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Story Archives: Entergy hands over $1.2 million to city
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Entergy hands over $1.2 million to city
The city of Monroe this week received checks for more than $1.2 million from Entergy as part of a $7-million settlement the city and Entergy agreed upon in 2006.
Mayor Jamie Mayo was given the checks by Kenney Solley, Entergy's regional customer service manager.
The $7-million settlement occurred after years of debate between the city and Entergy over an operating agreement issue dating to 2002.
Mayo said the city's legal department negotiated the dispute for the past four years to come up with the settlement.
Entergy agreed to pay an additional $155,000 to the city when it makes its annual operating agreement payment prior to the end of each fiscal year, for the remaining 32 years of the operating agreement, ending with the final payment on April 30, 2038.
The $155,000 is in addition to any other annual payments due to the city under the terms of the original operating agreement. Of this amount, $75,000 will go into the city's capital equipment account and the remaining $75,000 will be earmarked for the city's administrative economic development fund.
The payment delivered to the city Monday is the second payment of this type received under the settlement. |
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