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FINAL <br />RESOLUTION <br />A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF PARIS, <br />TEXAS APPROVING THE PARIS ECONOMIC DEVELOPMENT <br />CORPORATION RESOLUTION CONTRIBUTING CASH TO THE <br />PAYMENT OF THE CORPORATION'S OBLIGATIONS PURSUANT TO <br />AN INTERLOCAL COOPERATIVE AGREEMENT RELATING TO THE <br />STATE HIGHWAY 24 PROJECT; AND OTHER MATTERS RELATED <br />THERETO; AND PROVIDING AN EFFECTIVE DATE <br />WHEREAS, the Paris Economic Development Corporation (the Corporation) was <br />created by the City Council (the Ciry Counci� of the City of Paris, Texas (the City), pursuant to <br />the provisions of Chapters 501, 502, and 504, as amended, Texas Local Government Code <br />(formerly Section 4A of the Development Corporation Act of 1979, Texas Revised Civil Statutes <br />Annotated Article 5190.6, as amended) (the Act) and an ordinance of the City Council of the City <br />approved on February 15, 1993; and <br />WHEREAS, the Board of Directors of the Corporation intends to contribute cash in the <br />amount of $1,426,813 which will be utilized by the Corporation to provide for the widening of <br />an approximate 10.4 mile segment of State Highway 24 from a 2-lane highway to a 4-lane <br />divided highway from FM 64 southwest to FM 904 in Delta County, Texas (which is a"project" <br />as defined in Section 501.103(1), as amended, Texas Local Government Code) (the "Project") <br />and (ii) payment of certain Authority legal and engineering professional services related to the <br />SIB Loans; and <br />WHEREAS, the adoption of this Resolution by the City Council of the City shall satisfy <br />the conditions precedent as set forth in Section 501.073 of the Act; and <br />WHEREAS, Section 501.204 of the Act requires the City Council of the City to approve <br />the resolution of the Corporation providing for the execution and delivery of the Interlocal <br />Cooperative Agreement not more than sixty (60) days prior to the delivery of the Interlocal <br />Cooperative Agreement; now, therefore, <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: <br />SECTION 1: The Corporation Resolution (the Corporation Resolution) authorized the <br />execution and delivery of the Interlocal Cooperative Agreement to be effective as of October 10, <br />2012 and submitted to the City Council this day, is hereby approved in all respects. The <br />Interlocal Cooperative Agreement is being authorized to provide for the widening of an <br />approximate 10.4 mile segment of State Highway 24 from a 2-lane highway to a 4-lane divided <br />highway from FM 64 southwest to FM 904 in Delta County, Texas (which is a"project" as <br />defined in Section 501.103(1), as amended, Texas Local Government Code) and (ii) payment of <br />certain Authority legal and engineering professional services related to the SIB Loans. <br />95554389.9 <br />