1976-11-22 Regular Meeting - Laserfiche WebLink

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• • NOW THEREFORE, pursuant to and for the purpose of carrying out the provisions of the Texas Aeronautics Commission Act as amended, and in consideration of (a) the Sponsor's adoption and ratification of the conditions comprising this Offer as hereinafter provided, and (b) the benefits to accrue to the State of Texas and the public from the accomplishment of the Project and the operation and maintenance of the Airport as herein provided, THE TEXAS AERONAUTICS COMMISSION, FOR AND ON BEHALF OF THE STATE OF TEXAS, HEREBY OFFERS AND AGREES to pay, as the State of Texas' share of the allowable costs incurred in accomplishing the Pi'oject,not to exceed 50% per centum of all allowable costs, or the maximum o igation o the State payable under this Offer, whichever is the lesser. This Offer is made on and subject to the following terms and conditions: 1. The period of this agreement shall be twenty (20) years from the date of Sponsor's acceptance. Z: The maximum obligation of the State of Texas payable under this Offer shall be $20,000 3. The Sponsor shall: • a. Begin construction on or before Januar 1 1977 Failure to do so will constitute just cause or termination of the obligations of the State of Texas hereunder by the Commission, unless at the Sponsor's request, the Commission grants additional time in writing. b. Carry out and complete the Project without undue delay and in accordance with the plans and specifications which are incorporated herein. The Commission has the option to withhold the payment of any State funds unless the plans and specifications have been completed and approved by the Commission. c. Make every reasonable attempt to complete the Project on or before Jury 1, ~9~~ 4. The allowable costs of the Project shall not include any costs determined by the Commission to be ineligible for consideration as to allowability. Page 2 of TAC FORM 400-6 (7-76)