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Outlay Report means the TWDB form regarding the total amount of costs incurred by the <br /> City relating to the Project for the specified period. <br /> Parties or Party means the TWDB and the City and their authorized successors and <br /> assignees. <br /> Principal Forgiveness Funds means the portion of the Financial Assistance that is forgiven, <br /> identified as L1000601, in an amount not to exceed $961,821. <br /> Project means the project for which the TWDB is providing financial assistance under this <br /> Agreement and as further described in the TWDB Resolution and identified as Project No. <br /> 73748. <br /> State means the State of Texas. <br /> TWDB Resolution means TWDB Resolution No. 17-011, dated January 26, 2017, approving <br /> the application for financial assistance filed by the City and authorizing the execution of <br /> this Agreement. <br /> ARTICLE H. AUTHORITY AND RECITALS <br /> 2.01. AUTHORITY. This Agreement is authorized and required by the Federal Water <br /> Pollution Control Act,33 U.S.C. §§ 1251 et seq., and is also governed by the terms of the IUP; <br /> Texas Water Code, Chapter 6; Texas Water Code; Chapter 15, §§ 15.601 - 15.618; 31 TAC <br /> Chapter 375;and the TWDB Resolution. <br /> 2.02. RECITALS. The Parties agree that the following representations•are true and correct <br /> and form the basis of this Agreement. <br /> A. The TWDB may provide financial assistance in the form of additional subsidization, <br /> such as principal forgiveness, as that term is defined effective July 4, 2016, for all or <br /> a portion of the Project costs in an amount which the TWDB has determined to be <br /> eligible. <br /> B. On January 26, 2017, the TWDB considered an Application filed by the City for <br /> financial assistance from the CWSRF program. Based on the representations made <br /> by the City in that Application, the TWDB adopted the TWDB Resolution in which <br /> the TWDB: <br /> 1. determined that the City qualifies for principal forgiveness and is eligible for <br /> financial assistance; and <br /> 2. made a commitment to provide financial assistance through the purchase of <br /> bonds in an amount not to exceed $1,961,821 for the planning, acquisition, <br /> and design, of the Project, and to provide additional subsidization in the form <br /> TWDB Commitment No.L1000601 <br /> Page 3 of 14 <br />