2012-028 ORD RELATING TO CITY'S PAYMENT OBLIGATIONS TO SULPHUR RIVER REGIONAL MOBILITY AUTHORITY

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ORDINANCE NO. 2012-028 AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS RELATING TO THE CITY'S PAYMENT OBLIGATIONS TO THE SULPHUR RIVER REGIONAL MOBILITY AUTHORITY PURSUANT TO TWO STATE INFRASTRUCTURE BANK LOAN AGREEMENTS AND AN INTERLOCAL COOPERATIVE AGREEMENT RELATING TO THE STATE HIGHWAY 24 PROJECT; LEVYING AN ANNUAL AD VALOREM TAX, WITHIN THE LIMITATIONS PRESCRIBED BY LAW, FOR THE PAYMENT OF THESE PECLINIARY OBLIGATIONS; APPROVING THE SUBSTANTIALLY FINAL VERSIONS OF EACH OF THE STATE INFRASTRUCTURE BANK LOAN AGREEMENTS BETWEEN THE AUTHORITY AND THE TEXAS DEPARTMENT OF TRANSPORTATION AND THE INTERLOCAL COOPERATIVE AGREEMENT BETWEEN THE AUTHORITY AND THE PARTICIPANTS; AND OTHER MATTERS RELATING THERETO WHEREAS, for over 30 years, community leaders from the City of Cooper, CiTy of Paris, Lamar County, Delta County, the Paris Economic Development Corporation, and the North East Texas Mobility Council have urged the Texas Legislature, Texas Department of Transportation (the "Department"), and the Texas Transportation Commission to upgrade and widen State Highway 24 from a 2-lane highway to a 4-lane divided highway from Interstate 30 to the Paris city limits; and WHEREAS, the expansion and improvement of the transportation infrastructure leading to the City of Paris, Lamar County, Texas from the Interstate 30 corridor is vital to the economic development of the City of Paris, City of Cooper, Lamar County, Delta County, and the Paris Economic Development Corporation as well as to the safety of the traveling public; and WHEREAS, the only stretch of State Highway 24 that has not been upgraded to a 4-lane divided highway is the approximate 10.4 mile gap from FM 64 southwest to FM 904 in Delta County, Texas (the "Project"); and WHEREAS, Mobility Authorities regional basis; and in 2001 the Texas Legislature enacted legislation to create Regional to focus transportation needs and available funding for projects on a WHEREAS, in 2007 the counties of Delta, Hunt, Lamar and Hopkins formed the Sulphur River Regional Mobility Authority (the "Authority") to focus on transportation needs in the four county area and to advocate these transportation projects to the Department and the Texas Transportation Commission; and WHEREAS, upgrading and widening State Highway 24 from a two-lane highway to a four-lane divided highway between Interstate 30 and the municipal limits of the City of Paris, 95604560.7