1998-04-20-PEDC 317
MINUTES OF THE PARIS ECONOMIC DEVELOPMENT CORPORATION
REGULAR MEETING
April 20, 1998
The Paris Economic Development Corporation met in a regular meeting on
Wednesday, April 20, 1998, at 4:00 P.M., in the City Hall North Annex, Meeting
Room, Paris, Texas. President Curtis Fendley called the meeting to order with
the following boardmembers present: Dick Amis, Michael Rhodes, and Barney
Bray. Also present at this meeting were ex-officio boardmembers, Bobby Ray
Walters, Sims Norment, Executive Director Gary Vest, and City Attorney T. K.
Haynes.
President Fendley stated that the next item on the agenda was approval of the
-- minutes from the previous meeting of the Paris Economic Development
Corporation. He asked if there were any corrections or additions to the minutes
of the previous meeting and there were none. President Fendley stated since
there were no corrections or additions to these minutes they stood approved as
presented.
President Fendley asked Gene Anderson, Director of Finance, to give the
financial report. Mr. Anderson gave the March report. President Fendley asked if
anyone had any questions, and there were none. Boardmember Barney Bray
made a motion, seconded by Boardmember Dick Amis, that the financial report
be approved as presented. The motion carried unanimously.
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Mr. Anderson stated that the Board had requested that he check with the local
financial institutions for interest rates on C.D.'s, etc. He stated that the six month
rate yield varied from 5.00, 5.12, 5.15, 5.17 and 5.35. He said that your current T-
Bill rate is 5.17. He said that you would have to put less than $100,000.00 in each
account for insurance purposes. President Fendley called for discussion from
the boardmembers. Boardmember Bray stated that since this was public funds,
they should be placed in all the local financial institutions that participated in
loans with the Paris Economic Development Corporation. After discussion by the
boardmembers, it was the Board's consensus to divide it evenly among all the
local participating financial institutions with compatible rates. It was the
consensus of the Board to place slightly less than $100,000.00 in each local
participating financial institution consisting of People's National Bank, Lamar
National Bank, Hibernia National Bank, First Federal Savings and Loan
Association, NationsBank and Guaranty Bank-Paris with the remainder in Liberty
National Bank. Boardmember Bray made a motion, seconded by Boardmember
Michael Rhodes, to divide the funds evenly among the local financial institutions
that have participated with the Board in projects. The motion carried
unanimously with Boardmember Dick Amis abstaining from the vote.
President Fendley stated that in the President's Report that he wanted to discuss
boardmember terms. He said when each member of the Board is appointed they
are eligible to serve two (2) consecutive three year terms. He said that in July, he
and Leon Williams will be ineligible to serve another term. He appointed a
committee consisting of Dick Amis, Leon Williams and Gary Vest to make
recommendations to the Board at the May or June meeting in order to provide the
Board's recommendations to the City Council for their July meeting.
President Fendiey asked Mr. Vest to make his report. Mr. Vest discussed the
responses received since the last meeting, and he provided copies of the labor
survey to the Board that will be used in future presentations to prospects. He
said that he had attended several meetings with local industries this past month,
and he had shown the BITCO building three times. President Fendley called for
questions and there were none.
City Attorney Haynes questioned the title on the BITCO machinery and the
foreclosure. Mr. Vest stated that he would have to review the documents. It was
the consensus of the Board that these question should be researched.
President Fendley asked if there was any other business and there being none he
declared the board meeting adjourned.
President Curtis Fendley
ATTEST:
Assistant City Clerk, Barbara Denny