“The formation of Paris Utility ity is a positive move for our community and I am proud to be part of this transition,” said Paris Utility ity President and CEO, Terry Wimberley. “We will continue to work alongside the City of Paris to accomplish great things as a utility.”
Moving swiftly to make sure the transition to Paris Utility ity is complete by June 30, the first board meeting of the Paris Utility ity was held Monday, May 18, 2020.
Wimberley opened the meeting recognizing the board members as charter members of the Paris Utility ity Board of Directors. The five board members and legal counsel are:
- David Flowers
- Ralph Anderson
- Terry Fuller
- Michael Murphey
- Butch Powers
- Steve Greer-Attorney
“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 ity Board,” said Paris Utility ity Board Member, Terry Fuller. “Today with the forming of the Paris Utility ity 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 ity 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 ity.? One item included in this resolution included the selection of Terry 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 ity. This resolution also approves the Paris Utility ity 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.
Next, 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 ity.? 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 ity.? The Electric System Revenue Bond Resolution izes 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 ity Board of Directors will take place Tuesday, May 26 following the Paris Board of Public Utilities Board Meeting.