Paris, Tenn.– Meeting Tuesday, the Paris Utility Authority Board approved a pair of USDA resolutions to officially award contracts for the water system improvements that were confirmed last month. The first contract to Revell Construction will cover parts of West Paris and the second contract to Barsto Construction Inc. will cover parts of downtown Paris.
The board also approved a resolution to issue $7.9 million in water system revenue bonds through USDA. The USDA resolution to accept the loan was approved back in September of 2023.
Following the approval of the water system bonds, the board approved the Raymond James Master Agreement Amendment, which defines how Raymond James will advise Paris Utility Authority in the sale and issuance of the Water System Revenue Improvement Bond Anticipation Note, Series 2025.
The BAN funds will finance the construction of the improvements, reimburse prior engineering expenditures, and pay the cost of issuance. The BAN will be paid off by the USDA loan upon completion of the project when the $7.9M will become long term debt. Commercial Bank and Trust is the lender for the BAN.
In his report to the Board, President Terry Wimberley shared the new utility bill design and explained some of the key features. Wimberley hopes the new design will allow for greater transparency and that customers will feel more confident in navigating and paying their bill moving forward.
The January meeting of the Board is scheduled for January 28, 2025.