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DRAFT <br />attorney\reswork\current\Policy - Utility Rates & Reserves 2030 <br />RESOLUTION NO. <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, <br />ESTABLISHING AND APPROVING A POLICY GOVERNING UTILITY RATES AND <br />RESERVES; MAKING OTHER FINDINGS A1VD PROVISIONS RELATED TO THE <br />SUBjECT; A1VD DECLARIIVG AN EFFECTIVE DATE. <br />WHEREAS, the refunding of all City of Paris water and sewer revenue debt obligations into a <br />general obligation refunding bond effectively eliminates the rate covenants included in all <br />ordinances dealing with water and sewer system debt issues; and, <br />WHEREAS, the City's Financial Advisor and Bond Counsel recommended that the City adopt <br />a water and sewer rate and reserve policy that requires an identical maintenance of water and <br />sewer rates and associated reserves; and, <br />WHEREAS, the proposed Water & Sewer Rate Maintenance Policy, attached hereto as <br />Exhibit "A", should in all things be approved. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, <br />TEXAS, THAT: <br />Section 1. The findings set out in the preamble to this resolution are hereby in all things <br />approved. <br />Section 2. The Water & Sewer Rate Maintenance Policy, attached hereto as Exhibit "A" be, <br />and the same is hereby approved. <br />Section 3. This resolution shall be effective immediately upon passage. <br />DULY PASSED AND APPROVED this 25th day of January, 2010. <br />Jesse James Freelen, Mayor <br />ATTEST: <br />Janice Ellis, City Clerk <br />APPROVED AS TO FORM: <br />W. Kent McIlyar, City Attorney <br />a ~~~007~ <br />