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Paris Economic Development Corporation <br />Meeting Minutes <br />May 15, 2012 <br />Board Members Staff <br />Present: Pike Burkhart, Sr. Present: Steve Gilbert, PEDC <br />Rick Poston <br />Bruce Carr <br />Kenny Dority <br />Doug Wehrman (via telephone) <br />Ex-Officio Members Guest(s) <br />Present: Mindy Moree, Chamber President Present: <br />Gene Anderson, Interim City Manager <br />Legal <br />Counsel: <br />City Council <br />Liaison: <br />Kent Mcllyar <br />John Wright <br />(Joined the meeting at 3:30 p.m.) <br />Shannon Barrentine, PEDC <br />Connie Beard, <br />The Paris News <br />Laurie O'Neal, Econ. Dev. <br />Governor's Office <br />Tom Hensel, Auditor <br />Pike Burkhart, called the meeting to order at 3:07 p.m. Pike welcomed those present. <br />Minutes from the April 10, 2012 Regular Board meeting were reviewed. The Minutes were <br />approved, as submitted, by a motion from Kenny Dority; seconded by Bruce Carr. Motion Carried 4-0. <br />Minutes from the April 16, 2012 Called Board meeting were reviewed. The Minutes were <br />approved, as submitted, by a motion from Bruce Carr; seconded by Kenny Dority. Motion Carried 4-0. <br />Minutes from the April 26, 2012 Called Board meeting were reviewed. The Minutes were <br />approved, as submitted, by a motion from Rick Poston; seconded by Bruce Carr. Motion Carried 4-0. <br />Einancial report for March, 2012 were reviewed. Bruce Carr stated that he would like to see the <br />reports simplified and would discuss further during the budget process next month. The Financials were <br />approved, as submitted, by a motion from Bruce Carr; seconded by Rick Poston. Motion Carried 4-0. <br />Discussion and possible action to consider approval of the FY 2010-2011 audit reAOrt Aresented by <br />Tom Hensel, CPA. McClanahan & Holmes. Tom Hensel gave an overview of the audit resulting in a <br />total equity for the Paris EDC of $4.8 million. Discussion took place regarding items listed in the <br />"Communications with Those Charged with Governance" report. Mr. Hensel assured the Board that the <br />Paris EDC has been given a clean report every year and they are audited annually. Motion was made by <br />Bruce Carr to approve and accept the audit for FY 2010-201 as submitted; seconded by Kenny Dority. <br />Motion Carried 4-0. <br />Discussion and qossible action regarding Revenue Bond Pavments pertaining to the Paris packaging <br />Bonds issued in 1998, for 20 vears, and revised in 2008 presented bv Gene Anderson. Gene Anderson <br />told those present that the current Revenue Bonds are not callable (not able to pay debt off early). The <br />- 22 <br />