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<br /> <br /> <br /> <br /> <br /> DRAFT <br /> S:\RESWORK\CURRENT\Pat Mayse Reservoir - Water Rights Purchase - RES 2010.docx <br /> RESOLUTION NO. <br /> <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, <br /> AUTHORIZING THE CITY MANAGER TO EXECUTE A SUPPLEMENTAL <br /> AGREEMENT WITH THE U.S. GOVERNMENT FOR WATER RIGHTS TO THE <br /> PAT MAYSE RESERVOIR; MAKING OTHER FINDINGS AND PROVISIONS <br /> RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. <br /> <br /> WHEREAS, the City of Paris has entered into several water contracts with the U.S. <br /> Corps of Engineers for water rights at the Pat Mayse Reservoir, Lamar County, Texas; and, <br /> <br /> WHEREAS, on February 26, 2007, in Resolution No. 2007-030, the City Council <br /> authorized the City Manager to propose a cash settlement to prepay the Pat Mayse <br /> Reservoir Purchase Contract for Water Rights in the amount of $3,461,432.00; and, <br /> <br /> WHEREAS, the U.S. Congress approved the prepayment proposal in November 2007 <br /> as part of the Water Resources Development Act ("WRDA"); and, <br /> <br /> WHEREAS, a proposed Supplemental Agreement No. 2 was received by the City <br /> from the U.S. Corps of Engineers, attached hereto as Exhibit A; and, <br /> <br /> WHEREAS, by executing this Supplemental Agreement No. 2, the City of Paris will <br /> have paid, in full, its obligation regarding the water rights in Pat Mayse Reservoir; and, <br /> <br /> WHEREAS, the U.S. Corps of Engineers has also agreed to refund the City of Paris <br /> $149,484.03 for the principal and interest payments the City was required to make <br /> between the passage of the WRDA of 2007 and the City's acceptance of the new <br /> supplemental agreement; and, <br /> <br /> WHEREAS, the City has the funds needed to make said payment held in reserve for <br /> <br /> this purpose and is prepared to make said payment upon approval of the Supplemental <br /> Agreement No. 2 by the City Council; and, <br /> <br /> WHEREAS, the City will be required to continue to pay its share of actual 0&M costs <br /> at the Lake estimated to be $70,000 to $100,000 annually; and <br /> <br /> WHEREAS, it would be in the best interest of the City of Paris and its citizens to <br /> authorize the City Manager to make a cash settlement proposal to the U. S. Corps of <br /> Engineers in the form of the Supplemental Agreement attached hereto and incorporated <br /> herein as Exhibit A to fulfill the City's obligation under these water contracts; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> PARIS, PARIS, TEXAS: <br /> <br /> <br /> <br /> <br /> <br /> 328 <br />