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Regular Council Meeting May 16, 2016 Page 5 to explore ways to resolve this problem. He said the areas of Paris that had suffered the most were the most financially challenged sections, where residents generally were inadequately insured. Mayor Hashmi depicted a list of calls that were made to the police department for help from residents. Mayor Hashmi suggested the Council take immediate action to assure the residents' flooding issues were resolved and devise a drainage plan that ensured these types of incidents were minimized. He said the City had a sound financial status, had been able to meet most of is requirements and pay debt in a timely fashion, had been able to do a $45 million water and sewer bond issue that was progressing well for the most part and kept the tax rate down compared to other cities with similar population. Mayor Hashmi pointed out that by the year 2020 the City will have reduced their payment by $460,000 a year. He said a one -cent increase in the City's tax rate would raise approximately $148,000 which would cover a debt payment of $1.8 million. He also said that a one -cent tax rate would amount to $8.00 more a year for the average $80,000 home owner in Paris, and the City's tax rate would continue to be lower than other Texas cities of comparable size. Mayor Hashmi suggested the Council immediately implement a city -wide drainage improvement plan to be financed by lowering the required minimum reserves from the current five months of operating expenses to four months, which would free approximately $1.84 million for drainage improvement. He said during the next budget year he would like for Council to consider raising $148,000 a year by an increase in the City' tax rate by one cent, enough to support debt of $2.1 million a year to be applied toward improving the drainage system. A Motion to reduce the general fund reserves from five months to four months was made by Mayor Hashmi and seconded by Council Member Clifford. Motion carried, 6 ayes — 0 nays. 16. Discuss and act on ORDINANCE NO. 2016 -012: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS; PROVIDING FOR THE SALE OF REAL PROPERTY AND BUILDING LOCATED AT 811 BONHAM STREET IN THE CITY OF PARIS AND BEING ALL THAT CERTAIN TRACT OF LAND SITUATED IN THE CITY OF PARIS, LAMAR COUNTY, TEXAS, A PART OF THE ASA JARMAN SURVEY, ABSTRACT NO. A PART OF THE 2.62 ACRE TRACT CONVEYED TO THE CITY OF PARIS BY DEED RECORDED IN VOLUME 541, PAGE 568 OF THE LAAMR COUNTY DEED RECORDS AND BEING FURTHER DESCRIBED HEREIN; PROVIDING A REPEALER CLAUSE; PROVIDING A SEVERABILITY CLAUSE; PROVIDING A SAVINGS CLAUSE; AND PROVIDING AN EFFECTIVE DATE. Mr. Godwin reported that the City advertised for bids on the sale of the old police station and health department. He said the City received no bids on the health facility, but received one qualified bid on the old police department. He said the bid was for $1.00 and due to extensive asbestos present in the building, its effective market value was zero. Mr. Godwin recommended accepting the bid. A Motion to approve this item was made by Mayor Hashmi and seconded by Council Member Lancaster. Motion carried, 6 ayes — 0 nays.