1998-08-12-PEDC 377
MINUTES OF THE PARIS ECONOMIC DEVELOPMENT CORPORATION
REGULAR MEETING
August 12, 1998
The Paris Economic Development Corporation met in a regular meeting on
Wednesday, August 12, 1998, at 4:03 P.M., in the City Council Chambers, City
Hall, Paris, Texas. President Mike Rhodes called the meeting to order with the
following boardmembers present: Dick Amis and Jay Guest. Also present at this
meeting were ex-officio boardmembers, Sims Norment, Bobby Walters, Mayor
Charles Neeley, Jodi Carr, City Manager Michael E. Malone and City Attorney
Scott Foster.
President Rhodes 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. Boardmember Dick Amis made a
-- motion, seconded by Boardmember Jay Guest, that the minutes be approved as
presented. The motion carried unanimously.
President Rhodes asked Gene Anderson, Director of Finance, to give the financial
report. Mr. Anderson gave the July report. President Rhodes asked if anyone had
any questions, and there were none. Boardmember Amis made a motion,
seconded by Boardmember Guest, that the financial report be approved as
presented. The motion carried unanimously.
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President Rhodes asked Ms. Jodi Carr to give the Director's Report in the
absence of Mr. Vest. Ms. Carr discussed responses received due to the
advertising program and various activities since the last meeting in connection
with economic development.
President Rhodes asked City Attorney Scott Foster to give his report at this time.
City Attorney Foster discussed Boardmember Barney Bray's question
concerning the lease/purchase. He said that he had checked into the matter of
ownership, and in the case of default the person who is the purchaser retains an
equitable right of ownership in that property. Mr. Foster said that he is drawing
up the contract to reflect the law as it stands, and a pass around resolution will
be needed authorizing the contract upon completion. President Rhodes called for
any questions concerning Mr. Foster's report and there were none.
Mr. Anderson, Director of Finance, stated that in connection with the bond issue
it might be necessary for the Paris Economic Development Corporation to have a
separate audit as opposed to having the funds included in the City of Paris's
Audit. Mr. Anderson also said in connection with the bond issue the Board might
consider pledging any loan repayment amount from the printing company toward
the payment of the debt. He said there are some advantages to doing this, and it
frees up your sales tax money more quickly and allows you toissue additional
bonds in the future. Mr. Anderson said that it is currently not written this way and
should the Board decide to take this option, please advise him of this decision as
soon as possible.
President Rhodes asked if there was any other business and there being none he
declared the board meeting adjourned.
President Michael Rhodes
ATTEST:
Assistant City Clerk, Barbara Denny