Paris, Tenn.—History was made today when the Paris Utility Authority was officially formed and held its first meeting. The initial make-up of the Authority board is the same as the present Paris Board of Public Utilities and, with Terry Wimberley serving as President and CEO, board members elected the same officers: Chairman David Flowers and Vice Chair Ralph Anderson.
Today’s session was a Zoom video conferencing meeting.
Paris City Commission unanimously approved the formation of the Paris Utility Authority at its meeting last Thursday evening and the charter was filed Friday with the Tennessee Secretary of State.
Wimberley opened the meeting recognizing the board members as charter members of the Paris Utility Authority Board of Directors. The five board members and legal counsel are:
- David Flowers
- Ralph Anderson
- Terry Fuller
- Michael Murphey
- Butch Powers
- Steve Greer-Attorney
Board Members adopted the current utility rate schedules, policies and procedures, ratified the charter, and set out the board appointment process. Wimberley noted that the Paris city commission will no longer have a sitting member on the board nor will it nominate members.
Wimberley noted the Authority will formally continue to do business as the Paris BPU to minimize confusion with the public.
The original board members will be presented with a wooden desk ornament shaped like the state of Tennessee that will have today’s date and Paris Utility Authority inscribed.
“The formation of Paris Utility Authority is a positive move for our community and I am proud to be part of this transition,” Wimberley said. “We will continue to work alongside the City of Paris to accomplish great things as a utility.”
Anderson said, “I’ve been on a lot of boards and I want to say that I don’t believed I’ve served on a board that is as professional, compassionate and businesslike as this board.”
“I am proud as both a resident of Henry County and a member of the Paris City Commission, to be a charter member of the Paris Utility Authority Board,” Fuller said. “Today with the forming of the Paris Utility Authority we see the beginning of a new era in service to the citizens of Paris and Henry County. This is an exciting time for our local utility company and is going to open many doors that will allow Paris Utility Authority to better meet the needs of its customers.”
The first order of business was the approval of the “Initial Resolution” that addresses certain matters relating to the organization and operation of the Paris Utility Authority. One item included in this resolution included the formal selection of Wimberley as President and Chief Executive Officer. Additionally, this resolution adopts the current rate schedule from the Paris Board of Public Utilities for the rates moving forward as Paris Utility Authority. This resolution also approves the Paris Utility Authority to do business as the Paris Board of Public Utilities.
“We have been proudly serving the residents of Paris and Henry County for over 80 years as the Paris Board of Public Utilities,” said Wimberley. “Our customers know us, they trust us, they rely on us and we don’t want that to change. Our goal is that this transition will go unnoticed by our customers and our customers can still expect the same level of service and reliability they have come to know.”
The board then approved the Assignment and Assumption Agreement. Prior to this meeting, the agreement was already approved by the Paris BPU Board and the Paris City Commission. The agreement describes the assignment of assets, debts, and liabilities and addresses several legal agreements between the parties.
Additionally, the board approved the Municipal Advisory Agreement. This agreement with Raymond James & Associates outlines the relationship with Raymond James as the financial advisor for Paris Utility Authority. Raymond James will consult with and advise PUA with respect to its debt obligations.
The final two items approved by the board were an Engagement Letter and Electric System Revenue Bond Resolution. The engagement letter formally engages Bass Berry & Sims as bond counsel in connection with the issuance of electric revenue bonds associated with the transfer of utility assets to Paris Utility Authority. The Electric System Revenue Bond Resolution authorizes the issuance of electric system bonds to refinance current electric system debt. The resolution also describes the issuance, sale and payment of the bonds.
The next meeting of the Paris Utility Authority Board of Directors will take place Tuesday, May 26 following the Paris Board of Public Utilities Board Meeting.
Photo by Shannon McFarlin