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� <br />-� <br />Project means the project for which the TWDB is providing financial assistance under this Agreement <br />and as further described in the TWDB Resolution and identified as Project No. 62525. <br />State means the State of Texas. <br />TAC means the Texas Administrative Code. <br />TWDB means the Texas Water Development Board. <br />TWDB Resolution means TWDB Resolution No. 12-81, dated September 20, 2012, approving the <br />application for financial assistance filed by the City and authorizing the execution of this Agreement. <br />ARTICLE II. AUTHORITY AND RECITALS <br />2.01. AUTHORITY. This Agreement is authorized and required by the Safe Drinking Water Act, 42 <br />U.S.C. §§ 300f et seq., and is also governed by terms of the IUP; Texas Water Code, Chapter 6; Texas <br />Water Code; Chapter 15, §§ 15.601 — 15.618; 31 TAC Chapter 371; and the TWDB Resolution. <br />2.02. RECITALS. The Parties agree that the following representations are true and correct and form <br />the basis of this Agreement: <br />A. The TWDB may provide financial assistance in the form of a subsidy, such as loan forgiveness, <br />for all or a portion of the Project costs in an amount which the TWDB has determined to be <br />eligible. <br />B. On September 20, 2012, the TWDB considered an Application filed by the City for financial <br />assistance from the DWSRF program. Based on the representations made by the City in that <br />Application, the TWDB adopted the TWDB Resolution in which the TWDB: <br />determined that the City qualifies for loan forgiveness and is eligible for financial <br />assistance; and <br />2. made a commitment to provide financial assistance in the form of a loan in an amount not <br />to exceed $3,400,778 for the planning, acquisition, design, and construction of the Project <br />and to provide a subsidy in the form of loan forgiveness to the City in an amount not to <br />exceed $500,778 as Loan Forgiveness Funds without the expectation of repayment. <br />C. The TWDB and the City enter this Agreement to memorialize and set forth the terms and <br />conditions for the Loan Forgiveness Funds in an amount not to exceed $500,778. The Executive <br />Administrator is authorized to execute this Agreement on behalf of the TWDB pursuant to the <br />TWDB Resolution, which is attached to this Agreement as EXHIBIT A. The City is autharized <br />to execute this Agreement through its authorized representative designated in a resolution duly <br />adopted by the governing body of the City, a copy of which is attached hereto as EXHIBIT B. <br />D. Nothing in this Agreement supersedes or affects any provisions of the Obligations relating to the <br />Loan amount not forgiven. <br />Page 5 of 14 <br />�.��_oo� <br />