TB-2022-015 - 2/24/2022 RESOLUTION NO. TB-2022-015
RESOLUTION OF THE ROUNDROCK TRANSPORTATION AND ECONOMUCS
DEVELOPMENT CORPORATION AUTHORIZING THE EXECUTION OF A STATE
INFRASTRUCTURE BAl U LOAN AGREEMENTIl a '"U"I DEPARTMENT
OF TRANSPORTATION
THE STATE OF TEXAS §
ROUND NSP "> "' IO AND ECONOMIC
DEVELOPMENT CORPORATION
WHEREAS,pursuarit to Section 4B of the Development Corporation Act of 1979,Article
p 90.6, V., .T.0- ,, as amended, now codified as Local Governiment Code, Title 12, Subtitle C I
particularly Chapters 501 and 50 of the Local overmnrnnenn¢ Code (collectively, the "Act") at the
election held on August 9, p 997 (the "1997 Election"), a majority of the ciRi7emns of the City of
Round Rock,Texas(the"City") voting as the 1997 Election authorized the City to levy a sakes and
use tax on the receipts at remail of taxable iterns within the City at nn rape ofone-h 1p°ofo one percent
for the benefit of a development ent orppor tion operating on behalf of the City to be used for streets,
roads, drainage and other related transportation systema improvements including the payment of
maintenance and operating expenses associated with such authorized projects;
WHEREAS, pursuant to the provisions of the Act, the City created the Round Rock
Transportation Systern Development nt C orporatio n, a rno nstoc , nonprofit industrial development
corporation created to act on behalf of the City ern satisfy the public purposes s sea forth inn the Act
as authorized at the 1997Election;
WHEREAS, on Novernber 8, 2011, a m 4jority of the citizens of the City voting as such
election (the "2011 Election" and collectively with the 1997 Election, the "Election") authorized
d
the existing sales and nese tax to be used fuer additional purposes as provided by state Ilaw;
WHEREAS, after the 2011 Election the bylaws and okh r governing documents were
arnnennd d to update certain provisions including the narne of the corporation to b "Round Roc
Transportation n arnd Pconnomnnic Development nt Corporatio n°" (mune "Corporation");
WHEREAS,on February 24,2022,this City and the Corporation n applpro ed the sm.mbmmnissionn
of an application (thus "Application") to the Texas epnar¢ttmn rant of Transportation (the
"Department") for financial assistance in the form of a loan of up t 7,000,000 from the State
prnfrasiru ctuur IBank; and
WHEREAS, the Texas Transportation Commission mission (th "Commission"),n"), the governing
body" of the Departnn'le nt, approved the Application on May 26. 2022 and June 23, 2022 and
authorized the Department to execute a financial assistance agreement rith the Corporation; and
WHEREAS, the Corporation has detcrmined to borrow funds from the Department fo.r the
costs associated with utility relocation, right-of-way acquisition and construction necessary for a
non-tolled, off-systern project involving various improvernent to Gattis School Road in
Williamson County as further set forth in the Applicalion (the "Project"); and
WHEREAS, in accordance with Section 501.,103 of the Local Government Code, the
Corporation hereby finds that the Project is suitable for infrastructure necessary to promote Or
develop new or expanded business enterprises;
WHEREAS,the Texas TranSPOTtation Code Section 222.0745 authorizes the Corporation
to issue the enter into the SIB Loan Agreement (as defined herein) to finance the Project, and the
Board of Directors of the Corporation finds it necessary and advisabk to authorize the execution
and delivery of die SIB Loan Agreement;
WHEREAS, the Corporation's payment obligations under dw SIB Loan Agreement are
authorized pursuant to this resolution as Junior Lien Obligations(as defined herein); however, the
2022 SIB Loan Reserve Fund(as defined herein)established by this Resolution and the SIB Loan
Agreement secures only the Corporation's payment obligations under the SIB Loan Agreement;
and
WHEREAS, it is hereby officially found and determined that the meeting at which this
Resolution was passed was open to the public,and public notice of the time, place and purpose of
the rneeting,was given, all as required by Chapter 55 1, Texas Government Code,
THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
ROUND ROCK TRANSPORTATION AND ECONOMIC DEVELOPMENT
CORPORATION THAT:
Section 1. RECITALS AND DEFINITIONS. The recitals set forth in the prearnble
hereof are incorporated herein and shall have the same force and effect as ifs tt forth in this Section.,
For all purposes of this Resolution, except as otherwise expressly provided or unless the context
otherwise requires, the capitalized tenns used in this Resolution have the meanings assigned to
them in Exhibit "A".
Section 2. AUTHORIZATION., The State Infrastructure Bank Loan Agreement (the
``` I ILoaarn Agreement") between the Corporation and the Commission,acting by and through the
Department, in the amount of S27,000,000 is hereby authorized to be delivered in the amok"It of
$27,000,000 for the purpose of(i) providing furids for the Costs ofthe Project and (iii) paying the
costs of executing and delivering the SIB Loan AgreemenL A substantially final draft of the SIB
Loan Agreement[is attached Ihaereto as Exhibit"B",and the President or Vice lPresident of the Board
of Directors of the Corporation pis hereby auaiori7ed and directed 10 CXCCLQC and deliver such
agreement in final forni, and the Secretary ofthe Board of Directors of the Corporation is hereby
authorized and directed to attest such execution.
N 1112 20122214854,11131109,5473
Section 3. PLEDGE. Tlw Coiirporafion's payrnent obligations under the S11B I...oan
Agreenrent are authorized pursuant to 06s resolution ar,Junior I..,ien(Migalions,The Corporation's
payment obligations under the SIB Loan Agreement, together with any additional Junior Lien
Obligations which niay be issued in accordance herewid-i and in accordance with the resolutions
authorizing Previously Issued Parity Obligation-, and ariiy Additional Parity Obligations, anise arid
shall be secured by and payable from Ifienn (in and 1pledge of the Pledge A Revenues, such pledge
being subordinate and inferior to the Hen on and pledge of the Pledged Revenues ffiat are or will
bc pledged to "ie payrnent of any Parity Obligations issued by the Caqrorafion but senior to the
lien on and pedge of the Pledged Revenues that are or will be pledged to the payrnent of any
Subordiinate I ien Obligations; and the Pledged Revenues are further pledged to i1he establishment
and maintenance of the Junior I.Aen Debt Service Fund and the 2022 SIB Loan Reseirve Fund for
ftw Bonds as hereinafter- provided. The Corj.)aratioin's payment obligations under thic SM Loan
Agreemcni are and will be secured by and payable only frorn the Pledp
ged Revenues and aniounts
on (Jeposk in the Junior Lien 1[.)ebt Service Fund and the 2022 SIB Loan Reserve Fund created in
thiisRf.,Isotuflon,and not from amouras on delposit in any other Funds or accounts of the Corporatio.n
and are. not secured by or payable from a mongage or deed of trust on any real, personal or inixed
properties, including the ProJect.
Section 4. SPECIAL FUNDS. (a) The below listed curreritly existing special Funds are
hereby confinned and shall be maintained on the books of the Corporation, so Lorin g as the SH':,i
1...oan Agreernent is effective and any arnounts thereurider are outstanding and unpaid:
(i) "Round Rock Transportation and Economic Developmeni Corl2oration
Revernee Aind," hereinafter callied the "Revenue Fund,"
00 "Round Rock D-ansporfalion and Economic Development Col-porelfion
Debt Service ,F`und," hereinafter called the "Parity Obligations Debt Service Fund,"
(Hi) "Round Rock Transy.)orfaflon and Economic Develol.nneni Corporation
01)ercefim' ,Fun " Ihereinafter called the "01.,wratirig Fund,"
(b) A special Fiand entitled the "'Round Rock Transj)orlafion and,Exonwnic Develolmient
C'orporalion Junior Lien Debi Service Fund,"and hereir-rafter cal led 1[te "Junior I.Aeri Debt Service
Fund" is hereby created and shall be established and maintained on the books of'the Corporation
pursuant to Section 8 hercofso, dong as any Jiiinior I...,ion Obligations are outstandirig.,
(c) A special Fund entitled the "Round Rock Translwrlation and Economic
1.)eVelolmlent Corporaflon 202.2 SIB Loan Reserve Fund" and hereinafter called the "2022 SIB
1...,oan Reserve Fund" is herety created and shaH be established and maintained on the books of the
Corporation pursuant to Section 9 hereof and the SIB Loan Agrcen-oewit, so loin , as the SIB l...,oan
Agreement [is effective. and any aunounts thereunder are outstanding and unpaid.,
(d) A Fund enfided the "Round Rock Transjmnrtaiion and Economic
Devehynnent ('.,orj)ora1iorP 2022 SID Loan Agreement Prqj'ece T"und" and hereinafter called the
"2022 Project Fund" is hereby created and shall be cmablished and maintained on the of the
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Corporation puirsuarit to Section 19 hr.reof, SO hr ng as any proceeds of the SlB I.,oan Agreement
remain oin deposit therein.
