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RESOLUTION NO. <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, <br />TEXAS, ACKNOWLEDGING AND APPROVING THE RENEWAL OF A <br />LOAN AGREEMENT AND PROMISSORY NOTE BY AND BETWEEN <br />THE PARIS ECONOMIC DEVELOPMENT CORP. "BORROWER" AND <br />CAPITAL ONE, N.A. BANK "LENDER" FOR A REVOLVING LINE OF <br />CREDIT IN THE AMOUNT OF TWO MILLION DOLLARS <br />($2,000.000.00); MAKING OTHER FINDINGS AND PROVISIONS <br />RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. <br />Draft <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 August 14, 2012 at a regular meeting of the Paris Economic <br />Development Corporation the PEDC Board voted unanimously to renew a loan <br />agreement in the amount of TWO MILLION DOLLAR ($2,000,000.00) with Capital Orie <br />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 Corporation "Borrower" and <br />Capital One Bank, N.A., but the "Lender" but has requested the City Council of the Cit.y <br />of Paris to acknowledge the financing agreements between the Paris Economuc <br />Development Corporation 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 the renewal of the loan agreement, promissory note and other related loan <br />documents between the Paris Economic Development Corporation and Capital Ona <br />Bank, N.A. for the TWO MILLION DOLLAR (2,000,000.00) revolving line of credit for <br />future economic development projects. <br />Section 3. That this resolution shall be effective from and after the date of <br />passage. <br />PASSED AND APPROVED this 10th day of September, 2012. <br />11'7 <br />