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<br />" <br /> <br />,. <br /> <br />NOW, THEREFORE, for and in consideration of the benefits which <br />will accrue to the parties hereto by virtue of the completion of <br />the project, IT IS MUTUALLY COVENANTED AND AGREED as follows: <br /> <br />Part II - Offer of Financial Assistance <br /> <br />1. The allowable costs of the project shall not include any costs <br />determined by the State to be ineligible for consideration as <br />to allowability under the AlP, the V.T.C.A. Transportation <br />Code, Chapters 21-22, et seq., (Vernon and Vernon Supp), and <br />the Airport Zoning Act, Tex. Loc. Govt. Code Ann. 55 241.001 <br />et seq. (Vernon and Vernon Supp). <br /> <br />2. It is estimated that the total project cost will be <br />approximately $2,400,000.00(Amount A). It is further <br />estimated that approximately $2,400,000.00(Amount B) of the <br />project costs will be eligible for federal financial <br />assistance, and that federal financial assistance will be for <br />ninety percent (90%) of the eligible project costs. For <br />construction projects, the maximum obligation of the United <br />States payable under this offer shall be determined after the <br />receipt of construction bids, and an amendment will be made to <br />this ,agreement to incorporate the maximum federal financial <br />assiatance. <br /> <br />3. It is estimated that the Sponsor's share of the total project <br />costs will be $240,000.00(Amount C). The Sponsor specifically <br />agrees that it shall pay any project costs which exceed the <br />sum of the federal share (90 percent of Amount B). <br /> <br />It is further agreed that the Sponsor will reimburse the State <br />for any payment or payments made hereunder by the State which <br />are in excess of the Federal's percentage of firiancial <br />participation as heretofore stated in Paragraph II~2. The <br />State shall refund to the Sponsor, at the financial closure of <br />the project, any excess funds provided by the Sponsor. <br /> <br />4. Should actual project costs exceed the amount shown above <br />(Amount A), the State may, at the request of the Sponsor, <br />participate in additional eligible costs to the extent of the <br />aforesaid appropriate percentages and subject to the <br />availability of funds. Participation in additional eligible <br />costs may require approval by the Texas Transportation <br />Commission. The State will not authorize expenditures in <br />excess of the dollar amounts identified in this Agreement and <br />any amendments thereto, without the consent of the Sponsor. <br /> <br />Page 2 of 14 <br />