19-A Pine Mill Grade Separation Project funds
DAction
CITY OF PARIS, TEXAS
CITY COUNCIL AGENDA REQUEST
MEETING DATE: I April 9, 2007
D Discussion [gIlnformation DRefer to:
SUBMITTED BY:
I Gene Anderson, Finance Director
DESCRIPTION:
Expenditures authorized at the March 26, 2007 meeting in order to go forward with
Phase II of the Wastewater System Improvement Project at Pine Mill Road and
Loop 286 will not affect the City's efforts to purchase water rights at Pat Mayse
Reservoir. Funds for the Pine Mill Road Project will come from interest accruals on
two reserve funds required under a bond covenant. The reserves are fully funded
without the accrued interest. Money for the Pat Mayse water rights purchase will
come from bond proceeds and the Pat Mayse Reserve Fund.
BACKGROUND INFORMATION:
The Council requested verification that the money being used for the Pine Mill
Road Project would not adversely affect the City's efforts to pay for the water rights
at Pat Mayse Reservoir.
FISCAL AUTHORITY:
BUDGETED: No
Funds will come from excess interest in the Water & Sewer Contingency Fund and
the Water & Sewer Revenue Bond Reserve Fund.
LEGAL REVIEW:
I
MANAGER'S RECOMMENDATION: