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<br />City of Paris <br />Current Status of Amount Due the Corp of Engineers <br />Pat Mayse Reservoir <br />January 2007 <br /> <br />The contract with the Corp of Engineers does not allow for a lump sum payment <br />toward the outstanding principal. This has been confirmed by the Corp staff. <br /> <br />The City is currently paying on Spaces 1 & 2. The amount currently outstanding is: <br /> <br />Principal <br />Interest <br />Total <br /> <br />Space 1 Space 2 Total <br />$ 226,040 $383,577 $609,617 <br />$ 44,732 $145,909 $190,641 <br />$ 270,772 $ 529,486 $ 800,258 <br /> <br />The final payment on Space 1 will be made in 2017. <br />The final payment on Space 2 will be made in 2027. <br /> <br />The amount currently outstanding on Spaces 3, 4, & 5 is as follows. <br /> <br />Principal $ <br />Interest $ <br />Total $ <br /> <br />4,716,436 <br />4,633,860 <br />9,350,296 <br /> <br />The amounts for Spaces 3, 5, and 5 are based on original construction costs of $1,925,722 <br />plus accrued interest to date of $2,790,714. The interest is based on the maximum payout <br />period of 50 years. The payout period could be less at our option. <br /> <br />Total future costs based on the above scenario is $10,150,554. <br /> <br />The City's proposed cash payment in recent legislation was $3,461,432. <br />If updated, the cash payment number would now be closer to $3,580,000. <br /> <br />The City currently has $3,888,355 available to make such a cash payment. <br />