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FINAL <br />AN INTERLOCAL COOPERATIVE AGREEMENT AMONG DELTA <br />COUNTY, LAMAR COUNTY, CITY OF PARIS, PARIS ECONOMIC <br />DEVELOPMENT CORPORATION, AND THE CITY OF COOPER AND <br />THE SULPHUR RIVER REGIONAL MOBILITY AUTHORITY <br />RELATING TO THE ANTICIPATED TRANSFER OF CERTAIN <br />LAWFULLY AVAILABLE FUNDS FROM THESE ENTITIES TO CASH <br />FUND THE APPROPRIATE PORTION OF AN ESCROW/ <br />CONSTRUCTION ACCOUNT AND/OR TO MAKE DEBT SERVICE <br />PAYMENTS OVER TIME TO THE SULPHUR RIVER REGIONAL <br />MOBILITY AUTHORITY FOR THE BENEFIT OF THE TEXAS <br />DEPARTMENT OF TRANSPORTATION TO WIDEN AN <br />APPROXIMATE 10.4 MILE SEGMENT OF TEXAS HIGHWAY 24; <br />EXPRESSLY RECOGNIZING THAT THESE PROSPECTIVE CASH <br />PAYMENT OBLIGATIONS AND/OR ANNUAL DEBT SERVICE <br />PAYMENTS REPRESENT THE SOLE SECURITY FOR THE <br />REPAYMENT OF TWO STATE INFRASTRUCTURE BANK LOANS <br />BETWEEN THE SULPHUR RIVER REGIONAL MOBILITY <br />AUTHORITY AND THE TEXAS DEPARTMENT OF <br />TRANSPORTATION; AND OTHER MATTERS IN CONNECTION <br />THEREWITH <br />This agreement (the Agreement) is made to be effective as of the lOt" day of October, <br />2012 by and among the Commissioners Court of the County of Lamar, Texas, the <br />Commissioners Court of the County of Delta, Texas, the City Council of the City of Paris, Texas, <br />the City Council of the City of Cooper, Texas and the Board of Directors of the Paris Economic <br />Development Corporation (collectively, the Participants) and the Board of Directors of the <br />Sulphur River Regional Mobility Authority, an agency of the State of Texas (the Authority). <br />RECITALS <br />WHEREAS, expansion and improvement of the transportation infrastructure leading <br />through Delta County, Hunt County, and Lamar County is vital to the safety and economic <br />development of the citizens and businesses of the region; and <br />WHEREAS, for over 30 years, community leaders from Delta County, Texas, Hunt <br />County, Texas, and Lamar County, Texas and the North East Texas Mobility Council had urged <br />the Texas Legislature, the Texas Department of Transportation (the "Department") and the Texas <br />Transportation Commission to upgrade and widen State Highway 24 from a 2-lane highway to a <br />4-lane divided highway from Interstate 30 Exit 101 to US 271 creating four lane access through <br />the counties of Delta, Hunt, and Lamar; and <br />WHEREAS, the only stretch of State Highway 24 that has not been upgraded to a 4-lane <br />divided highway is the approximate 10.4 mile gap from FM 64 southwest to FM 904 in Delta <br />County, Texas (the "Project"); and <br />WHEREAS, in 2001 the Texas Legislature enacted legislation to create Regional <br />Mobility Authorities to focus transportation needs and available funding for projects on a <br />95422970.15 <br />