2010-010 RES ESTABLISHING AND APPROVING POLICY GOVERNING UTILITY RATES & RESERVES

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RESOLUTION NO. 2010-010 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, ESTABLISHING AND APPROVING A POLICY GOVERNING UTILITY RATES AND RESERVES; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the refunding of all City of Paris water and sewer revenue debt obligations into a general obligation refunding bond effectively eliminates the rate covenants included in all ordinances dealing with water and sewer system debt issues; and, WHEREAS, the City's Financial Advisor and Bond Counsel recommended that the City adopt a water and sewer rate and reserve policy that requires an identical maintenance of water and sewer rates and associated reserves; and, WHEREAS, the proposed Water & Sewer Rate Maintenance Policy, attached hereto as Exhibit "A", should in all things be approved. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, THAT: Section 1. The findings set out in the preamble to this resolution are hereby in all things approved. Section 2. The Water & Sewer Rate Maintenance Policy, attached hereto as Exhibit "A" be, and the same is hereby approved. Section 3. This resolution shall be effective immediately upon passage. DULY PASSED AND APPROVED this 25th day of January, 2010. z Z/t ~ I ~ " ~ esse Jame reelen, Mayor ATTEST: CQQ".10 nice Ellis, City Clerk APPROVED AS TO FORM: ~ W. Kent McIlya Ci Attorney