03 Prelim. Official Statement - Laserfiche WebLink

Home Browse Search

Sewer Facilities Sewer treatment is provided by one wastewater treatment plant with a permitted capacity of 7.25 million gallons per day and 9,9 million gallons per day peak capacity. Present average daily flow is approximately 4.7 million gallons, Peak flows are controlled by use of flow equalization basins. Peak flows using this method have been controlled to approximately 8.6 million gallons per day. The sewer collection system is composed of approximately 190 miles of collection lines with approximately 10,000 connections (taps) onto the system and 18 pumping stations. All pumping stations are equipped with a state-of-the-art computerized alarm and data acquisition system. The master pumping stations is considered part of the treatment plant and has alarms that connect directly to the plant. INVESTMENT POLICIES The City invests funds in instruments authorized by Texas law in accordance with investment policies approved by the Council of the City. Both state law and the City's investment policies are subject to change. Investment Authority and Policies The Issuer invests its investable funds in securities and investments prescribed by the Texas Public Funds Investment Act, Chapter 2256, Texas Government Code, as amended (the "investment Act"). The Investment Act requires that the Issuer establish an investment policy to ensure that Issuer funds are invested only in accordance with State law. The Issuer's investments are managed by its Assistant City Manger / Director of Finance, who reports to the City Council. The Investment Act requires that investments be made with judgment and care, under prevailing circumstances that a person of prudence, discretion and intelligence would exercise in the management of his or her own affairs, not for speculation, but for investment, considering the probable safety of capital and the probable income to be derived. The investment Act requires that investment policies be written, that they primarily emphasize safety of principal and liquidity, and that they address investment diversification, yield and maturity and the quality and capability of investment management. The Issuer's investment policies meet these criteria. Unless otherwise authorized by law, a person may not deposit, withdraw, invest, transfer, or manage in any other manner entity funds without express written authority of the governing body, chief executive officer, or chief financial officer of the investing entity. Legal Investments The Investment Act and other state laws provides that political subdivisions in the State may invest in (i) obligations of the United States or its agencies and instrumentalities, (ii) direct obligations of the State or its agencies, (iii) other obligations unconditionally guaranteed or insured by or backed by the full faith and credit of the State, the United States or its agencies and instrumentalities, (iv) obligations of states and political subdivisions of any state which are rated as to investment quality at least "A" or its equivalent, (v) certificates of deposit issued by state and national banks or savings and loan associations domiciled in the State, (vi) prime domestic banker's acceptances, (vii) commemial paper with a stated maturity of 270 days or less that meets certain rating criteria, (viii) fully collateral[zed repurchase agreements having a defined termination date which are secured by obligations described in clause (i) that are pledged to the issuer and deposited with a third party, (ix) no load money market mutual funds which are regulated by the Federal Securities and Exchange Commission with a dollar weighted average stated maturity of 90 days or less and whose objectives include seeking to maintain a stable asset value of $1.00 per share and (x) an eligible public funds investment pool, (xi) obligations issued, assumed, or guaranteed by the State of Israel, and (xii) a qualified common trust fund or comparable investment device that is owned or administered by a Texas-domiciled bank and consists exclusively of obligations described above. The Issuer may invest in such obligations directly or through government investment pools that invest solely in such obligations. Investment Strategy It is the policy of the City of Paris to invest public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the entity and conforming to all state and local statutes governing the investment of public funds. Investment strategies for operating funds have as their primary objective to assure that anticipated flows are matched with adequate investment liquidity. The secondary objective is to create a portfolio structure which will experience minimal volatility during economic cycles. This may be accomplished by purchasing high quality, short to medium securities which will complement each other in a laddered maturity structure. The dollar weighted average maturity target will be 365 days or less. investment strategies for debt service funds shall have as the primary objective the assurance of investment liquidity adequate to cover the debt service obligation on the required payment date. Securities pumhased shall not have a stated final maturity which exceeds the debt service payment date. 12