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<br />WHEREAS, on April 24, 2006, a public hearing was held, at which time the Company <br />was given an opportunity to address the City Council regarding its current rates; and <br /> <br />WHEREAS, GURA S 104.151(a) provides that if a regulatory authority, on its own <br />motion or on complaint by an affected person, after reasonable notice and hearing, finds that the <br />existing rates of a gas utility for a service are unreasonable or in violation of law, the regulatory <br />authority shall enter an order establishing the just and reasonable rates to be observed thereafter, <br />and serve a copy of the order on the gas utility; and <br /> <br />WHEREAS, GURA S 104.151(b) provides that the rates thus ordered by the regulatory <br />authority constitute the legal rates of the gas utility until changed as provided by GURA; and <br /> <br />WHEREAS, after affording reasonable notice and hearing to the Company, it is the <br />City's opinion that the Company's current rates are not reasonable; and <br /> <br />WHEREAS, based upon such hearing, the briefing of staff, and the consultants' <br />findings, the City has made a determination of the reasonableness of the existing rates of the <br />Company, and has determined just and reasonable rates to be hereafter observed and enforced <br />for all services of the Company within the City; NOW, THEREFORE, <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, <br />TEXAS: <br /> <br />Section 1. That the findings set out in the preamble to this ordinance are hereby in all <br />things approved. <br /> <br />Section 2. That the Company was given reasonable notice of the hearing held on April <br />24, 2006, and the Company had a reasonable opportunity to show to the City that its rates were <br />just and reasonable. <br /> <br />Section 3. That the Company failed to show that its existing rates are just or <br />reasonable. <br /> <br />Section 4. That the rates set forth on Attachment "A" to this Ordinance, which <br />attachment shall be incorporated herein as if it were fully set forth herein, are just and reasonable <br />rates: <br />a. The rates set forth in Attachment "A" establish the Company's overall revenues at an <br />amount that will permit the Company a reasonable opportunity to earn a reasonable <br />return on its invested capital used and useful in providing service to the public in excess <br />of the Company's reasonable and necessary operating expenses, in compliance with <br />GURA S 104.051; and <br />b. The rates set forth in Attachment "A" do not yield more than a fair return on the <br />adjusted value of invested capital used and useful in providing service to the public, in <br />compliance with GURA S 104.052. <br /> <br />1668\14\Rate Ord\ord060330kpd Rate Ord <br /> <br />2 <br />