Is there a way to use and =if() statement to put a date if one condition is met and text if the other is met?

What I am looking for:

=IF(cell a1="Blank",text="Not Paid",date="01/01/08)

Basically the mean if cell A1 is blank, put the words "Not Paid" into the active cell, if there is something there (This cell will be filled with a date formated number) then put the date that is in cell A1 into the active cell.

I hope this makes sense. Please let me know if you need any clarification.

Thanks in advance!