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PEDC <br />April 16, 2003 <br />Page 3 <br /> <br />of the current promissory note and first addendum to security agreement from <br />Paris Packaging, Inc., to extend the term of said note and said security <br />agreement co-extensive with the term of the PEDC Taxable Sales Tax Revenue <br />Bonds, Series 1998, was presented by City Attorney Schenk. <br /> <br />City Attorney Schenk advised that he had passed out a copy of the City <br />Council' s Resolution which is being conservative as far as part of this approval <br />process. The City Council's resolution was adopted by the City Council last <br />Monday night to follow a similar approval by the City Council when the note <br />was originally written. City Attorney Schenk said he had a few questions that <br />needed to be answered by the bond attorney in regard to the documents <br />associated with renewal of the note. It had to do with whether or not prior <br />owners had been satisfied and it would require a change to the documents if <br />that were the case. The City Attorney said they wrote them as if they had not <br />been. The question of the development agreement, which was part of the <br />original package, will be the next item for their consideration. City Attorney <br />advised that if the PEDC adopts this resolution he felt this note will satisfy the <br />goals, which was to have the indebtedness paid out coextensive with the terms <br />of the bond. <br /> <br />Mr. Schenk told the Board that the document was prepared by McCall, <br />Parkhurst & Horton, who was the bond council for the original transaction. <br /> <br />After further discussion, <br />Director Severson, for <br />unanimously. <br /> <br />a motion was made by Director Fendley, seconded by <br />approval of the resolution. The motion carried <br /> <br />Resolution No. 2003-004, approving and authorizing the execution of a <br />development contract with Paris Packaging, Inc., extending the terms and <br />conditions of the original development contract dated July 15, 1998; making <br />other findings and provisions related to the subject, was presented. A motion <br />was made by Director Wall, seconded by Director Severson, for approval of the <br />resolution. The motion carried unanimously. <br /> <br /> <br />