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Paris Economic Development Corporation <br />May 21, 2003 <br />Page 2 <br /> <br />cease by Director Norment and carried unanimously. Don Wall was elected <br />President of the Paris Economic Development Corporation. <br /> <br />President Wall called for nominations for Vice President and Director Bass <br />made a motion to elect Mike Dunn as Vice President of the Board by <br />acclamation. The motion was seconded by Director Severson and carried <br />unanimously. <br /> <br />President Wall called for nominations for Secretary/Treasury, and a motion was <br />made by Director Bass nominating Dick Severson by acclamation. The motion <br />was seconded by Director Norment and carried unanimously. <br /> <br />President Wall called for the approval of the minutes from the previous <br />meetings on April 16, May 5, and May 8, 2003. A motion was made by <br />Director Severson, seconded by Director Dunn, for approval of the minutes as <br />presented. The motion carried unanimously. <br /> <br />Director Wall called for the financial report for April. <br /> <br />Gene Anderson, Director of Finance for the City of Paris, came forward <br />advising the Board that he had given the Board an updated report on the sales <br />tax collection and the cash flow statement. Mr. Anderson wanted to make a <br />clarification on a question that was raised by one of the members at the last <br />meeting as he had been out of town on that day. Mr. Anderson stated that the <br />official financial statements have been furnished in the Board' s packet. He said <br />the financial report is essentially a statement of cash flow for the prior month. <br />Mr. Anderson stated that the cash flow statement he has handed out to the <br />board is exactly that, it is cash flow and it does not involve any other assets or <br />liabilities. He emphasized that it is strictly a cash flow statement. Mr. <br />Anderson said there was some misunderstanding about that even two meetings <br />ago when they were discussing what money was part of restricted cash on the <br />report they were looking at that time. Mr. Anderson explained that restricted <br />cash, by definition, is cash that has been restricted by specific vote of the <br />board, and this board has never voted at any time to restrict any cash except <br /> <br /> <br />