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RESOLUI'ION NO. 2012—�1 <br />A RESOLUTiON OF THE BOARD OF DIRECTORS OF THE SULPHUR <br />RIVER REGIONAL MOBILITY AUTHORITY AGREEING TO ENTER INTO <br />A LOAN AGREEMENT WiTH THE STATE OF TEXAS — STATE <br />INFRASTRUC'I'[JRE BANK (SIB) TO ALIAW FOR UT[LITY RELOCATION <br />AND RYQIiTS-0E-WAY ACQUISITION PROJECT, IN CONNECTION WtTH <br />A TEXAS DEPARTMENT OF TRANSPORTATION PROJECT <br />WHEREAS, the Sulphur River Regional Mobility Authority (the "Authority") deeans it <br />proper and in the best intet+est of the Authority to apply for, and if approved, enter into a loan <br />agroement with the State Infrestrudure Bank (SIB) in the amourrt of not to exceod 5�4,500,000 to <br />be used to upgrade and widen State H'ighway 24 &nm a 2-tsne highway ta a 41ane divided <br />highway from [nterstafie 30 to the Paris city limits (the "Project'�; and <br />WHERFAS, the A�thority ra�ognius the benefit of its c�esider►ts and all who use and <br />depend on tbe services of State Highway 24 to be �elocatedh+ehabilitatad as wcll as maintaining <br />the integrity ofthe raadvvay itself by p�esanring the underground strudures; and <br />NOW, THEREFORE, BE 1T RESOLVED BY THE BOARD OF DIRECTORS OF THE <br />SULPHUR R1VER REGIONAL MOBILlTY AUTHORITY: <br />Section l. That the Board of Diredors believes thst ii is in tha best interest of the <br />resident� of the Audwrity W enter into a low inta�est loan agreement with the Stste of Tex� — <br />State Infrast�ucture Bank (SIB) in the emount of not to excxed 54,500,000 to be used to upgrade <br />and widen Stata Highway 24 frorn a 2-lane bighway to a 41ane divided highway from brterstate <br />30 to the PBris city limita. � <br />Se.etion 2. The Hoeiod of Directors hereby authorizes the Chairmsn ertd/or Secretary <br />to execube an applic�tion for submission to the Tr$rtsportation Siate Infi�structure Bank Progi�am <br />in the amowri of not t� excced 54,500,000, and all n�ary documentation regerding seme. <br />Section 3. A copy of the Application for Einencial Assistance is attached hereto as <br />F.xhibit "A" and made a part hereof for aIl purposes. <br />Section 4. This Resolution may be relied upon by the appropriate officials at the <br />Taxas Depardnent of Tre�tsportation and establishes compliana by the A�thority with the <br />requirements ofT�xxas law. <br />Scction 5. The recitals contained in the preamble hereof are hereby found to be tn�e, <br />and such recitals ere hereby made a part of this Resolution for all purposes and are adopted as a <br />part of the judgment and findings of the Board of Directors. <br />Sxtion 6. All ordinances, orders and reaolutions, or parts thereof, which are in <br />conflict or inconsistent wtth any provision of this Resolution are hereby repealod to tbe exta�nt of <br />such conflict, end the provisions of this Resolution shaJl be and eemain carnrolling as to the <br />matters resolved herein. <br />95S14NI.1 <br />