1992 RES AUTHORIZING CREATION OF COP INDUSTRIAL DEVELOPMENT CORPORATION

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Section 3. That the Corporation may, under the con- ditions set forth in this Resolution, issue obligations on behalf of the Unit, acquire, lease, sell or convey certain properties and make loans for the promotion and development of commercial, industrial and manufacturing enterprises to promote and encourage employment and the public welfare. The Unit shall not lend its credit or grant any public money or thing of value in aid of the Corporation. Furthermore, obli- gations issued by the Corporation with the approval of the Unit shall be deemed not to constitute a debt of the State, of the Unit or of any other political corporation, subdivision or agency of the State or a pledge of the faith and credit of any of them, but such obligations shall be payable solely from the funds herein provided. The Corporation shall not be authorized to incur financial obligations which cannot be paid from proceeds of the obligations or from revenues realized from the lease or sale of a project or realized from a loan made by the Corporation to finance or refinance in whole or in part a project. "Project" shall mean the land, buildings, equipment, facilities and improve- ments (one or more) found by the Board of Directors of the Cor- poration to be required or suitable for the promotion of commerc- ial or industrial development and expansion, the promotion of employment or for use by commercial, manufacturing or industrial enterprises, irrespective of whether in existence or required to be acquired or constructed after the making of such findings by the Board of Directors. Section 4. That the Articles of Incornoration of the City of Paris Industrial Development Corporation and the Bylaws of the Corporation, in the forms attached hereto as Exhibit "A" and "B" respectively, are hereby approved for use and adoption by the Corporation; provided, however, that any amendments to the Articles of Incorporation shall be subject to the further approval of the City Council. Section 5. That the City Council shall approve by written resolution any agreement to issue bonds, includinb refunding bonds, adopted by the Corporation, which agreement and resolution shall set out the amount and purpose of the bonds. Furthermore, no issue of bonds, including refunding bonds, shall be sold and delivered by the Corporation without a written resolution of the City Council adopted no more than 60 days prior to the date of the sale of the bonds specifically approving the resolution of the Corporation providing for the issuance of the bonds. Section 6. That, upon dissolution of the Corporation, the Unit shall accept title to or other interests in any real or personal property owned by the Corporation at such time. Section 7. That this Resolution is adopted for the purpose of satisfying the conditions and requirements of the Act and of Section 103 of the Internal Revenue Code of 1954, as amended and the regulations prescribed thereunder from time to time and for the benefit of the Corporation, the Unit, the owners or holders from time to time of the obligations of the Corporation and all other interested persons. Section 8. That the City Council has considered evidence of the posting of notice of this meeting and officially finds, determines, recites and declares that a sufficient written notice of the date, hour, and place of this meeting and of the subject of this resolution was posted on a bulletin board located at a place convenient to the public in the City Hall of the City of Paris for at least 72 hours preceding the scheduled time of such