Laserfiche WebLink
<br />04021888 oitag~~¡ 5~i <br /> <br />(a) <br /> <br />Section 5.01 is hereby amended by deleting sub-section 5 in its entirety. <br />Accordingly Section 5.01 is amended as follows: <br /> <br />"Section 5.01. The City Council may declare a default under this Agreement if Hays Energy: <br />1. fails to complete construction of the Facility by the deadline in Section2.02 above; <br />2. refuses, fails or neglects to comply with any of the terms of this Agreement, <br />including the provision for the creation and maintenance of jobs in Section 2.03 <br />above; <br />3. made any representation in this Agreement or in the application to the City for tax <br />abatement that is false or misleading in any material respect; or <br />4. allows ad valorem taxes on the Property owed to the City to become delinquent <br />unless Hays Energy timely and properly protests or contests the ta.xest-ef <br />5. ceases the use of reclaimed water from the City's '.vastewater treatment plant as its <br />primary source of cooling '.vater for the operation ofthe Facility." <br /> <br />PART 3. WAIVERS <br />Section 3.01. With effect from the date ofthis FirstAmendment, the City agrees that any <br />default by Hays Energy that may have occurred pursuant to Section 5.01.5 of the Tax Abatement <br />Agreement prior to the date of this First Amendment is hereby waived. <br /> <br />PART 4. TAX ABATEMENT <br />Section 4.01. The City hereby affirms the Tax Abatement for Hays Energy for the current tax <br /> <br />year. <br /> <br />PART 5. MISCELLANEOUS <br />Section 5.01. This First Amendment was approved by the City COUhcil at its meeting on July <br />26, 2004. <br />Section 5.02. This First Amendment will be construed under the laws of the State of Texas. <br /> <br />Section 5.03. Except as amended herein, all terms and conditions of the Tax Abatement <br />