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<br />DAction <br /> <br />CITY OF PARIS, TEXAS <br />CITY COUNCIL AGENDA REQUEST <br />MEETING DATE: I April 9, 2007 <br /> <br />D Discussion [gIlnformation DRefer to: <br /> <br />SUBMITTED BY: <br /> <br />I Gene Anderson, Finance Director <br /> <br />DESCRIPTION: <br /> <br />Expenditures authorized at the March 26, 2007 meeting in order to go forward with <br />Phase II of the Wastewater System Improvement Project at Pine Mill Road and <br />Loop 286 will not affect the City's efforts to purchase water rights at Pat Mayse <br />Reservoir. Funds for the Pine Mill Road Project will come from interest accruals on <br />two reserve funds required under a bond covenant. The reserves are fully funded <br />without the accrued interest. Money for the Pat Mayse water rights purchase will <br />come from bond proceeds and the Pat Mayse Reserve Fund. <br /> <br />BACKGROUND INFORMATION: <br /> <br />The Council requested verification that the money being used for the Pine Mill <br />Road Project would not adversely affect the City's efforts to pay for the water rights <br />at Pat Mayse Reservoir. <br /> <br />FISCAL AUTHORITY: <br />BUDGETED: No <br /> <br />Funds will come from excess interest in the Water & Sewer Contingency Fund and <br />the Water & Sewer Revenue Bond Reserve Fund. <br /> <br />LEGAL REVIEW: <br /> <br />I <br /> <br />MANAGER'S RECOMMENDATION: <br />