2012-079 RES ACKNOWLEDGING AND APPROVING RENEWAL OF LOAN AGREEMENT AND PROMISSORY NOTE BETWEEN PEDC AND CAPITAL ONE N.A. BANKRESOLUTION NO. 2012-079
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS,
TEXAS, ACKNOWLEDGING AND APPROVING THE RENEWAL OF A
LOAN AGREEMENT AND PROMISSORY NOTE BY AND BETWEEN
THE PARIS ECOIVOMIC DEVELOPMENT CORP. "BORROWER" AND
CAPITAL ONE, N.A. BANK "LENDER" FOR A REVOLVING LINE OF
CREDIT IN THE AMOUNT OF TWO MILLION DOLLARS
($2,000.000.00); MAKING OTHER FINDINGS AND PROVISIONS
RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE.
WHEREAS, the Paris Economic Development Corporation is a non-profit
corporation established under the Development Corporation Act of 1979 (the Act)
and was created for the purposes of promoting, assisting, and enhancing economic
development in the City of Paris, Lamar County, Texas; and,
WHEREAS, on August 14, 2012 at a regular meeting of the Paris Economic
Development Corporation the PEDC Board voted unanimously to renew a loan
agreement in the amount of TWO MILLION DOLLAR ($2,000,000.00) with Capital One
Bank, N.A. for future economic development projects; and
WHEREAS, the City of Paris, Texas is not a party to the loan agreement and
promissory note between Paris Economic Development Corporation "Borrower" and
Capital One Bank, N.A., but the "Lender" but has requested the City Council of the City
of Paris to acknowledge the financing agreements between the Paris Economic
Development Corporation and Capital One Bank, N.A.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PARIS, PARIS, TEXAS:
Section 1. That the findings set out in the preamble of this resolution are
hereby in all things approved.
Section 2. That the City Council of the City of Paris, Texas acknowledges and
approves the renewal of the loan agreement, promissory note and other related loan
documents between the Paris Economic Development Corporation and Capital One
Bank, N.A. for the TWO MILLION DOLLAR (2,000,000.00) revolving line of credit for
future economic development projects.
Section 3. That this resolution shall be effective from and after the date of
passage.
PASSED AND APPROVED this 10th day of September, 2012.
ATTEST:
J ice Ellis, City Clerk
APPROVED AS TO FORM:
W. Kent Mc yar, ' ttorney