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

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Finance SIB #S2012-005-01 SuRRMA — (Paris District) Department for 100�0 of the federal participation ($745,125) and local participation costs of right-of-way acquisition and utility relocation for the Project; and WHEREAS, Delta County, Texas; Lamar County, Texas; City of Paris, Texas; City of Cooper, Texas; and the Paris Economic Development Corporation, Paris, Texas (collectively, the "Participants°) have each agreed to pay a portion of the payment obligations of the Authority incurred pursuant to the Advance Funding Agreement; and WHEREAS, to evidence the Participants' obligations to pay to the Authority all funds needed to meet the Authority's obligations due under the Advance Funding Agreement and to pay other related Authority costs (all as described in Exhibit A attached hereto), the Authority and the Participants have entered into an Interlocal Cooperative Agreement (the "Interlocal Cooperative Agreement"), and the Department is a third party beneficiary of the Interlocal Cooperative Agreement; and WHEREAS, pursuant to the Interlocal Cooperative Agreement, all of the Participants with the exception of Delta County, Texas and the Paris Economic Development Corporation (the °SIB Loan Pa�ticipants°), have agreed to make annual payments to the Authority in the amounts and on the dates set forth in the Inte�local Cooperative Agreement (the °Contract Revenues"}, such Contract Revenues upon receipt from the SIB Loan Participants must be used by the Authority to make SIB loan payments due to the Department pursuant to the terms hereof; and WHEREAS, in accordance with 43 TAC §6.23, the Authority submitted an application to the State seeking to borrow an amount not to exceed Four Million Five Hundred Thousand Dollars ($4,500,000.00) from the SIB to fund the portion of the costs of the Project that the Authority has agreed to pay pursuant to the Advance Funding Agreement (as further described in Exhibit A attached hereto); and WHEREAS, the Project is on the state highway system and is consistent with the Statewide Long Range Transportation Plan; and WHEREAS, in accordance with 43 TAC §6.32(d}(1), a study of the social, economic, and environmental impact of the Project, consistent with the National Environmental Policy Act (42 U.S.C. §4321 et seq.), and Title 23, U.S.C. §109(h), and in compliance with the DepartmenYs environmental rules in 43 TAC Chapter 2, has been conducted as part of the Department's environmental assessment of the Project, and a Finding of No Significant Impact was issued by the U.S. Federal Highway Administration in March of 2012; and WHEREAS, in accorclance with 43 TAC §6.32(e), the Department has reviewed, analyzed, and found the application submitted by the Authority to be in compliance with the requirements of 43 TAC Chapter 6; and WHEREAS, the Authority's Board of Directors adopted a resolution dated February 16, 2012 attached hereto (the "Resolution") and made a part of this Agreement as Exhibit B, which Resolution authorizes the Authority to submit an applicabon for financial assistance to the Department for one or more loans in the aggregate amount not to exceed Four Million Five Hundred Thousand Dollars ($4,500,000.00) for the Project; and; Page 2 of 12