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<br />F:kAttorneykPEDCkRESWORK\CURRENTk2003-003 - Paris Packaging Refinance.wpd
<br /> April 10, 2003
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<br />PARIS ECONOMIC DEVELOPMENT CORPORATION
<br />
<br />RESOLUTION NO. 2003-003
<br />
<br />A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PARIS
<br />ECONOMIC DEVELOPMENT CORPORATION, AUTHORIZING AND
<br />APPROVING THE RENEWAL AND EXTENSION OF THE CURRENT
<br />PROMISSORY NOTE AND FIRST ADDENDUM TO SECURITY
<br />AGREEMENT FROM PARIS PACKAGING, INC., TO EXTEND THE TERM
<br />OF SAID NOTE AND SAID SECURITY AGREEMENT CO-EXTENSIVE
<br />WITH THE TERM OF THE PEDC TAXABLE SALES TAX REVENUE
<br />BONDS, SERIES 1998; MAKING OTHER FINDINGS AND PROVISIONS
<br />RELATED TO THE 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, it is deemed appropriate that the current promissory note with Paris Packaging,
<br />Inc. be renewed and extended, the term of such extension to be co-extensive with the term of said
<br />bonds; and,
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<br />EXHIBIT A
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