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How much do we owe? <br />o Attached in the next slide is where we stand with <br />our committed debt. <br />o As seen, by the year 2020 -three years from now -- <br />we will have a reduction in our payment by <br />$460,000 a year. <br />o A one -cent increase in the city's tax rate will raise <br />approximately $148,000, which city finance <br />director Gene Anderson says will cover a debt <br />payment of $1.8 million. <br />o A one -cent raise in taxes would amount to $8 more <br />a year for the average $80,000 residence in Paris, <br />and the city's tax rate would continue to be lower <br />than other Texas cities of comparable size. <br />