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Regular Council Meeting June 13, 2022 Page 7 CLAUSE, A SEVERABILITY CLAUSE, A PENALTY CLAUSE; AND PROVIDING AN EFFECTIVE DATE. Mr. Vine explained that the City was experiencing internet fiber being installed within the city limits and should expect more fiber to be installed in the very near future. He said when deploying a fiber network, traditional trenching methods could be expensive and time- consuming, and cause extensive disruption to the local area, specifically to public roadways. Mr. Vine also said that the proposed ordinance sets forth the constructing a micro -trench within the City limits and establishes the requirement of a permit prior to any micro -trench being constructed and articulates the necessary steps required to successfully be awarded a permit. A Motion to approve this item was made by Council Member Pankaj and seconded by Council Member Pilgrim. Motion carried, 7 ayes — 0 nays. 17. Discuss and confirm appointment of Ron Hervey as Interim Library Director. Mr. Vine said Tim DeGhelder, Library Director, announced his resignation effective June 3, 2022 and that City Manager Grayson Path had identified Ron Hervey to serve as Interim Library Director. A Motion to approve the confirmation of Ron Hervey as Interim Library Director was made by Council Member Knox and seconded by Council Member Pankaj. Motion carried, 7 ayes — 0 nays. 18. Discuss and provide direction on pursuing a Pension Bond and agreement with the Paris Firefighters Pension Board. City Manager Grayson Path explained that the City of Paris provided two separate retirement programs for its employees and one of those was the Texas Municipal Retirement System for non -fire department personnel and the other one was the Paris Firefighters' Relief and Retirement Fund for fire department personnel. Mr. Path said the Pension was created around 1941, was regulated under the Texas Local Fire Fighters Retirement Act, and was managed by a local Board of Trustees. Mr. Path said in August 2020 he read an article from a Dallas newspaper discussing the various TLFFRA funds throughout the State, which reflected the Paris Pensions was the least funded in the State of Texas, and from there he began investigating the Pension. He also said he learned the Pension would become fully funded in approximately 30 years under the current contribution and payout formula and learned that this had been the expectation for the previous approximately 40 years. Mr. Path said this was a moving target. He said in November of 2021, he met with the Board of Trustees to get an update on the Pension and noted the contributions, along with the current balance of approximately $5 million in' the fund, as an investment was what was keeping the fund afloat. He also said he learned that they were spending more annually on benefits to current retirees than they were bringing in through collection. Mr. Path reported the trajectory would not be accomplished without an increase in the contribution and/or a large deposit of funding into the Pension fund and added whether a firefighter made higher