(e) Though all of' such funds may be subaccounts of the City's ffinds held by the
Depository, and, as such, not held in separate bank accounts, su(.:,h lireratiment shall not constitute a
commingling of the monies in such Funds or of such Funds airid the Corporatioll-1 shall keep full
and complete records indicating the inionies and investirnerns credited to each of such Funds,
Section 5. NO RESERVE Fl..JND. No reserve fund,account or subaccount is created
under this Res(,Aution or otherwise, fbir the purpose of paying or securing the payments under the
SIB Loan Agreement.
Section 6. REVENUE FUND. All Pledged Revei-lues ..;hall be credited to the Revertue
E'und immediately upon receipt as provided inthe Trainsfeir Agreement.,
Section 7. FLOW OF FlUNDS. All. Pledged Reveniaes deposited aind credited to the
Revenue Fund shall be piclIdged and appropriated to the extent required for the following uses and
in the ordeir of priority shown:
FIRST- To the payrnent of wheamounts required to be deposited in the Parity Obligatiorhs
Debt Service Fund for 1he payrinent of debt service on the Parity ON i gatio iris as the same
becornes due and payable;
SECOND: On a pro rata basis, to (i) cache debt service reserve fund created by the
resolutions authorizing the Previously Issued Parity Obligations and by ally Additional
Parity Obligations Resolution, which contains less thain the aniounit to be accun-lulated
andk.-W r-nai ntai Pied theirein as provided in the applicable resolution establishing such debt
service reserve fund and (H) niialke any Parity Reserve Fund Obhgatiori Paynient;
THIRD: To The payment of the announts requiredto bc deposited in. the Junior I.Aein Debt
Service Fund fbr,the payment of debt service on the Junior Ih,,ien Obligations, includiiI the
SIB I...oan Agreement, as the sawie lixclornes due and payable;
FOIJIRTH: Orn a pro rata basis, to (i) a.w 2022 SIB Loan Reserve I"und and to each debt
service reserve Cund created by iresopnnttiunnn authorizing the issuance of additional Juirlior
Lien Obligations which contains less dian the amounttobe accumulated and/or maintained
therein as provided in the resolution auithoriAng the issuance of saich Junior Lien
Obligations and (h) make any Junior Reserve Fund Obligation Payment;
FIF11H: To the payment ofamoupm.; required to be deposited in any other fund or account
required by the resolutions authorizing the Previously Issued Obligations or by any
Additional Parity Obligations R.escplufion;
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SIXT'll: To any flund or account held at any place or places, or to any payee, required by
a y
other resolution of the Board which authorizes the issii.mince of Junior Lien Obligations;
and
SEVENTH-,, To any fund or account held at any place or places,, or to any payee,required
by any other resolution of the Board which authorizes the issuance of Subordinate Lien
Obligations; and
EIGHTH: To the payrnent ofthe amounts required for,ally lawful purf..)ose.
Any Pledged Revenues rernaining in the Revenue Fund after satisfying the foregoing
payments,or making adequate and sufficient provision for the payment ther-eof,shall be transfreed
to the Operating Fund and may Tt e. appropriated and used for any other lawful purpose now or
hereafter permitted by law.
Section 8, WUNIOR LIEN DEBT SERVICE FUND., The Junior Lien Debt Service Fund
is for the sole purpose of paying the principal of aind interest on the Junior Lien Obligations
outstanding at any time, as the sarne corne due (including principal coming due as a result of any
mandatory rederription of Junior Lien Obligations). The(',�orporafion covenants that there shall be
deposited into the Junior Lien Debt Service Fund prior-to each principal and iimntterestt payment date
firorn the pledged Revenues an aniouint equal to one hundred 1peir cent(100%)of the interest on and
the princilpal of the Junior Lien Obligations then falling due and payable,and such defxmits to pay
principal and accrued interest on the Junior Lien Obligations shall be rnade in substantially equM
monthly inslallments on or before the 10th day of each month,beginning on or before the I Oth day
offhe month next following the delivery ofthe Junior Lieti Obligations to the initial purchasers
thereof; provided, however, that in any Fiscal Year the Corporation may elect to fund the Junior
Lien Debt Service Fund on an accelerated basis and at any firne when amounts on deposit fin the
Junior Lien Debt Service Fund are sufficicnt to make payrnent of all principal and interest coniiing
due on the outstanding Junior Lien Obligations within the next twelve months, such deposits of
Pledged Revenues w the Junior Lien Debt Service Fund may be discontinued, untill there is once
again an arnount less than the principal and interest corning due on the outstanding Junior Lien
Obligations within the next twelve months, at w1hich time such deposits shall be reSUrned..
"rhe reqUired deposits to the Junior Lien Debt Service Fiand for the payment of principal of
and interest on the Junior Lien Obligations shall! continue to be made as hereinabove provided until
(i) the total arnount on deposit in dhe Junior Lien Debt Service Fund and in any applicable debt
service reserve fund (excluding any Reserve II-und Obligation for such Junior Lien Obligations)
for Junior Lien Obfigations, including the 2022 SIB Loan Reserve Fund for the SIB Loan
Agreement, is equal to the aniourn required to fully pay and discharge all such Junior Lien
Obligations (principal and interest) then outstanding or (ii) the Junior I.Aen. ONigations are no
longer outstanding.
Accrued interest and capitalized interest, if any, received firorn the initial purchaser of any
Junior Lien Obligation shall be taken into considerationi and reduce the aniouirit of the serni-annuap
deposits and credits hereirlabove required into the Junior Lien Debt Service Fund,
011220222,4954 MA Wi
SccGon 9. 2022 SI[B 1,OAN RESERVE FUND. The("orp(.-n-afion hereby covenants and
agrees with the it that when and if required under the provisions of the S11B ILoan
Agreerneink, the Corporation will provide for 11-te accuirm,flation of, aind wl-ien accumulated, will
thereafter continuously maintain in the 2022 SIB Loan Reserve Fund, all as set ford-ii in the SIB
I.xmin Agreemea
Scction 10. OPERA"rING F11ND. ,mm ouras on depf,-.)sit in the Operating Fund may be(i)
used to complete and maintain Project, (ii) applied to pay or redeem any Parity Obligations at
the option of theCorporation,, (iii) applied to pay or- redeeim any Junior Lien Obligatlonsat the
option ofthe C..)rporafion, or(iv) apphed for any other iawful Ipurpose of the Corporation.
section i i. 'rRANSFEW(a) Pursuant to the provisions of ffie'l'ransf6,Agreement,which
is hereby reconfirmed and approved, the City has agreed to do any and all things niecessary to
accomplish the tirainsfer ofthe Sales Ta.,,(collected for the benefit of the Corporation to the Revenue
Fund on a monthly basis. 'rhe Transfer Agreement shall govern matters with respect to tile
collection ofthe Sales Taxes from the Comptroller, credits and rerunds due and owing to the
Comptroller, and other matters with respect to the collection aind transfer of the Salles Tax.
