Paris, TN – At the monthly meeting of the Board of Public Utilities Tuesday, the directors voted on several action items, one of which included making modifications to the utility’s HVAC Loan Program.
Currently the eligibility requirements for single units and multiple units are identical. After hearing from BPU Business Manager Charlie West, the board voted to approve the addition of two additional levels of financing opportunities for customers. The first new level of financing is up to $13,000 for multiple units with a required Beacon Score of 700. The second new level of financing is up to $15,000 with a required Beacon Score of 750.
“The success of BPU’s HVAC Loan Program is evident by our customer’s desires to finance through the BPU program,” according to BPU General Manager Terry Wimberley. “Customers who found BPU’s program advantageous for their first unit often prefer to finance additional units through the BPU program and we proposed this adjustment to our guidelines to better meet the changing needs of our customers.”
Additionally, the board voted to allow BPU to request that the state return the balance of unclaimed property that BPU has remitted to the state that has remained unclaimed for two years.
The board also voted to approve the quarterly write-off of delinquent accounts in the amount of $9,750.11.
Wimberley reminded the board about the proposed rate increase that would be effective October 1, 2019. This proposed increase would be the 2nd and final anticipated increase of BPU’s five-year financial plan. The increase would be a flat $1.75 monthly increase, a total of $21 annually, to the Service Availability Charge for residential and small general services customers. After this increase, no rate increases would be anticipated for the following three fiscal years.
The final action item from the meeting was a motion to send a USDA Rural Development loan resolution to the City Commission to be considered at their May 2 meeting next week. The board voted to approve the resolution to authorize a maximum loan amount of $14,130,000 to fund the completion of wastewater system rehabilitation as set forth in the Consent Order from the State.
“The Rural Development loan has been discussed for several months and this resolution moves us closer to closing the deal on the loan and receiving the funds,” said Wimberley. “Wastewater rates are already in force to support the debt service on the loan.”
The May meeting of the board will take place on Tuesday, May 28.
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