2012-083 RES APPROVING PEDC RES CONTRIBUTING CASH TO PAYMENT OF CORPORATION'S OBLIGATIONS PURSUANT TO INTERLOCAL COOPERATIVE AGREEMETN RELATING TO STATE HIGHWAY 24 PROJECT

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FINAL RESOLUTION 2012-083 A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS APPROVING THE PARIS ECONOMIC DEVELOPMENT CORPORATION RESOLUTION CONTRIBUTING CASH TO THE PAYMENT OF THE CORPORATION'S OBLIGATIONS PURSUANT TO AN INTERLOCAL COOPERATIVE AGREEMENT RELATING TO THE STATE HIGHWAY 24 PROJECT; AND OTHER MATTERS RELATED THERETO; AND PROVIDING AN EFFECTIVE DATE WHEREAS, the Paris Economic Development Corporation (the Corporation) was created by the City Council (the City Counci� of the Ciry of Paris, Texas (the City), pursuant to the provisions of Chapters 501, 502, and 504, as amended, Texas Local Government Code (formerly Section 4A of the Development Corporation Act of 1979, Texas Revised Civil Statutes Annotated Article 5190.6, as amended) (the Act) and an ordinance of the City Council of the City approved on February 15, 1993; and WHEREAS, the Board of Directors of the Corporation intends to contribute cash in the amount of $1,426,813 which will be utilized by the Corporation to provide for the widening of an approximate 10.4 mile segment of State Highway 24 from a 2-lane highway to a 4-lane divided highway from FM 64 southwest to FM 904 in Delta County, Texas (which is a"project" as defined in Section 501.103(1), as amended, Texas Local Government Code) (the "Project") and (ii) payment of certain Authority legal and engineering professional services related to the SIB Loans; and WHEREAS, the adoption of this Resolution by the City Council of the City shall satisfy the conditions precedent as set forth in Section 501.073 of the Act; and WHEREAS, Section 501.204 of the Act requires the City Council of the City to approve the resolution of the Corporation providing for the execution and delivery of the Interlocal Cooperative Agreement not more than silcty (60) days prior to the delivery of the Interlocal Cooperative Agreement; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: SECTION l: The Corporation Resolution (the Corporation Resolution) authorized the execution and delivery of the Interlocal Cooperative Agreement to be effective as of October 10, 2012 and submitted to the City Council this day, is hereby approved in all respects. The Interlocal Cooperative Agreement is being authorized to provide for the widening of an approximate 10.4 mile segment of State Highway 24 from a 2-lane highway to a 4-lane divided highway from FM 64 southwest to FM 904 in Delta County, Texas (which is a"project" as defined in Section 501.103(1), as amended, Texas Local Government Code) and (ii) payment of certain Authority legal and engineering professional services related to the SIB Loans. 95554389.9