(b) The President (or other officer of the Corporation then having the primary
responsibi lily for the flinaricial Whirs of the Corporation)am]ffie Secretary of the Board are hereby
ordered to do any and all things necessary to accompHsh the transfr ir.)f money to the FLonds
established hereby in arnple firne to pay the principai of and interest on the SIB Loan Agreerneric
Section .12. INVESTMENTS. Money in any Fund may, at the option ofthe Board, be
invested in Pern,fitted Investments; I..-)rovided that all. such investments shall be made in such
manner that the money required to be expended from any Fund will be available al.the proper thiine
or times. Investment earnings reali7ed on investments attributable to the Parity Obligations Debt
Service Fund shall be retained flher-ein and shall constitute a critdit against the amount and"money
that is required to be on deposit therein for each payrnent of principal or interest, InvesU"nent
earnings realized on invest rrherns attributable to the Junior I.Acn Debt Service Fun(J shall be retaine-d
therein and shall. constitutell a credit against the arnounk (..)f rnoney that is required to be on deposit
therein for each payment of principal or interest., Investment earnings realized on investiments
attributable to the 2022. SIB Loan Reserve Fund shall be retained tin ereurn at add times when there, is
less than thie Required Reserve Arnount on deposit therein; at all other fir nes such earnings shall,
be deposited u) theJunior I.Aen Debt Service Fund, Money in the 2022 SIB I...oan Reserve Fund
shall not be invested in securities maturh- Ilater than 18 mcmffis fi-om the date of acquisition or
such sectirifies by the Corporation, Investmeint earnings realized on investments attribitable to the
Operating Fund shall be retained therein. Such investments shall be vah.ged in terms of current
niarket valkle as of the last day(.4'each ["iscal Year, Such investmenus shall be sold pr-ornIptly when
necessary to prevent any default in connection with the IPlarity (3bligations or Junior Lien
Obligafions.
,
Seclion 13. FUNDS SEC1,11RED. IMoney in all Funds, to the extent not invested, shiall be
sectired in the manner prescribed by law for securing �unds of the City.
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0 2 2022Z:4854 11309-54 75
Section 14. PAYMENT., While any of the Junior Licia Obligations are outstanding, t1he
Corporation shall transfer W the respective paying agent/registrar therefor, if any, from funds on
deposit in and credited to the Junior L,ien Debt Service Fund, arid. if oieees..,,,arry, in any applicable
(Jebt service rreserve Rinds for such Junior 1-ien Obligations, including khe 2022 SIB Loan Reserve
Fund for the SIB Loan Agreement, aimouritts suffic-,ient to fully pay and discharge promptly die
interest on and principal cul`tine Junior L..ien Obligations aq shall becorne due on each intertst or
principal payment date,or date of redemp6on of(lie Junior L.ien Ol:)Iligations;such transfi,-r of furids
mw be rnade in such rinanner as will cause ininiediately available funds to be depos4ed with eacl-'i
respective paying agent/registrar, if any, for the Junior L.Aen Obligations not Ilater than the business
day next pair eceding the date such payment its due on the Juinior I,ien Obligations.
Section '15. DEFICIF.,NCIES - EXCESS PLEDG"ED REVENUES. (a) If on any
occasion there shall riot be sufficient. Pledged Revenues (afler making all paynients pertaining to
all Parity Obligations) to make the required deposits arid credits to the JUDior L,ien Debt Service
Fund and any applicable debt service reserve hands for Junior I ien Obligations,including the 2022
SIB Loan Reserve Fund for the SIB L,oan Agreement, then such deficiency shall be cured as soon
as possible frorn the next available uriallocated Pledged Revenues, or frorn any other sources
available for such purpose, an(.1 such deposits arid credits shall be in addition to the arnounts
otherwise required to he delposited and credited to these Funds..
(b) Subject to rnakiing the deposits and credits required by this Resolution, the resolutions
authorizing the issuance <)f the Previously Issued Parity Obligations and any Additiorial Parity
Obligations Resoluti(,)n, or the payments and credits required by the provisions of the resolutions
authorizing the issuance u,.)f Junior I....ien Obligations or, Subordinate [...ien Obligations hereafter
issucf.] by the Corporation, the excess IPledged Revenues may be used for any pfull purpo�.-;e.
Section .16. ADIDITIONAL PARITY OBLIGATIONS. The Corporation shall have the
right and power at any firne and -from turns tin thne and in one or more series cir issues,to autho..rize,
issue an(i deliver Additional Rarity Obligations as set forth in the resolt,itions authorizing the
'Previously Issued Parity Obligations.
Section .17. JUNIOR 1,IEN ANDSUBORDINATE DEBT. Except as n-ilay be limited
by future resolutk'.)n, th&Corporation shafl have the right to issue or create Junior L.Aen Obligations
and Subordinate ILien Obligations payable frorn or secured by a lien on aH or any part of glia
Pledged Reventies for any lawful purpose without cornplyi.ng with the requiren'teruts to issue
Additional Parity (")bhgations set forffi in the resolutions authorizing the Previously Issued Parity
Obfigafion.,�;, provided the Riled ge and the lien securing such debt is subordinate to the pledge anid
lien established, made and created in the resolutions authorizing the Po-eviously Issued Parity
Obligations with re%lp:Lct to ffie Pledged Revenues to the paynwnt and security of the Parity
Obligafians.
Section 18. GENERAL COVENANTS. 'rhe Corpi�,natiwi further (.mvenanls and agrees
that in accordance with and to the extent required or perinitt(.sd by law,
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011 12.2022Z 4854-U09-54','aµ
(a) It will faid-iftrily rx-irform at all times any and all covenanic,, undertakings,
sfijpulation,.a, ain(i provisions contained 4-h this Resolution and in the SIB [,,oan Agmement;
it will promptly pay or cause to be paid the principal ofand interest on the SIB Loan
Agreement on the dates aind in the places and irnanner prescribed in this Resolution and the
SIB Loart Agreeniterift; and it will, at aw Gm<!:s and iift the irnanroer pre.scribexi, deposit or
cause to [w. deposited the arnounts required to L-K- deposited into the Furids created hereby
and by prior resohrotioins; and aie Department imay require the(.."orporatkKi, its cofficials aind
employees to carry(out,respect cor einQ.)rce the covenants and ot-)hgations ofthis Resolution,
by all legal and equitat-ole rneans, incliuding specifically, but without limitation, the use and
filing of mandamus prioceedings, iiia any couil Df competent jurisdiction, against 11h e
Corporation, its oftiocials and ernl:flloyees, or by the appointment of as receiver in equity.
(b) It is as duly cirealedand existing indUstrial develot-Ment corp:-Wation,and is duly
authori7ed under t[ic laws of the State of".1exas, including the Actt, to enter iirntto the SIB
1,oan Agreement.;all action on its pain for tl',ie delivery of the SIB Loan Agreen.-iient has been
dUly and effor.fively taken,and thail,theST13 Loan Agreement is aind will bevalid and Ilegally
binding sp�wcial obligations ofthe Corporation in accordance wiflh their terrns, e:xcept as the
a'Ilnfoirceabilfty thereof may be firinited by goveriarneirotall in-ornunity, bankruptcy, iinsolveincy,,
reorganization, moratcoriurn, liquidation and otheir sirnilair laws now or hereafler enacted
rehafing to creditors' rights generally or by gencr-all principles of equity which plem-nit tile
exercise of.judicial discretion.
(c) (i) "I'lic Corporation herehy (;onfirr'ns the earlier levy by the City ofthe Sales
Fax at the irate voted at the Election, and the (',.orI:)oration her(:by warrants and represents
that the City has duly and lawfully ordered the iniposition and collection ofthe Sales Tax,
upon all.sales,uses and transacCions as are permitit"'d by and: described irl the Act throughout
the boi.indaries of the City as such boundaries existed on thir,-, date of said Election and as
they may be expanided from time to time..
(H) For %(.-) long as the SIB 1,oan Agrc.leirroent is eM<:,tive and any arnounts
thereunder are, outstanding and unpaid, the Corporation covenants, agrees and
warrants to take and pursue all action perrirdssible under applicable law to cause the
Salks Tax,at said rate or at a higher rate if permitted by applicable law, to be lawied
and collected coinfinuously, in the ivianner and to the iniaxiiiinum extent pen-roitted by
appfieabk.; law,and to cause no reduction,abatement or exemj-)tion in(he Salles Tax
or rate of tax below d.ie rate stated, coiridirmed and orderiad in subsection (c)(i) of
this Section to be oirdered or pv,urdited.
