18-A Pat Mayse Lake Water Rights Report
City of Paris
Current Status of Amount Due the Corp of Engineers
Pat Mayse Reservoir
January 2007
The contract with the Corp of Engineers does not allow for a lump sum payment
toward the outstanding principal. This has been confirmed by the Corp staff.
The City is currently paying on Spaces 1 & 2. The amount currently outstanding is:
Principal
Interest
Total
Space 1 Space 2 Total
$ 226,040 $383,577 $609,617
$ 44,732 $145,909 $190,641
$ 270,772 $ 529,486 $ 800,258
The final payment on Space 1 will be made in 2017.
The final payment on Space 2 will be made in 2027.
The amount currently outstanding on Spaces 3, 4, & 5 is as follows.
Principal $
Interest $
Total $
4,716,436
4,633,860
9,350,296
The amounts for Spaces 3, 5, and 5 are based on original construction costs of $1,925,722
plus accrued interest to date of $2,790,714. The interest is based on the maximum payout
period of 50 years. The payout period could be less at our option.
Total future costs based on the above scenario is $10,150,554.
The City's proposed cash payment in recent legislation was $3,461,432.
If updated, the cash payment number would now be closer to $3,580,000.
The City currently has $3,888,355 available to make such a cash payment.