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<br />NOW, THEREFORE, pursuant to and for the purpose of carrying out <br />the provisions of the Texas Aeronautics Commission Act as amended, <br />and in consideration of (a) the Sponsor's adoption and ratifica- <br />tion of the conditions comprising this Offer as hereinafter pro- <br />vided, and (b) the benefits to accrue to the State of Texas and <br />the public from the accomplishment of the project and the operation <br />and maintenance of the Airport as herein provided, THE TEXAS AERO- <br />NAUTICS COMMISSION, FOR AND ON BEHALF OF THE STATE OF TEXAS, HEREBY <br />OFFERS AND AGREES to pay, as the State of Texas' share of the allow- <br />able costs incurred in accomplishing the project, 69% per centum <br />of all allowable costs, or the maximum obligation of the State <br />payable under this Offer, whichever is less. <br /> <br />This Offer is made on and subject to the following terms and condi- <br />tions: <br /> <br />1. The period of this grant contract shall be twenty (20) <br />years from the date of Sponsor's acceptance. <br /> <br />2. The maximum obligation of the State of Texas payable <br />under this Offer shall be $130,000 <br /> <br />3. The Sponsor shall: <br /> <br />a. <br /> <br />Begin construction on or before January 1, 1987 <br />Failure to do so will constitute just cause for <br />termination of the obligations of the State of <br />Texas hereunder by the Commission, unless at the <br />Sponsor's request, the Commission grants additional <br />time in writing. <br /> <br />b. <br /> <br />Carry out and complete the project without undue <br />delay and in accordance with the plans and speci- <br />fications which are submitted to and approved by <br />the staff. The Commission has the option to with- <br />hold the payment of any State funds unless the <br />plans and specifications have been completed and <br />approved by the Commission. <br /> <br />Make every reasonable attemft to complete the <br />project on or before May, 1987 . <br /> <br />4. The allowable costs of the project shall not include <br />any costs determined by the Commission to be ineligible <br />for consideration as to allowability. <br /> <br />c. <br /> <br />TAC Form 400-6 (11/B3) <br /> <br />Page 2 of 8 <br />