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20 & 21-APPROVE ABATEMENT REQUEST AS PRESENTED
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20 & 21-APPROVE ABATEMENT REQUEST AS PRESENTED
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Loan Agreements are due not later than June 29t" of each year. The Authority agrees and <br />covenants to the Department that any interest earned (i) on these deposits during this <br />approximate 90-day period or (ii) on the proceeds of any SIB Loans pending disbursement or <br />transfer to the Department, should be taken into account for prospective debt service payments <br />on the SIB Loans or utilized to pay for costs of rights-of-way acquisition or utility relocation <br />payments on the Project or to pay legal and/or engineering professional service payments with <br />respect to the Project that are preapproved by the Department's SIB Administrator. Any <br />proceeds or investment income thereof remaining with the Authority when all pecuniary <br />obligations of the Authority to the Department are satisfied shall remain with the Authority. <br />SECTION 2: Duties of the Participants. <br />2.1 The Commissioners Court of Delta County, Texas ("Delta") adopted a resolution <br />on October 8, 2012 approving its rights, duties, and obligations pursuant to this Agreement. <br />Delta has committed to an amount equal to the cash contribution of $132,144.00 as its <br />contribution for the Project, and hereby agrees to pay such amount to the Authority prior to the <br />Deposit Date set forth in the SIB Loan Agreements. Delta has also expressly recognized in the <br />Delta Resolution its further potential pecuniary liability should the Authority's "local match <br />contribution" as set forth in the Advance Funding Agreement not be sufficient to pay the <br />Authority's costs of rights-of-way acquisition and utility relocation relating to the Project. <br />Should this potential pecuniary obligation arise, all of the Participants have agreed on a pro rata <br />basis to fund the shortfall to enable the Department to proceed with the timely completion of the <br />Project. Such additional amount shall be funded by a resolution approving an amendment of <br />Delta's budget for the current fiscal year obligating the Commissioners Court of Delta to make <br />this additional payment to the Authority within 30 days of such approval. <br />2.2 The Delta Resolution further acknowledges that the Delta County Commissioners <br />Court hereby approves the allocation of $745,125.00 in earmarked federal funds for rights-of- <br />way acquisition for the Project. <br />23 The Commissioners Court of Lamar County, Texas ("Lamar") adopted a <br />resolution on October 8, 2012 approving its rights, duties, and obligations pursuant to this <br />Agreement and the SIB Loan Agreements. Lamar will make the payments to the Authority, in <br />the amounts and on the dates, as shown in Exhibit G 1 attached hereto (the "Lamar <br />Obligations"). Lamar also expressly hereby recognizes its further potential pecuniary liability <br />should the Authority's costs of rights-of-way acquisition and utility relocation for the Project <br />exceed the amount the Authority is required to deposit with the Department pursuant to Section <br />1.5 hereof, and agrees to pay its pro rata share of any such additional cost to enable the <br />Department to proceed with the timely completion of the Project. Such additional amount shall <br />be submitted in a resolution requesting an amendment of Lamar's budget for the then current <br />fiscal year and if approved obligate the Commissioners Court of Lamar to make this additional <br />payment to the Authority within 30 days of such approval. <br />2.4 The City Council of the City of Paris, Texas ("Paris") adopted an ordinance on <br />October 8, 2012 approving its rights, duties, and obligations pursuant to this Agreement and the <br />SIB Loan Agreements. Paris will make the payments to the Authority, in the amounts and on the <br />dates, as shown in Exhibit G2 attached hereto (the "Paris Obligations"). Paris also expressly <br />hereby recognizes its further potential pecuniary liability should the Authority's costs of rights- <br />95422970.15 ' 4 ' <br />
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