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PART 2. CHAPTER 380 LOAN PROGRAM ESTABLISHED <br />Section 2.01. Chapter 380 Loan Program. The City Council, in authorizing this <br />Agreement, hereby finds that a public necessity exists for and authorizes the establishment of, <br />pursuant to Chapter 380, a loan program under which the City will make a loan to the Recipient <br />subject to terms hereinafter provided, to assist in and effectuate the economic development <br />objectives of the City as set forth in the Recitals. The City Council finds and determines that the <br />economic development program established by this Agreement is necessary to promote local <br />economic development and stimulate business and commercial activity within the City. <br />PART 3. DUTIES AND REPRESENTATIONS OF RECIPIENT <br />Section 3.01. Duty of Continuing Cooperation. Recipient shall provide such copies of <br />and permit the inspection of such books, records and files as the City may reasonably request to <br />determine the accuracy of the information relied upon by the City in entering into this <br />Agreement. <br />Section 3.02. Use of Loan Funds. The loan funds awarded by this Agreement shall be <br />used only for the purposes of financing the installation of a transformer in connection with the <br />Facility and Project. <br />Section 3.03. Representations. Recipient represents that it is duly authorized to <br />conduct business in the State of Texas and to enter into this transaction and that its obligations <br />under this Agreement and the Promissory Note as defined below are legally valid and binding <br />obligations enforceable against Recipient. <br />PART 4. ECONOMIC INCENTIVES PROVIDED BY THE CITY <br />Section 4.01. Loan for Transformer. The City shall make a loan (the "Loan") to <br />Recipient in an amount not to exceed $31,450.00 (the "Principal Amount ") for the installation of <br />2 <br />