(iii) 'If the City shall be authorized hereafter by applicable law to apply,
irnpose and levy the Sales '111'ax on arty taxable iterns or transactions 11hat are not
sulbject to the Sales Tax on the date of the adoption hereof, the Corporation, to the
extent it legally irrraay do so, hereby cownionts and agrees to use its best ell"orts to
cause the City to take such aefloin as may be required by applicable taw to %Ab,ject
suc-li taxable iterns or transactbr)ns to flm Scall esTax.
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122V222-.4954--1;109.5..TS
Ov) The Corpowt k,.wii agrees to ttake and pursue aH activion permissible liaridier
apphYlk lamru,. CtIluse 111-te Sales Tax tio be collerc.,ted and reinitted and depasited as
hard reFdred and as rcquked by the Ad, at the eadiest and moo frequent times
per milted by applizable twx
(v) T.he CorpKwion agrees and covenaws at A thmes,tto use lilts besweWs
VD CaUSe the C[ty to cwnply ,vvith the'U'ransfier Agreement.
(d) ft ,will keep pirojl:er bodlcs ofirecorral and accouriit in ,which fall, iirur anell eorre�ct
entries will be madif,� ,ofcall dealings, activities airid trawsactions relatiing to the Ps,.�Ject,, tthe
Pledgal Revenues and Me Funds, and mull books:, documents and vouchers relating thereto
shall at all reasoinable time be made available for irispir,-,.viorin upon JPeqq.,wst of the
Department,
(e) IIIc will. t-naintahn its corporate existence durfing the Ume Ow SIB Loan Agremnent
is efRUve and any ai't�io,iLiiiis ,itl'ilm.reurider are outstanding a,ind unpaid.,
Sectiorti 1119. 11USE IDNEr PR11D11C11IEE..',DS; PROXIECT 2111.)22 PRO,,11111F.E�11CT
YUN Dnu:,� IlproceeWls firorn ithe S11113 Loan Agreement (exuapt for caj.:uitalizx,.A iintiegest and accrued
interem, Wwq,,, ,wIhicl-RshaIH be depashed to the.Jutiior Liiim Debt r,,rvice Fiund),,shall be&-,,posited
ivito Ote 2022 Prr,.:�ject Fund of de Corporation and used to pay Coms of the Prqw.
IWWWnding Che pn:)-visians of Section 7 IC'"ex-eofl i interest earnings on arnaluirlits, 01.0.
jd1i-,-,,,,;*sR iin the 2022 Prject Fund shall be used to pay Costs of the Prqje(.,,t or, at the option of the
Corp(:watilon, lransfLrred tio the hunior 111..Aen 111)ebt &!,rvke Fund and used to rqy amounts emning
&H- with nrespect to the ILIIB Loan Agreement, 17he Prqject .Agireeinaeno, iia substantiailly the fl'�)rni
and vul.-Oancle as atta(.,N,,:d hereto as U319§ikjQ:, is hereby approved ;n:,iind the Presidera andthi,,-
Axotary of the 113(mrd ofl)irectars are heireby authorized U3 exeme, alles, sea! and delNer the
Prqject Agreennent.
Section 2,11). 11EXECU F111110t1`4 OF' 11DOCUKIDUrS. '1`N,,,,,, President, 'Vice President and
Seer r,mary ofthe of iffit-Ga:)rpc)rafiun wre rack heireby atithfnized tto execlute, delivinn-, attiesl, and
Wx the sell of tl,iie Corporation doctiments and husumew necessaqy and appmpriate OR
conneuion W; tthe execution and ddivoy of the SIB Loan „A ria; including, vvithoiix
li crktafion, the S1113 If....,10an Agrif,,emerhilawl (he IPrqjecl Agreement.
Seodon 21. 1,41111) SEC EUUIJE Ill 12-1" uCN711",ll'IIJIN' 111:llui:SCIlll.,,,OSII[..JIIRIIE
1110111111)11E.,111"'ll' Ilf I NiG. and delivery of Me SIB I-man Agreement is exerinIpt frorn SEC
We 15cA2. C`onseqtii��,,ntly, the, Carporation unmakes no, un,r.Jenaking withresjpf.,,tl. lo al" IC' IRu,mle
i5c2-11 or with iresj,:)cci, to IN,,: ppo-vision of on-gWng Hnmichal and op crating daita taxle!ir SEC Ilttuwule
1150-12.
SecAn 22. ut)CABLE OBLIHIC,"AXION. it is the imention irAtlu,- that the
SIB 11...oart Agree merii not be an obfijl;vaion demxibed in secdon 103 of Me IntamW Weilvat., 'Code
of 1986 urmtcmr sit. on vvhichi k excludable firorn the gross inr,'.,orne of the holders anid, in that regard,
9
DH2 U2N,404=96U,ii
fll,w Corp,r,.)r-afik,)in is not reqt,iim,�d to file as fimn-it 80'.,.38-0, or any compit-aable infi.wrnation return
w—hating itioi tax-exeirript obligations wiflh 1he Inteirnall Revenue Service aind heirt,,4.-ry agrees niot Io
make ainy sxch filing.
SleAr'161011 23. 11111111KIII&EIDIES IN TIVIR.: EVEN"1111" OF EVIII. ]FAULT. IIn addillion to all oll' the
ri�.Oits arid reirriedies provide(JI by the laws of[fie State of-l"exas, it is specificalilly am.1
agreed partrk-,ularly that in the vvertil CorIp(.)ra6,im (i)deflaults itithc paymentsto The imade to the
Juinioirll..,ierii DOX Service Fund, as rcquhx,-d by thisRvesolvittion, (H) defaults iimn the r)bservam-,e o,ir
Y oti°uerlir,)fthueco,venam,u.ts, cm-.)lridiiiilons, m:-Probliga,lril(.)Ir'IsscItf r..)1r1flh i1ril this Resoluuion,
Me Depart.rrixini. shaIll be einfifled w af,:)poinmn'Derrt (,)f a receiver in, equiity fYr a 'writ ofmandamus
is!!!,;ued by asrc-)urt of'propt:"Irjiijirisdiir-i¢Iii�)n,corriipelfing amid reqjpii ring ffie,Corporaiiori. ilsofficers:, t1he
13110ard of ll..)irectoirs,andlo,ir sH of 1heim iru their,iirpspecti',ve,iDil"',"f'if,:.iaI capacifies, 'W obsii-,'xive, and j,.)eirfi.wrn
ainy coveiitaintsl, con(Ji'161011S, orobligafiorAs prm.,.,ribeii,11 in [his Resolution.
No delay or orr'lission u,.),exerci semay :right or power accruing upon.any(Ilefalult shall fiRlipair
arty sw,:-,,h right,, or Ilpower, or s1hall. be. c,mstrt.,ht.xl to lh e awaiver ofanly such defaii.,ill�Lmgr alcqliiescic-iric.,'ae
dwreirl, and evcllsuch right and power imay The em,.-,rfJ.sv,1 if�rornfimetc) [irne and as often, as may
Nie deenrioed expedient.
