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<br /> Commissioners Court of Delta County, Texas, for a total local participation contribution of
<br /> $5,377,269; and
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<br /> WHEREAS, the Sulphur River Regional Mobility Authority ("SuRRMA") has also
<br /> requested the City of Paris, Texas ($1,450,000), Lamar County, Texas ($1,450,000), the City of
<br /> Cooper, Texas ($150,000), and the Paris Economic Development Corporation ($1,450,000) to
<br /> provide the financial support in the total $4,500,000 local participation match for the State
<br /> Highway 24 widening project; and
<br />
<br /> WHEREAS, many business and industry leaders in the City of Paris, City of Cooper,
<br /> Lamar County, Delta County, and the Paris Economic Development Corporation areas have
<br /> contacted their local elected officials about how important the completion of the State Highway
<br /> 24 widening project is to the continued growth and success of their businesses in the City of
<br /> Paris, City of Cooper, Lamar County, Delta County, and the Paris Economic Development
<br /> Corporation; and
<br /> WHEREAS, the City Council of the City of Paris, Texas, has determined that the upgrade
<br /> and widening of the final 10.4 mile stretch of State Highway 24 from City of Cooper, Texas
<br /> southwest to the Hunt-Delta County line is of vital importance to the growth and retention of
<br /> business and industry in the City of Paris, Texas, Lamar County, Texas and to the growth and
<br /> retention of primary jobs at these local businesses and industry in the City of Paris, Texas, Lamar
<br /> County, Texas; and
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<br /> NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
<br /> OF PARIS, TEXAS THAT:
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<br /> Section 1. The City Council of the City of Paris, Texas (the "City"), hereby pledges
<br /> its financial support to SuRRMA concerning the State Highway 24 widening project from the
<br /> City of Cooper, Texas southwest to the Delta-Hunt county line in a present value dollar amount
<br /> not to exceed One Million Four Hundred Fifty Thousand Dollars ($1,450,000.00) payable over
<br /> an amortized loan period subject to loan agreement finalization between the TXDOT State
<br /> Infrastructure Bank and SuRRMA.
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<br /> Section 2. This pledge of financial support by the City is contingent upon TXDOT
<br /> entering into an agreement to construct the State Highway 24 widening project and receipt of
<br /> signed and duly authorized financial commitments from the other local public entities
<br /> participating in the State Highway 24 widening project.
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<br /> Section 3. The City hereby recognizes its pecuniary obligation set forth in the
<br /> TXDOT State Infrastructure Bank Loan Agreement (Exhibit A hereto), the Interlocal
<br /> Cooperative Agreement (Exhibit B hereto) by and among the City of Paris, Texas, Paris
<br /> Economic Development Corporation, the City of Cooper, Texas, Lamar County, Texas, and
<br /> Delta County, Texas, and its potential additional pecuniary liability set forth in the TXDOT
<br /> Ordinance that is attached hereto in substantially final form as Exhibit C.
<br /> Section 4. This Ordinance may be relied upon by the appropriate officials at the
<br /> Office of the Attorney General for the State of Texas and establishes compliance by the City
<br /> with the requirements of Texas law.
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