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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 L1000600, in an amount not to exceed $685,839. <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 />73696. <br />State means the State of Texas. <br />TWDB Resolution means TWDB Resolution No. 17-010, 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 II. 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 $5,445,839 for the construction of the <br />Project and to provide additional subsidization in the form of principal <br />forgiveness to the City in an amount not to exceed $685,839 as Principal <br />Forgiveness Funds without the expectation of repayment. <br />TWDB Commitment No. L1000600 <br />Page 3 of 14 <br />