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04-B C-Tech Incentive Agmt
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04-B C-Tech Incentive Agmt
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Last modified
11/8/2005 11:20:40 AM
Creation date
6/6/2003 6:05:20 PM
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Template:
AGENDA
Item Number
4-B
AGENDA - Type
RESOLUTION
Description
Approving the Incentive Agreement with C-Tech and associated funding from Hibernia Bank
AGENDA - Date
6/9/2003
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BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, <br />TEXAS: <br /> <br /> Section 1. That the findings set out in the preamble to this resolution are hereby in all <br />things approved. <br /> <br /> Section 2. That the Incentive Agreement between the Paris Economic Development <br />Corporation and C-Tech, Inc., attached hereto as Exhibit A, be, and the same is hereby, <br />approved. <br /> <br /> Section 3. That the borrowing of up to $2,000,000.00 from Hibernia National Bank in <br />the form of a line of credit to fund the incentives provided under the Incentive Agreement with <br />C-Tech, Inc. and to have resources available to fund other possible incentives to future <br />prospects, bearing interest at varying rates and terms as stated in the financing proposal attached <br />hereto as Exhibit B, and payable to Hibernia National Bank in accordance with the terms <br />thereof, be, and the same is hereby, approved. <br /> <br /> Section 4. That this resolution shall be effective from and after its date of passage. <br /> <br /> PASSED AND ADOPTED this 9th day of June, 2003. <br /> <br /> Curtis Fendley, Mayor <br /> <br />ATTEST: <br /> <br />Mattie Cunningham, City Clerk <br /> <br />APPROVED AS TO FORM: <br /> <br />Larry W. Schenk, City Attorney <br /> <br /> <br />
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