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RESOLUTION NO. 2012-0D1 <br />A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SULPHUR <br />RiVER REGIONAL MOBILITY AUTHORITY AGREEING TO ENTER INTO <br />A LOAN AGREEMENT WITH THE STATE OF TEXAS — STATE <br />INFRASTRUCTURE BANK (SiB) TO ALLOW FOR UTILITY RELOCATION <br />AND RIGHTS-0E-WAY ACQUISITTON PROJECT, IN CONNECTION W1TH <br />A TEXAS DEPARTMENT OF TRANSPORTATION PROJECT <br />WHEREAS, the Sulphur River Regional Mobility Authority (the "AuthorIty'� deems it <br />proper end tn the best i�erest of the Authority to apply for, and if approved, cnter into a loan <br />agreement with the Stste Infrestruchm Hank (SIB) in the amount of not to exceed $4,500,000 to <br />be used to upgiade and widen State Highway 24 from a Z-lane highway to a 4-lane divlded <br />highway from Interstate 30 to the Paris city limits {the "Project'�; and <br />WHEREAS, ihe Authority recognius the benefit of its residents and all who use and <br />depend on the services of Siate Highway 24 to be relocatedlrehebiliiatea ea weli as maintaining <br />the irRegrity of the roadway itself by preserving the underground stcuctures; and <br />NOW, THEREFORE, BE 1T RESOLVED BY THE BOARD OF DIRECTORS OF THE <br />SULPHUR RlVER REGIONAL MOBILITY AUTHORITY: <br />Seetion 1. That the Board of Directors believes that it is in the best imerest of the <br />residents of the Authority to enter into a Iow interc.st toan agreement with the Stat+e of Texas — <br />State Infrastructure Bank {SIB) in the amount of not to exceed $4,500,000 to be used to upgrade <br />and widen State Highway 24 from a 2-lane highway to a 41ane divided highway from Interstate <br />30 to the Paris city limits. <br />Sedion 2. The Board of Directors hereby authorizes the Chairman end/or Secretary <br />to execute an application for submission to the Transportation Stete Infiastructure Banlc Program <br />in the smount of not to excxed $4,500,000, and a11 necessary documentation regarding same. <br />Seetion 3. A copy of the Applicadon for Finencial Assistance is attached hereto as <br />Exh'rbit "A" and made a part hereof for all purposes. <br />Section 4. This Resolution may be relied upon by the appropriate officials at the <br />Texaa DepaKment of Transport�tion and establishes compliance by the Authority with the <br />requirements of Texas law. <br />Section 5. The recitals contained in the presmble hereof are hereby found to be true, <br />and such recitals are hereby mede a part of this Resolution for all purposes and are edopted as a <br />part of �e judgment and findings of the Board of Directors. <br />Section 6. AU ordinances, orders and cesolutions, or parts thereof, which are in <br />conflict or inconsistent witi� eny provisian of this Resolution are hereby repealed to the extent of <br />such c:onflict, and the provisions of this Resolution shall be and remain coMrolting as to the <br />matters resolved herein. <br />955146�3.1 <br />