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

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RESOLUTION NO. 2012-001 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SULPHUR RIVER REGIONAL MOBILITY AUTHORITY AGREEIN�3 TO ENTER INTO A LOAN AGREEMENT WITH THE STATE OF TEXAS — STATE INFRASTRUCTURE BANK (SIB) TO ALLOW FOR UTILITY RELOCATION AND RIGHTS-0E-WAY ACQUISITION PROdECT, IN CONNECTION WITH A TEXAS DEPARTMENT OF TRANSPORTATION PROIECT WHEREAS, the Sulphur River Regional Mobility Authority (the "Authority'� deems it proper end in the best iirterest of the Authority to apply for, and if approved, enter into a losn agreement wfth the State Infre.strucwre Bank (SIB) ia the amount of not to exceed S4,SOO,OOU to be used to upgrade and widen State Highway 24 from a Z-lane highway to a 4-lene divided highway from Interstatc 3Q to the Paris city limits {the "Project'�; and WEIEREAS, the Authority ra:ognius the benefit of its residents and all w6o use and depend on the services of State Highway 24 to be �+eiocatedlrehebil� es well as maintaining the iMegrity of the roadway itself by preserving the underground structures; end NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SULPHUR RIVER REGIONAL MOBILITY AUTHORITY: Sec6on l. That the Board of Dircxtors beiieves that it is in the best imerest of the residents of the Authority to enter into a Jow inierest loan agreement wid► the Staue of Texas — State Infragtrudure Bank (SIB) in the amount of not to exceed $4,500,000 to be used to upgrade and widen State Highway 24 &om a 2-lane highway to a 41ane divided highway from Interstate 30 to the Paris city limits. Section 2. The Boar� of Directors hereby authorizes the Chairman end/or Secretary to execute en applicatian for submission to the T'ransportation Stete Infrastructure Benk Program in the amount of not to exceed $4,500�000, and a11 necessary dceumentation regarding same. Section 3. A eopy of the Applicacion for Financial Assistance is atiached hereto as Exhibit "A" and made a part hereof for al! purposes. Section 4. This Resolution may be relied upon by the appropriate officials at the Texes Department of Transportetion and establishes complience by the Authority with the requirements of ?exas 1aw. Section 5. The reciials contained in the preamble hereof ac+e hereby found to be we, and such recitals are hereby made a part of this Resolution for all purposes and are edopted as a pert of the judgment and findings of the Board of Dic�ectors. Section 6. AU ordinances, orders and resolutions, or paits thereof, which are in conflict or inconsistent witi� eny pmvision of this Resolutian are hereby repealed to the extent of such oonflid, and the provisions of ti�is Resolution shall be and remain controlling as to the matters resolved herein. 9S514E43.1