2010-111 RES CITY MANAGER TO EXECUTE SUPPLEMENTAL AGREEMENT FOR WATER RIGHTS TO PAT MAYSE RESERVOIR

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RESOLUTION NO. 2010-111 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, AUTHORIZING THE CITY MANAGER TO EXECUTE A SUPPLEMENTAL AGREEMENT WITH THE U.S. GOVERNMENT FOR WATER RIGHTS TO THE PAT MAYSE RESERVOIR; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of Paris has entered into several water contracts with the U.S. Corps of Engineers for water rights at the Pat Mayse Reservoir, Lamar County, Texas; and, WHEREAS, on February 26, 2007, in Resolution No. 2007-030, the City Council authorized the City Manager to propose a cash settlement to prepay the Pat Mayse Reservoir Purchase Contract for Water Rights in the amount of $3,461,432.00; and, WHEREAS, the U.S. Congress approved the prepayment proposal in November 2007 as part of the Water Resources Development Act ("WRDA"); and, WHEREAS, a proposed Supplemental Agreement No. 2 was received by the City from the U.S. Corps of Engineers, attached hereto as Exhibit A; and, WHEREAS, by executing this Supplemental Agreement No. 2, the City of Paris will have paid, in full, its obligation regarding the water rights in Pat Mayse Reservoir; and, WHEREAS, the U.S. Corps of Engineers has also agreed to refund the Ciry of Paris $149,484.03 for the principal and A of payments thehCity'sy accwas eptancelrof make between the passage of the WRD supplemental agreement; and, WHEREAS, the City has the funds needed to make said payment held in reserve for this purpose and is prepared to make said payment upon approval of the Supplemental Agreement No. 2 by the City Council; and, WHEREAS, the City will be required to continue to pay its share of actual0&M costs at the Lake estimated to be $70,000 to $100,000 annually; and WHEREAS, it would be in the best interest of the City of Paris and its citizens to authorize the City Manager to make a S settlement attachedshereto and i corporat d Engineers in the form of the Supplementa1 Agment herein as Exhibit A to fulfill the City's obligation under these water contracts; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS: Section 1. That the findings set out in the preamble to this resolution are hereby in all things approved.