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19a STATE OF TEXAS COUNlY OF HAYS CONTRACT AGREEMENT FOR PAYMENT IN LIEU OF TAXES KNO.v ALL MEN BY THESE PRESENTS: I That on this day of , 1\..). "-'-977, the City of San i-larcos, iJCiys County, Texas, a municipal corr:oration existing by and under the laws of the State of Texas, hereinafter referred to as "City", and the San Marcos Consolide.ted Independent School District, a quasi-municipal corpcration existiing by and under the laws of the State of Texas, hereinafter referred to as "School District", dereby enter into this agreement for payment in lieu of taxes, ~id agreement consisting of the following terms, considerations and conditions: 1. School District, in consideration of the hereinafter mentioned undertakinqs by City, does hereby release and forever discharge City, and its successors ard assigns fran all liability to School District for School District's share of pay- t<ents in lieu of taxes for the tax years 1966-1975, that were not remitted to School District. It is understood that this release includes the principal and interest on School District's portion of the payments in lieu of taxes for the tax years 1966-~975. II. City, in consideration of the hereinbefore mentioned releape by School District agrees to take the following actions, to-wit: I A. City will not charge School District its prorata share of the recently construe too portion of Peter Garza Lane. B. City will not hold School District responsible for any expenses incurred for further work on Peter Garza Lane. City assumes responsibility for maintenance and improvement of said street, =d, in that regard, City agrees to perfonn whatever work it my deem necessary :and reasonable. C. Improvements to sidewalks in the area around Travis Elementary School will be placed by City on its list of priority projects, to be Ccrnnunity Development Block Grant Program. III. ujX)n ratification of this agreement by action of the City Council of the City of San 1-1arcos and the Board of Trustees of the San Marcos Consolidated Independent School District, and the affirmation of this by the signatures of the presiding officials of both bodies, this agreement becanes final and stands hereafter n()t subject to change unless agreed upon by both parties. IN WITNESS WHEREDF ,che parties to these presents have executed this agreement in the year and day first written above. ~IfST:. u / -~mP 111I Cit~ssecre~~k TIlE CITY OF SAN MAOCOS Bd-~~~ Frank T. l\rredondo Mayor THE SAN MARCOS CONSOLIDATED *ENDENT.rt' ~~L DISTRICT . >U~ (f)/$- BY: wis Gilcrease President