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NOW THEREFORE, pursuant to and for the nurpose of carrying out the <br />provisions of the Texas Aeronautics Commission Act as amended, and in <br />consideration of (a) the Sponsor's adoption and ratification of"the <br />conditions comprising this Offer as hereinafter provided, and (b) the <br />benefits to accrue to the State of Texas and the pub]ic from the ac- <br />complishment of the project and the operation and maintenance of the <br />Airport as herein provided, THE TEXAS AERONAUTICS COMMISSION, FOR AND <br />ON BEHALF OF THE STATE OF TEXAS, HEREBY OFFERS AND AGREES to pay, as <br />the State of Texas' share of the allowable costs incurred in accom- <br />plishing the project, 50 _ per centum of all allowable costs, <br />or the maximum obligation of the State payable under this Offer, <br />whichever is the lesser. <br />This Offer is made on and subject to the following terms and conditions: <br />1. The period of this agreement shall be twenty (20) years from <br />the date of Sponsor's acceptance. <br />2. The maximum obligation of the State of Texas payable under <br />this Offer shall be $12,500 <br />3. The Sponsor shall: <br />a. Begin construction <br />Failure to do so w <br />termination of the <br />Texas hereunder by <br />Sponsor's request, <br />time in writing. <br />on or before July. 1, 1978 _ <br />ill constitute just cause for <br />obligations af the State of <br />the Commission, unless at the <br />the Commission grants additional <br />b. Carry out and complete the project without undue <br />delay and in accordance with the plans and specifi- <br />cations which are incorporated herein. The Commission <br />has the option to withhold the payment of any State <br />funds unless the plans and specifications have been <br />completed and approved by the Commission. <br />c. Make every reasonable attempt to complete the project <br />on or before January 1, 1979 <br />4. The allowable costs of the project shall not include any <br />costs determined by the Comrnission to be ineligible for <br />consideration as to allowability. <br />5. Grant payments to the Sponsor may be authorized upon appli- <br />cation to the agency. Payments of the State of Texas' sfiare <br />of the allowable project costs will be made in proportion <br />to the amount of the project satisfactorily complQted at <br />the time of the payment application. No more than ninety <br />(90) percent of the total grant will be paid prior to the <br />completion of the prnject. The remaining ten (10) percent <br />will be paid only after the staff has inspected and approved <br />the completed project. <br />TAC FORM 400-6 (Rev. 11/76) <br />Page 2 of 6 <br />