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Paris Economic Development Corp. <br />Regular Meeting 2-12-03 <br />Page 2 <br /> <br />audit is found in the auditor's report, which is the third page of the audit. He read <br />the following opinion, ~The general-purpose financial statements referred to above <br />present fairly, in all material respects, the financial position of Paris Economic <br />Development Corporation as of September 30, 2002, and the results of its <br />operations and its cash flows for the year then ending in conformity with <br />accounting principles generally accepted in the United State of America." Mr. <br />Anderson said that is an unqualified opinion. There were no findings of a <br />reportable nature. <br /> <br />Mr. Anderson asked the Board Members to turn to page six of the audit and item <br />two which concerns deposits and investments. He advised that one of the things <br />the auditors noted is that part of the money that the PEDC has was either <br />uninsured in the bank or not collateralized in the bank. Mr. Anderson said the <br />action on the agenda will give him the authority to fix that situation and prevent <br />it from happening in the future. <br /> <br />After discussion, a motion was made by Director Fendley, seconded by Director <br />Severson, for approval of the resolution. The motion carried unanimously. <br /> <br />Resolution No. 2003-002, authorizing and directing the Director of Finance to <br />make appropriate investments of funds that are uninsured or not secured by <br />pledged securities, including establishing new accounts, diversifying accounts, or <br />taking other similar actions, in order to maintain the security of PEDC funds, was <br />presented by City Attorney Schenk. <br /> <br />After discussion, a motion was made by Director Severson for approval of the <br />resolution. The motion was seconded by Director Wall and carried unanimously. <br /> <br />President Guest called for discussion of the development standards of the <br />Industrial Park. <br /> <br />Gary Vest advised the Board that at the last meeting he presented a set of <br />development standards for the Industrial Park and asked that the Board Members <br />take a look at those plans. Mr. Vest said that basically what these standards will <br />do is set up a process where the owners of the Park will pay into a common fund <br />to maintain the common areas such as the streets and roads. It also specifies what <br /> <br /> <br />