1999-01-13-PEDC 423
MINUTES OF THE PARIS ECONOMIC DEVELOPMENT CORPORATION
REGULAR MEETING
January 13, 1999
The Paris Economic Development Corporation met in a regular meeting on
Wednesday, January 13, 1999, at 4:00 P.M., in the City Council Chambers, City
Hall, Paris, Texas. President Mike Rhodes called the meeting to order with the
following boardmembers present: Jay Guest and Dick Amis. Also present were
-- ex-officio boardmembers Councilperson Kevin Gray representing Mayor Charles
Neeley, Chamber President George Struve, Executive Director Gary Vest, 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.
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President Rhodes asked Gene Anderson, Director of Finance, to give the
financial report for the month of December. Mr. Anderson gave the financial
report. In discussing this report Mr. Anderson advised that there are two new
accounts which are the cash account for the Board's interest and sinking fund
and a cash account related to the bond reserve which are required by the recent
bond issue and the issuance of that debt. Mr. Anderson stated that the Board
would probably want to put this reserve in some type certificate or other
investment because these amounts will be held during the life of the bond issue.
He stated that this can only be used in an instance where the sales tax is not
available to make a payment on the debt. Mr. Anderson said at the present time
this fund is in an interest bearing account at Liberty National Bank. After
discussion by the Board, it was there consensus for Mr. Anderson to place this
fund into a certificate of deposit and report on this transaction at the next Board
meeting. 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.
President Rhodes asked Gary Vest to give the Director's Report. Mr. Vest
discussed responses received due to the advertising program and stated that on
January 11, 1999, he had given the quarterly and annual report for the Paris
Economic Development Corporation to the City Council. He reviewed this
presentation for the boardmembers.
Mr. Vest stated that there were a couple of items that he would like to see
accomplished this year. He said one of those items is the development of the
Northwest Industrial Park by developing it as a first class industrial site with a
master plan, infrastructure plan with costs estimates and time projections, and a
model building plan.
Mr. Vest said the other item is the Hearne Street Project. He said that this item
has been previously discussed and would service Rodgers Wade and Delta
Logistics. He said this is very important due to truck usage in this area and the
Rodgers Wade expansions. Mr. Vest stated that he would like for the Board to
strongly consider these items over the short term.
President Rhodes said the next item on the agenda was consideration of and
action on appointing an auditor to conduct the independent annual audit for fiscal
year ending September 30, 1998. He stated that one bid had been received and
he asked Finance Director Gene Anderson to discuss this item. Mr. Anderson
discussed the proposal received from Malnory, McNeal & Company.
Boardmember Amis made a motion, seconded by Boardmember Guest,
appointing Malnory, McNeal & Company to conduct the independent annual audit
for fiscal year ending September 30, 1998, for the Paris Economic Development
Corporation. The motion passed unanimously.
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