The ,spei,,J[fic ric,.Imedies herein prc)viderJ shall The CLEMUlafirve dc&all other eXisfing rernedie�s
w%,l (he specificadims oil'sw::A rernediic,.Is shall mat The deeimedtobf,-.r
Se(.,�.,R;kir.m 24. 14111D, RDICO UIIIS'lured .,41.1GAINST 111131?]IFIC III A 111.,S. Piorec,..oivrse shall Nh Ilfuaud for iCDu
payrnera. of principal of or iirul erest on any Parity Obligations oir Iror an,.Y n,f,
clairn based t11"iiereo .:mr on
this Resolution ;against anly official of tl,iie lCir,)rporation or flhe Cit;, or ariy personi exiecuting aniy
Parity Obligations,
Section 25. 1Iln'U,1IRT11Il--1lE1IR kICTIO NS. The afficers arid erriplolyees ofthe Corporation arldl
("'illy are hereby an[d dire-cted firom. tirne to firine andat ,.:IIr11Y lime to da,
and perfim-irn all such acts ;rand 1.1-d!riigs and to execi Vie, ackr.no',vviedge and deliver iin Irhu nanie and
UrWer the corIpK,)irwe seal ainc..1 i,.:m bel--talf of the Corpi,.)rafion all such instirurnehilts, vd-)etheror not
here,hn inn entioned, as may be neoe,,ssary orde,ssiral-:ile in order to carr, ut, the ternisa (
nI Ipn:),,vmk,:ms
'Y o
Ofthis ResollU'fi,0111,thiC SUIR 'Loan Agiric,luxrkent, arv,l IChe initial exeCUfi1D11 and defiveryIDN'llif SIB L,oan
A
�,..:wreernent. In ad d!filon, prior to ohne initial execution ar,0 cl,elivery of the 13)13 1 oan Agreennenq,
11he President or Vice President ol' ahe Board,,, the City Atlornty and Boind Counsel ,ii re lierell::�y
atrd[j-jorized arul dire,m,-tir,d iro approve any teclhini,cail 0-minges or correcll.iiie.)riis to this Resoh,ak)n or to
any of instirtimherilts or agireemtsnts atahorized airid approved by ffis R.esohut,,ix,)rii neces&:iiiry in
oirder to con.,ect any arnbi ' I
ptay or invisitake or prc"rly or morie docurrkiml the
oransactions dolontennIplatedi and aipproved by thisR,m,-4ufion and as de!%,-,,ribed in the SIIE) L.x,:mn
Agret-gritm(,
SCICtiOn 26. h:h�IITE 111111,11 IR, IIE'll"A1111"1110 P11S, All terms defin1i:,,.,d hor.rein and all proncouns usied in
111his, Resolution shall be ileerned apply equall'y 110 singular and pliaral arilid to all g,�,',mders. The
aitles and headirqgp iaf the anicles and sections of this Resotimix.-M have been finseirted for
c,)nveniet-,Ice of refertlllnoe� ir,.)r .Yfl, and are noil, ko lx considered as Ipaa.rt here0farld slhaH not in any way
10
modify or restrict any of the terms or provisions hereof. This Resolution and all the terms and
provisions hereof shall be liberally construed to effectuate the pull set forth herein and to
sustain the validity of the SIB Loan Agreemerit and the validity of the lien on and 1pledge ofthe
I'ledged Revenues to secure the paynneint of the SIB Loan Agreernent,
Section 27, INCONSISTENT PROVISIONS. All ordinancil orders or res(.-a I ut lions, or
parts thereof, which are in conflict or inconsislent with any provision ofthis Resolution are hereby
repealerr,J to the exteirit of such cu:unfficl and the provisions of this Resolution shall be and remain
contil as to the matters contaTuned herein.
Section 28, INTERESTED PARTIES. Nothing in this Resolution expressed or implied
is intended or shall be construed to c(,:)il oI or to give to, any person or entity, other than the
Corporation and the Departmerit, any right, remedy or claim u.under or by reason of this Resolution
or any covenant, coindition or stipialation hereof, and all covenants, stipulations, promises and
agreements in this Resolution contained by and on behalf of the Corporation shall The for the sole
and exclusive benefit ofthe Corporation and the Department.,
Section ILI'l"Y. If any provision of this Resolution or, the applicatiori.
there to ,,any circumstance shall be held to be invAd, the rcirruriinditlr of this Resolution and tile
application thereof to other circumstances shall nevc.rlheless be 'valid, and this gowerning body
hereby declares that this Resolution would have Ibeerrn enaii withoutsuch invallid jr.)rovil
Section 30. EFFECTIVE DATE. This Resolution shal I b(°,corne effective upon adop tion
by the Corporation's Board and approval by the City C'ounciL
0 111111°2 2022,2 4854.III ill 019,5,4 711,
EXIIIII[BY111"A
DEFE1,141TIC)INS
As liusecl hn 0iis Resolution, the following terms and exl-I)n.-rssions shall ha,ve the mean*#139S
set Forth unless the tem, of this indiir,-ates wherwise,
'2022 Pi-oject Fund" nu'.,zrits the speci,a] fund created, e:st.aW i shed and maintained by th,e,
pri,,,wisions of`lS`I'ectiions 4 and 19 oifthis FZ.ir�,�solutioin for flie,,payrrie-ra of Costs of the Project.
"2022 SIB Loan Re.,,Vep-ve Fund"it-nirtans the special Fund icreaed,established and rnaintained
by provisions ofSectiorts 4 and 9 of this Resolutionanlid ithe "VIII B 11,11DUI .Agreeniervil.
"Air,-I" rneans Dew.,1opme-vCorporation wr,C.A. Local Government Cod,eg, Title
12, Subtitle. CI, as amended, (forinerly known as IIJIWiie "i ex,, Rev. Cliv. Saab, Ann. Airficlie !"1190.6,
Secition,1113), p-,,;nrtiu,,.uharly Chapters 501 and 5105 of tiny Local ,10o,vernmei nt(-'o<r`Ile�
"Addhioned I`ctfi�y Obligations" nneann:;s tx)nds,, nolteswarnants, c:er1if4-,-a,les,iDf obligationic)r
otheir dle,,bt n,-)bligafions which the Corporation reser,ot'.,s the right to issue or enter into, as the- czse
vnay be, in the ftinure, in acc:ordance,, mdthIlhe u:,,,rn,hs and ciondifiotins pro,vided in the resoh,inions
auuthorizi.lrn Iffic,: Pre-viously Issru,-ld Parity ONIigatiu.)ns, airul vvhich, togir�iher with the Previoiisly
Issued Parit. ()bligations, arp eq
ivally and ratably secured by a first heri oin, anA cl pledge the
Y
Pledged Rie%reniaes on a parity with the Previously lssu,iied IFlari ty Obi g,,,aions urkder ill-he terms OfthC
pI
iresoluifioit,,is ai.ithorizinig the Prie'Viously lssui�,,,id 'Parity Obligations and any Additionall Parity
Obligations Resolution.
%4&fllioncel Pcirity Obflgpifions Resolution" any resohiiitiu,)n of Board auIhorizfii,-kg
and provi,rJhng the ilerun,us and pro,vi:sia::!ins of true Additional Parity Obligations.
"Board" or "B,r,;wr(I q,(`Dire(,Ioi-s''1 means the Bii�,)ard ii,)f Directors ofthe Corporation.
"C"jiy" rnearis the Cily ic&1;6ounid RIDOr,,.,Texas,
"Comi..ltroller" nn earis the ComptriDlIer ir.)f Pulblic Accounts of the Statie of"I"exas, and any
successicnr r)r offlicer diere-ito,
"Codporcylion" means thi� Rourld Rock 1'rarisportaid(an ancIl Ecoriornic De,velopment
C',i-)rporaliorii,,
"Cost" 1-nealitis Wi(h rc:spect to the Prqject, tlh,r'r cost of acquisiticiri, construction avid
irrtprovii,mwnt ofthe as pro,vided in the Aci, including, willlfioiut limitatiOn:, Ilhe cost of'(Ive4
acq%,iisifio,n. chfaH larlid, rightS-OF-way, property rights, eseriaeiiits, and lhe cost re,.)fatl
machinery and eqUipment, finanicing charges, interest during coristructicni berore and Juring
constriLitiction and uniffl the flirst airvini,,versary of lite date the clonstrittictiorit is corripleted, ulnecessatly
ire,sier,iiir� ft,inds, cr,::a:st o1i" estimailes artid ir.:if engineering, accountant, Financial m::11,visor andlqpl
V
All
services, phans, spef,,.if Pications,slurveys,esiiinates iA cost and of"n:111venue,otherexpenscs necessary
or incident to determinin,lo ffic feasibility arod piracticability of acx,:jU1[r1n9, Constructin ,
�3 5
rec,omstructing, imP roving,am,'[t-,mrmnding any such Pro ect,admiriisinative expense,and si,mch oifllx,`Ir
expensc, a s ntay be im-ce!sysairy or ivici&:ni u,) the acquisition, constraxti,011, reconstruction,
hupnyvernent and ir.,*cpansion thin,:reof', the. Placing oft1he sarne in operation,,and the finaricing ofthic
Piroject,,
"Deppartment" meanstrhic,11'exas Departirient
ineans one or mo,reofflicial de,,j.)ositiory banks of Co,rporat ion.
