Paris, TN – At the Paris Utility Authority (PUA) Board of Directors October meeting, healthy net incomes for the month and fiscal year-to-date were reported. Cash balances are solid after one quarter of fiscal year 2025. The solar installation at Puryear is performing well. Power cost savings from the project this year are ahead of calendar year 2023 savings.
Bids for demolition of the old water treatment plant and clearwell were approved. Following review of three local bids, the project was awarded to the low bidder, Norwood Construction, at a total of $465,000. All structures on the old plant property will be removed and the property will be graded and stabilized for any future use.
Next, the board reviewed a draft Public-Private Partnership agreement between Paris Utility Authority and TEC. The agreement defines the relationship between the two parties regarding the use of existing and future fiber optic infrastructure. As outlined in the Letter of Intent at the September meeting, the new fiber optic network will enhance the electric, water, and wastewater systems by providing a more robust ability to monitor and control critical functions throughout the service area. Additionally, through TEC, the network will offer high-speed internet access to residents and businesses, bridging the digital divide and fostering local economic growth. No formal action was taken on the agreement. Approval will appear on a future board agenda.
In a related item, the Board approved a $17M bond resolution that will fund the Authority’s build out of the new fiber optic infrastructure. Pending state approval, the bonds are expected to go to market in early December with funds in place by the end of the year.
In other business, the Board approved the quarterly write-off of delinquent accounts and presented various state required reports on debt for review.
The November meeting of the Board is scheduled for Tuesday, November 26, 2024.