2003-002-PEDCR
PARIS ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION NO. 2003-002
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PARIS
ECONOMIC DEVELOPMENT CORPORATION, AUTHORIZING THE
FINANCE DIRECTOR OF THE CITY OF PARIS TO MAKE
APPROPRIATE INVESTMENTS IN ORDER TO MAINTAIN THE
SECURITY OF PEDC FUNDS; MAKING OTHER FINDINGS AND
PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the Paris Economic Development Corporation is a non-profit corporation
governed by the Development Corporation Act of 1979 (the Act) and was established for the
purposes of promoting, assisting, and enhancing economic development; and,
WHEREAS, the means and measures authorized by the Act and the assistance provided
therein with respect to financing are found to be in the public interest and serve a public purpose
of the state in promoting the welfare of the citizens of the state economically by securing and
retaining business enterprises and the resulting maintenance of a higher level of employment,
economic activity, and stability; and,
WHEREAS, in keeping with the purposes for which the legislature enacted the
Development Corporation Act of 1979 and the purposes for which the voters of the City of Paris
established the Paris Economic Development Corporation, it is deemed appropriate that the
Finance Director of the City of Paris be authorized to make appropriate investments of funds that
are uninsured or not secured by pledged securities in order to maintain the security of PEDC
funds; NOW, THEREFORE,
BE IT RESOLVED
CORPORATION:
BY THE PARIS
ECONOMIC
DEVELOPMENT
Section 1. That the findings set out in the preamble to this resolution are hereby in all
things approved.
Section 2. That the Director of Finance of the City of Paris be, and he is hereby,
authorized and directed to make appropriate investments of funds that are uninsured or not secured
by pledged securities, including establishing new accounts, diversifying accounts, or taking other
similar actions, in order to maintain the security of PEDC funds.
Section 3. That this resolution shall be effective from and after its date of passage.
PASSED AND ADOPTED this 12th day of F~
Jay Guest, President
ATTEST:
APPROVED AS TO FORM:
~~eY