"Efeclion" ineans collectively, the salies and ize lax elICCliOM held t:py the City on Atigust
9, 1119197 ar-hd 21011 pursmant to pirfavisions m:)Filffie Act,
"Fiscal )ear" imans the twe I've-niont.1-4 accuiari6rig period uscA by the Corpi�-)ratvon,
currently ie�ndirqz on Septenitm.'.r 30 of each year, vvhich may be any tvvely� :1.11 r„onseculivie.. mianth
P
perk.)d establir�"heldl by the Corporatilon, but in wo event iimay the Fisca,I Year be chainged rnore th,,,,:1[n
one time in any three callerkidar year period.
"Funds" rricans any furvnJ ii:.xeated by this Res,01111i0n, the resoltitoris authq,)dzing the
Previously hi'Mied Parity Obligations, any AdditiorrM Parity t”bili Rn-,- olufion, cor the
resolutions authorizing any',,aiddifiliDnal Junii�-)r 01bligatiOns or SuIxvdirmile Lit,"n Obligations,as
applicablc%
"Invei,imew Act" m:ans the Pi,,iblic Funds Investment Act, ir"I'vi,:11pter 2256, Te',ms
Governivient Colde, as arneiv-ided,
"Junior Liew Debt Fund" rneans the special ftirid established and
rhminufined Iby the pr(')oviSiOJT5 Of Sections 4 and ,13�,.:&this IIkes,alUti011 fi,)r 1111111EI.,payrrient of,debt service:
on Jitivnior Lien Obligations.
"Juniev Lien Obli.,gaehons" meam.,; (i) the ui orporantin:mrnes payment obligations undm- the SIB
1.,oan Agreernient, (ii),,,uiy bonds, n0teS, warraints,ceilificallit.-sof'o'bliguatii,.)n,cx)ntraf,:,:tual obligations
or other debt. issued bthe Corporation that are pa', able, iri whole or in part, frond and efjitially aind
y ,
ratably secure:,d by aa hein n.m and ple,�,�.fp .
C,c of"the Pk ;t,,A Rcvcniaes, such ple<11ge beiing sulbiorIllurmite
and infierior to the lierh on and pledf.,,r of the FlIedged Rievenues that are or will be pledgir..-d to
payment of any Parity Dllbli,ugafions issw-xlby the Corporation Ilbut seni'Dr tO 11he lien on and pled is
of the FIledged Revenues that are or 'vAil Ibe pledged W the palyrnen't of any Subordhiat(,,,, Liam
IlDbligations, and (iii) obligations hert"after issued IIIc rell)ond ariy olfthe Foregairig ifisslued in a
manner Chat I-Wo'vides that the reffindingbonds are payable,, [roiai ani�i f.qually aria] ratably
in vvtkole or in part, by a lienu-Yii and plcidgm:11 of'lhe Medge,ril Revienues on as parky with the Junior
l.Aen Obfigai,r:ms. As of tht: date c,&this Resolution,the ,A.Yrpm,)rafioii fia:s nir..) Lien
Obligations other ttuari ffif,! ii IDoaarn Agree nnr:4rv9[ beingauthorized j'xirsivanil hiereto.
A-;2'
Uunlor Ra"!ervc,.� Fund ir)bl�galion Ilayment'" imeans any sii,flbrlD&,llfi01l payrialerill
D:,nporadio n obligalteld to makie froinPlle-dj�jedIR,e,vlemie,,,;. airu,:Jlii:ra R.eservt- Ftmd Obligation hickll
in anydebit serviii:.,�.ir:.., re,,slerve 15ind lroiii-,as-��.:,,,fies(x1f,lunior, L.Jen 'Dbligatioiriis.
`Iparily (,�,,,olllecl6vlelly, the PwvWuMy Issue(.] Parity 11CRAigafiliaits and any
Addi'llim-ml I?arity Ir
"IlarioIOblige"flionsDebt Fitnerl" means Ohe spe(;iM Rind ciireatedl,, Fillrild,
inaintained by am pmvislons c;F die n%cOhRiOns au�ilthairizing thie Fllrevk.)u,.,.dly lssiim.,�A lllarit,,y
any Additional Parity 10111 aligailfillOns lP,,.esicAutioiirh 15,,)lr Itdv,rw, p,ayrne:ntof<lir.,,,N sery i lcicy oll
Pairity
'PrAv Reserve Fund Obl�gaik,)n Pciygnent" rnir,l,iens any subrogathon payment ICldnla
11C.'orr)oration its obMed to awke Wni Pledged Revenues lii:iinder a Fi,inidObli,!�...afi'Dn I.mld
in any debt service reserve fUiiwid fi.)r aseries of"Parity llr)bligadons,
'PernihIled In%pestments"' nwanq lhese invir..,slj,nieras authorized 11.)y tl-ae A,:A anirl
hnvt.�!,,Ament policy.
"Pledpecl R,e-venua,5" rrilleans all of" the recei�j[.)ts of" (tie Salley Tax, less Etriky
k MIX
DUIrilts, clue ll".)r owing Ui le Compw%as charges ftar clollf,:„m,ilfioin or reteiirifi,t::Pn by fl[w Cornpitirialber
Or reRinds and toredeeniidisliorwr �clliioi,,�icks and dmhq tir.a tN,� extent. sim,.,h chairges andl ret,enticPris
areaulthi,.)rized or reqtgirei,J by law.
"PremWilv MW Pariy Obligd.vions" the C,i,::nrporati,an's ouitsuanihnig liobligatilMS
fa'wna1rylderd "[;?,Ola�llid IRo,:* Danspartadon and EcmwnAe [Mvelopmeril Corpoirationi Senior Lien, Sal,e-,,",
Tax Reverate FUlanding BunQ Sedes 201ZI ""Round Fbock irransportmHon and EcDnomic
IDe'vir.,,loprnien't SeWor ljoi Ws Tax Wvmwe Bonds, IlrbxalbIlie Serk:!,s "2.0 9"" and
"Round R,(,:ack Transportation andE..'lccariiornic: Deo,if,,,.�lop i-nier-it Cir.)rpoirafilon Slleriior' lL,Jiei!t Salkns Tax,
IR,evenun e 'ra:xaUle Series 202...1".
"Arqject" 11.11alls the lvNeainirq given u.-rim finthereciiLl il,s to this
"AM r,:Yeci AgriC:,mnnenl" ffteans the agireernien'a ckated Selptennilher 2022 lbet,,�Jveen (he
Corpr,nation and Che City rlelafirn,g to the Projecl�
"Requkeel Resmiw Amount" num ns the anmDunt re,qiiArcxll pursuant to Ildhe p rovisions
SIB L.oan,A zs
to be wwkimled on&,,,po:sk, [ield af.., eic:mri'lties allil'bit-hedd ,,.ts a Reseirve Fund
"DAMn A Itberwfit of the 20,'Z�,2 B Rese�rv,l,a' Rlal&
`Res,er,va Fund Obl��lc;alhr,)W' imemm, W be Ment t.:aeiirTnivtled by law, as (, ee, y Baan
'° b
oonlon or nationaHy ramgnhed bond caunseL a swaty bond cc inaHmnce polky deposRed in any
idebt serviDe reserve 15i.iiiii-id fbr a series of PadityI(..)bhgafiorts ioIr „da,ll!rIINlIryN" I."'lleIra )Ibligalti,lans, as
ap
, :phicable, ',aAillacn.-by the houer of such obUgation is obhgated bD POVide FnWs up V)WH nduWng
thlit� niaximijirn aniot,int and tiinlder Ellie a-,,oriiditicuis specifile,d in such, agrf,:.Truent ir,ar ims'l[runieril-
"Sales rax" mt,.Ians the one-half of one rxrcerit sale:!-; m-A usetax levied by ithe City 'vvithin
the boundarit',-s of diie City as thley rkow or ht,,".reafter exist:,, together with any increases in tile
af6resaid rate ifpnWided arlid aldd[[Wrized by the laws of Jw State of'-Fir,:xas, including specifically
the Act, and collecu,,d fbi, the Ilbrwmuaefit of ffie Corporationall in acciardaace with the Iwt.
