2012-068 RES APPROVING AMENDMENT TO FY 2011-2012 BUDGET OF PEDC

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RESOLUTION N0. 2012-068 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, APPROVING AN AMENDMENT TO THE FY 2011-2012 BUDGET OF THE PARIS ECONOMIC DEVELOPMENT CORPORATION (PEDC) TO TRANSFER $1,450,000.00 FROM CASH RESERVES TO THE SURRMA/TXDOT SH 19/24 WIDENING PROJECT. MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council of the City of Paris has heretofore approved and accepted the Paris Economic Development Corporation Budget for the fiscal year beginning October 1, 2011, and ending September 30, 2012; and, WHEREAS, the PEDC held a special meeting on June 29, 2012 and voted to amend and increase the FY 2011-2012 budget by ONE MILLION FOUR HUNDRED FIFTY THOUSAND DOLLARS AND NO/100, ($1,450,000.00) by transferring said amount from PEDC cash reserves to the SURMA/TXDOT SH 19/24 Widening Project; and, WHEREAS, the purpose of the budget amendment is to allow PEDC to pay its share of the cost of the SURMMA/TXDOT Highway 19/24 Widening Project in one payment with FY 2011-2012 funds. This cash payment is designed to prevent any restriction or complication on the issuance of future bond debt by the Paris Economic Development Corporation; and, WHEREAS, the PEDC Board respectfully requests City Council approval of the above referenced Budget Amendment as further described in the Proposed Amended Budget attached hereto as Exhibit "A", and; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. That the findings set out in the preamble to this resolution are hereby in all things approved. Section 2. That the above referenced Budget Amendment to the FY 2011-2012 PEDC Budget as further described in Exhibit "A" attached hereto be and the same is hereby approved. Section 3. That this resolution shall be effective from and after its date of passage. PASSED AND APPROVED this 23rd day of