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regional basis, and in accordance with Section 370.303, as amended, Texas Transportation Code,
<br />a governmental entity may enter into an agreement with Regional Mobility Authorities to
<br />acquire, construct, maintain, or operate a transportation project, whether inside or outside the
<br />boundaries of the governmental entity, including agreements to pay the principal of, and interest
<br />on, bonds, notes or other obligations issued by the Regional Mobility Authorities and make
<br />payments under any related credit agreements; and
<br />WHEREAS, in 2007 the counties of Delta, Hunt, Lamar and Hopkins formed the
<br />Authority to focus on transportation needs in the four county area and to advocate these
<br />transportation projects to the Department and the Texas Transportation Commission; and
<br />WHEREAS, upgrading and widening State Highway 24 from a two-lane highway to a
<br />four-lane divided highway between Interstate 30 and the municipal limits of the City of Paris,
<br />Texas has been a top priority project for the North East Texas Mobility Council and the
<br />Authority; and
<br />WHEREAS, pursuant to Minute Order No. 113074, the Department will undertake and
<br />complete a highway improvement generally described as the widening of State Highway 24 from
<br />FM 64 southwest to FM 904 in Delta County, Texas (the "Project"); and
<br />WHEREAS, the Project, from the Authority's perspective, will reyuire $745,125 in
<br />federal participation, a cash contribution from Delta County of $132,144, and an estimated
<br />$3,732,731 of local participation to pay for rights-of-way acquisition and utility relocation; and
<br />WHEREAS, the Authority expects to incur additional costs in the amount of $695,308
<br />relating to the Project; and
<br />WHEREAS, the Authority has a commitment for a cash contribution from the Board of
<br />Directors of the Paris Economic Development Corporation of $1,426,813 and a contribution
<br />from the Commissioners Court of Delta County of $877,269 that will be contributed as cash in
<br />the amount of $132,144 and a federal participant earmark of $745,125 for the costs relating to
<br />the Project as described in Exhibit B attached hereto; and
<br />WHEREAS, the Authority adopted a resolution on April 2, 2012 authorizing the
<br />Authority to entered into a"Master Agreement Governing Local Transportation Project Advance
<br />Funding Agreements" and a related "Local Project Advance Funding Agreement for Voluntary
<br />Local Government Contributions to Transportation Improvement Projects With No Required
<br />Match" (collectively, the "Advance Funding Agreement") pursuant to which the Authority has
<br />agreed to pay the Department for 100% of the costs of rights-of-way acquisition and utility
<br />relocation for the Project; and
<br />WHEREAS, the Authority has requested the City of Paris, Texas, the City of Cooper,
<br />Texas, Lamar County, Texas, Delta County, Texas and the Paris Economic Development
<br />Corporation to pay for their proportionate shares in the cost of the local participation for the
<br />Project by entering into this Agreement evidencing the local participation match of up to the total
<br />of $5,305,308.00 for the Project; and
<br />WHEREAS, the Department has agreed to make two State Infrastructure Bank Loans
<br />(the "SIB Loan Agreements") to the Authority designated as (i) 52012-005-01, in the principal
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