr. Roddy said it was a <br />floating rate of 1.29%, which was the Wall Street Journal Prime. <br />A Motion to approve this item was made by Council Member McCarthy and seconded by <br />Council Member Wright. Motion carried, 7 ayes - 0 nays. <br />21. Convene into Executive Session: <br />a. Pursuant to Section 551.071 of the Texas Government Code, Consultation with <br />Attorney, to receive legal advice froin the City Attorney about pending or <br />contemplated litigation and/or on matters in which the duty of an attorney to his <br />client under the Texas Disciplinary Rules of Professional Conduct of the State Bar <br />of Texas, clearly conflict with this chapter, to-wit: Texas Supreme Court ruling in <br />Cause No. 09-0257; City of Dallas vs. Heather Stewart; <br />b. Pursuant to Section 551.074 of the Texas Government Code, to deliberate the <br />appointment, employment, evaluation, reassignment, duties, discipline, or <br />dismissal of a public officer or employee as follows: discuss City Manager <br />applicants. <br />Mayor Hashmi recessed City Council at 7:08 p.m. and convened City Council into <br />Executive Session at 7:14 p.m. <br />22. Reconvene into Open Session, deliberate and possibly take action on those matters <br />discussed in Executive Session. <br />Mayor Hashmi reconvened City Council into open session at 7:53 p.m. and said that City <br />Staff would be issuing a press release with regard to how the City would be handling matters as a <br />result of the City of Dallas vs. Heather Stewart case. Mayor Hashmi also said that the City <br />Council planned to interview additional candidates, and conduct second interviews of some of <br />the candidates. <br />23. Consider and approve future events for City Council and/or City Staff pursuant to <br />Resolurion No. 2004-081. <br />None were referenced. <br />--11 <br />