|
DRAFT
<br />
<br />F:kAttorney\LisakResolutions\CURRENTkPEDC Paris Packaging Refinance.wpd
<br /> April 10, 2003
<br />
<br />RESOLUTION NO.
<br />
<br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS,
<br />PARIS, TEXAS, APPROVING THE PEDC RESOLUTION AUTHORIZING
<br />THE RENEWAL AND EXTENSION OF THE CURRENT PROMISSORY
<br />NOTE AND FIRST ADDENDUM TO SECURITY AGREEMENT FROM
<br />PARIS PACKAGING, INC. TO THE PARIS ECONOMIC DEVELOPMENT
<br />CORPORATION (PEDC), TO EXTEND THE TERM OF SAID NOTE AND
<br />SAID SECURITY AGREEMENT CO-EXTENSIVE WITH THE TERM OF
<br />THE PEDC TAXABLE SALES TAX REVENUE BONDS, SERIES 1998;
<br />MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE
<br />SUBJECT; AND PROVIDING AN EFFECTIVE DATE.
<br />
<br /> WHEREAS, the Paris Economic Development Corporation (PEDC) did heretofore, on the
<br />29th day of June, 1998, in Resolution No. 98-008, authorize the initiation of the process of issuing
<br />$4,200,000.00 in Taxable Sales Tax Revenue Bonds, Series 1998; retain Southwest Securities as
<br />bond counsel for the same; request the City Attorney to procure bond counsel for the same; and, in
<br />the alternative, authorize the seeking of financing in a means that best suits the PEDC's needs; and,
<br />
<br /> WHEREAS, the City Council of the City of Paris did heretofore, on the 29th day of June,
<br />1998, by motion reflected in the minutes, approve said PEDC Resolution No. 98-008; and,
<br />
<br /> WHEREAS, the Paris Economic Development Corporation (PEDC) did heretofore, on the
<br />10th day of July, 1998, in Resolution No. 98-010, authorize the process of borrowing on
<br />approximately $4,000,000.00 from local lending institutions; and
<br />
<br /> WHEREAS, the City Council of the City of Paris did heretofore, on the 13th day of July,
<br />1998, by Resolution No. 98-101, approve said PEDC Resolution No. 98-010; and,
<br />
<br /> WHEREAS, the Paris Economic Development Corporation did heretofore, on the 13th day
<br />of July, 1998, in Resolution No. 98-011, authorize and approve a loan in the amount of
<br />$4,000,000.00 to Paris Packaging, Inc. and authorize the execution of a loan contract in an amount
<br />not to exceed seven percent (7%) per annum with a local financial institution or institutions over a
<br />five (5) year period based on a twenty (20) year amortization schedule; and,
<br />
<br /> WHEREAS, Sections 21 and 25 of Article 5190.6, Texas Civil Statutes (the Texas Economic
<br />Development Act), require consent and approval by the City Council of the City of Paris of the PEDC
<br />resolution authorizing expenditures related to or associated with bonds issued by the PEDC; and,
<br />
<br />
<br />
|