"Sub(,;we,/hmue LienWiffuelions" means (i) any mids, notes, warrants, cerlificates of
oblig,eation, contractual obHf,.Yatk.)ns or other debt isst,,ied by the Curporation that, are payable, in
WhOle Or in part, from anl�l aa ,d ratably seicttred by am lien and pledge DfAle i1edged
Reveinulc,s., suchpledg�e being subordinate and infi,�ri1r,-)r 111f,') ithe hen on and pleidge, of the Ph,,4ged
Rvvenutm that are or willhe pleiJgem,J tio the paymen't ofany Parity Obfigatk)ns ariid Juni,ior Lien
Obligations issiued by the Corporatii.,vn, and (4) obligations [wreafter issued 'to refund any ofthe
f�-)ve-going ifissuied in a rrmnrhex that provides that thic reftuiding bonds a r Ipa yable from and eqUally
anid ratably secuied, in whok,, or in part, by a lien and plit,,dge of the Pk,',dgeid RevenuilWson a
parity with the Siaboirdimite Lien Obligations. )%s of the datie of this Ftesolufion, the Corpordiflion
has n1D10114tStaindinlZSubordim,,:He Lien (Aligatimm
"Trrtm�ij*r Agreemem" means the Sales Tax Remittance Agreeen-Dent dated as of May 15,
2001, Ibetween the City and the Corporation.
IThe Reirmalysdiim!;r ofTlids Page is Int enfiliDnagly, Left 13111anki
E,51011BIT B
;SIB LOM"i )IL'Ir RE11KNIEf,"lliff
EXI-11BIT SIB #S2021-007-05
Round stock TEDC ... (Austin District)
Jl #0914-05-218
THE TIS OF TEXAS
UNTO OF TRAVIS
STATEINFRASTRUCTURE BANK
LOA114 AGREEIMEN"r
This State IInfrastructure Bank Loan Agreement( r meat) is made by and between
the Texas Transportation Commission (Commr ssuo rn) acting by and through the "texas
Department of 'Transportation (Department), arm agency of the State of Texas (State), and
Round Rock Transportation and Economic Development Corporation (Borrower), ubpu
instrumentality nd horn-profit industrial development corporation created pursuant to the
Development rp r tii ns Act, Chapters 501 and 505, Texas Local Govemment Code, as
amended, f rm rly the Development Corporation .Act of 1979, Article 5199,6 4(b), Vernon's
.Annotated Texas Civiil Statutes, as amended, (Act) and acting by and through its Board of
Directors, IIS ted in Williamson County, .texas.
T IN E S S E Tt-t
WHEREAS, the Secretary of Transportation of the United States Department of
Transportation is authorized by the Rini l-fighw y System Designation Act (Section 259
of public Law 104-59) to enter [into op rativ r m nts with certain states, including
Texas, to establish a state infrastructure bank for the purpose of making loans and providing
other financial assistance to public and private entities, so as to encourage public and private
investment In transportation facilities, expand the availability of funding for transportation
n
projects, and reduce state costs', and
WHEREAS, the Texas Legisiature estabhshed the State Infrastructure Bank (SIB) as
an account in the State I lighway Fund to be administered by the Texas Transportation
r°rmrxrpssp n (Tvansp rtatl n Code, Chapter 222, Subchapter ), and
WHE'REAS, the Texas Transportation Commission has adopted rules to implement
the S1113 program, including eligibility criteria for financial assistance (Title 43, Texas
Administrative Code (TAC), pain 1, Chapter )a and
WHEREAS, the Borrower is developing a project in Williamson County, ...texas t
wake various improvements to Gattis School IRoad, identified as CSS # 0914,,,,9! ,.21
(Project). The lBorrower is providing the actual cost of utility relocation, iright.-of-way
acquisition and constfuction necessary for the Project; and
WHEREAS, the Borrower is a pubilic entity In Texas and is authorized by law t
construct, maintain, or, finance the rnstru ti n of the Project and may borrow money from,
the SIIIB under Texas Transportation Code §222.0745 for that purpose; and
WHEREAS, in accordance:with 43 TAC §6.23, the Borrower submitted an application
to the Department seeking to borrower Twenty-Seven billion Dollars ($27,900,000) from the
IB to pay for borrower's actual cost of Futility relocation, right-of-way acquisition isition acrd
construction of the projects and
Page 1 of 1
SIB #52021-007,,,.05
Round IRock rEDC - (Austin IDistri ct)
CSJ #09 14-05218
WHEREAS, In accordance with 43 „,texas Administrative Code(TAC) §6.32(c)(2): (1)
the Project is consistent with the Statewide Long-Range Transportation Plan; (2)the Project
is not in a Clean Air Act non.-attainnient area; (3) the Project will improve theefficiency of
the State's transportation systems; (4) the Project will expand the availability of funding for
transportation Projects or reduce direct State costs; and (5) the application shows that the
Project and the applicant are likely to have sufficient revenues to assure repayment of the
financial assistance-, and
WHEREAS,
the Borrower passed Resolution No. TB.-2022-003 on February 2.4, 2022
(Borrower Resolution), authorizing the SIB loan application in the aniount of up to Twenty
Seven Million Didliar$ ($27,,000,000),"The above-referenced resolution is attached hereto as
Exhibit& and
WHEREAS, in accordance with 43 TAC §6,32, the Departrnent reviewed, analyzed,
and found the application to be in compliance with the requirements of 43 TAC Chapter 6;
and
WHEREAS, the Texas Transportation Commission, in Minute Order No. 116240
dated May 26, 2022” and Minute Order No. 116255 dated June 23, 2022, attached hereto
as Exhibit B, granted preliminary and final approval of the application from the Borrower to
borrow up to Tweinty-Seven Milli on Dollars ($27,000,000) from the S11B, and authorized the
Executive Director of the Department or his designee to enter into a financial assistance
agreement wfth the Borrower to finance the Borroweirs actual cost of utility relocation, right-
of-way acquisition, and construction ir,.)f the Project; and
WHEREAS, the Borrower also passed Resolution No, Enter resolution number, on
September 229 2022" authorizing the Borrower's President to enter into this Agreement for
a loan in the amount of Twenty-Seven Million Dollars ($27,000,000), attached hereto as
Exhibit C; and
WHEREAS, the Borrower has submitted a certificate warranting that the proposed
macurity is eligible to be used to repay the loan and that the financial assistance will not
violate any of the borrowing or bond commitments the borrower imay have in place; and
WHEREAS, the Department has determined that the money inthe SIB to be used to
make the loan is "secondary funds" and "financial assistance from other than general
obligation bond proceeds," as those ternis are used in 43 TAG Chapter 6� and
WHEREAS, the Borrower will repay the loan with funds other than federal funds.,
Paig a'2 of 18
SIB 221-0 - 6
Round Rock TEDC - (Austin District)
CSD 14-05-216
THEREFORE, the Department and the orr w r agree as follows:
AGREEMENT
Article 1. Financial Assistance.
9I6 per , Department, n behalf f the u ion, will make loan t thu
Borrower r in the amount f Tw mntty-Severn Million Dollars ($27,006,006) from the SII I
Loan) to finance the ttu u watts of the rr r' actual watt of utility relocation, ri ttntt-of-
w y acquisition and construction of the Project.
IIIA Loan Disbursement, On September 30, 2022 (Deposit att ), the Department will
transfer the mou ntt of Twenty-Seven Million Dollars ( 27„666tl000) from the SI (SIB Loan
(Proceeds) to the Borrower for deposit ittb the Borrower's depository b mnk JPMorgan Chase
Bank, located nn Austin, Texas, into urn account established by the (Borrower with its
depository bank or investment pool as prescribed by state lair (ProjectAccount). 'The
Borrower h ll use the SIB Loan Proceeds for payment of-the Borrower's actual watt of utility
relocation, right-of-way acquisition, and construction the Pr Je tt. The Borrower shall not use
the SIB Loan Proceeds for any purpose other than ttlhnett described in this r ermnerntt.
The investment of any SIB Loan Proceeds shall be handled In a manner that complies with
the Public Funds Investment tt, '°texas Government Code, Chapter 2256. The SIB Loan
Proceeds shall be adequately collateralized in a manner that complies with the Public Funds
ll ter ll Act, 'Texas Government Code, Chapter 2257. The depository (bank shall not
commingle funds in the Pyr Jett Account with any other funds held by the depository bank or
the investment (pool. If, during the course of this Agreement, the Burrower wishes to change
its depository bink or investment fund, the (Borrower shall obtain the Department's approval
Prior to the transfer of any remaining SIB Loan Proceeds or any other funds into an
equivalent a nurntt In the new depository bank or investment fund, subject to the same
security and fund segregation requirements described in this r ermnemntt.
C.
nurutt Prelrn .
f �ef¢mnuttl For all purposes of this Agreement, the following in definitions
shall apply:
"2022 Si B Loan Reserve Fund”means the reserve fund created,established and maintained
any the Borrower under tthi reement and the Borrower Resolution.
"Act" means the Development eloprmnentt orpor ttio n Act, .Ti 4 e 9 Local Government Code, Tittle 12,
Subtitle C1, as amended, (formerly known mn the 'Tex. Rev. Civ. Stat. Arne. Article 5190.6,
Section ), particularly Chapters 661 and 605 of the Local Government Code„
"Additional Parity Obligations" means bonds, notes, w rr mntt , certificates of obligation or
other debt obligations whim the Borrower reserves the right to issue or enter into, as the
case may be, in the future in accordance with the terms and conditions provided in the
Page 3 of 1
SIB #S210211-00705
ROUnd Roq:k '11 ElDil (Atistir-i Distirictl
CSU #09114-105-218
rewAtitionsa1u'Ch1(.::oiHziing the PireOX[NAY ISsue IParily Obfigationsli, aind wt-dichl, tolgetherwith
the Previously Mulled Parity Obfilgappm ns, are equaHy and rallably sell by afirralt Ippen on
and pliE,,,lidige of the Pledged IlRoevenues oiri a painty i the Previouslly IUSSUied Parity
ObElgaUonis uindier the ll of the resiolialJoins ailuthiorizing the Previtill y Issued Pard„
Obfigations and any Adidiffiortalli Pairity (;;gip' FResolultiOn.
"AddRiorriall IParity Qbfigatik:)ins Rie!soillutk.:minl°" rnie,airms ainy ri&,l.,�,iolliufinin ofthe Board ofMirectoirs of
the Boirrowleir aUthiortz'llinIrm Ipmr,n%l the terms and pwivisions of the kJidifilonalll F.'airlity
OWN119alfiloins.
"AininuW Debi &r.mirvice ReiglUireirineirAs" mpains, as of Che date olf cak:.i.,flatillom, the pirincig)M of
allintiiFilwest 'on afl 'pairity 015lligafions cfminig due W Mattiwity oir,'Stat pri Maturity icoir thaticloWild
COme due on dei rinand of the owner tti�iereollll lotheir thann Iby alotiler afloirii or other dernainid
oon1di1fi1c,m1e,,l up oirm delfaluft Iby the Borrower on sluch Delbt, ioir be �p:ayalble iin respect of airvy
reqt..flireldl Ip luirclhase of suchE.)ebt by thir,m Boirrowev) l st,tc,1h Fisi(;W "i IV'nd„ Iroir st,ich
purposes, 81rly i or Imranore]of the 11"OHOMIrIg rim k',As Shatil apply at the Oecfion of Chie Boririweiec
m If the jprincilpall (including thie accretiOn of interest restd firwgfrog n orlgiinW
issluip disicolunt or corng:*Urlidiinig OFinteirest) ofrarryseiriles w lirssuip of Funded Debt due
(orrmy6lbAe, in IriErpect of airiy r1equired p.trichase of such Funded IDebt Iby the
Borrower) pun airiy IF:1sical Year leitheir is l tin atlea,,:mt 25% of the total pifinioipW
OindMumu diirr.:i the accireflion of iiunperest Iresiullping fpr r>nn oril issuie disicot;int or
cornpounding of inteirest) of rjiw,ll IFunide4l Debt w exceeds by moire ttmn 50% thii.,,,,
g!n:!,.,a'te!sot amount ofjprfiricilp,M of sim;1h, seide!!i:u or-, issit.tri., of F:Vnided Debt diule iin any
preceding g::mr suicceeidlUng F`isicap Year (sluch pirindipalll dule in stmih Fiscalp "Year for'such
series or is!slue of Fundegi Debt being irefairred to lrmieirie�iin as "Rafloloin Debti'll"Y, the
airniolunt of pifiricipal Or SUdh IBaUIDOin IDebt takelin ililrmto aCCOUnt diuririug any Fisici-M Year
sttaHbe equall to the diebt service callct,.flalteid using the original Ip irlUlrmcppn,M ain-muntiolf
stich B61looin IDeI t aimor-fizeld i CK� ,;m Teirm of Issule on a level debt slerviclebasis M
ain MSUmed iinterest rate ieqtxa� to the rate, blorne by sluch II [k.:)1on :Det)t m the date of
calliculation;
(b) In the cu !w:.,.,l 'of Balloori Debt, if a desiigriatp�.Jfinarvi�::idll mcleir of phi,
rr�cmwir.,,,ir !,,u:10lha'Up dim:,,l tin ttte Issuer a ceirtificate Iproliidiiring for ft m retireirinc-li!irit of (arid
the imr,.Arument cri.',',,,,aiHng such Balloon Diebt shall I1,xirimilit 0-ile retirervileird of), or for thile
alcouirrvulation i a sinkirig Fund for (and the iir,nstrurrvc.,�inl cireat' iinig suldh IBaIlloon IDebt
shall Ip ermit the accur-niuliatioin of ia siriking Urulri iporY, such Ili H1rjli.::m Debt aiccording to.,
a fixed fiiuicl-midiuille stated iinsiudh ceirtificate eirilding on i before the FisoW 'i k,irwhicti
c"Llich Ip dincllpW (and priernium, if air,q) isditiie,, thierm Chie� priinicip6ll of (ainqJ, iiri thie i of
refireirrmnit, or ill l provided or. 1by the sinking Wind air.cuirrvullationl, Che
piriernk.trinUlf anyl, ainid interf,mst arid i debt seirvice cK311�gill::1.115 On) slush Raflk.:)oin Debt
st,411 I)e cornputeld as if the samie wieire due ina1ccoirdaw,;#.:,% Mth such mem idt-widiulie,,
provided EViat It'ilis cllat,irsie(2)1-4111 app.Ay inirfly p IBaHoon Debt for which thie instiaHiments
previot,mly soViiedullied havie k.)ieeir, i oir diepir.mitied to, Clime sinkin,,9 fund estabfistve�d
willifli respierA itio sull on oir before thie firries rid by i!:R.tdh schedtflie.,.„ and
provided further Rmt this clausie (2) shafl Iruop applheire Che 11:..:kwrower has elllielated
tppOy fil-ile rLdeset fm th in claim:iYie (1) above;
R4 o,f '10
SIB #52021-007-05
IRound Rock TE DC .- (Austin District)
DSU #0914-05.-218
(c) Principal of and interest on Parity Obligations, or portions thereof, shall
not The included in the computation of the Annual Debt Service Requirements for any
Fiscal Year for which such principal or interest are 1payable from funds on deposit or
set aside in trust for the payment thereof at the time of such calculations (including
without limitation capitalized interest and accrued interest so deposited or set aside
in trust) with a financial institution acting as fiduciary with respect to the payment of
such Debt; and
(d) As to any Parity Obligations that bear interest at a variable interest rate
which cannot be ascertained at the time of calculation of the Annual Debt Service
Requirement then, at the option of the Borrower, either (A) an interest rate equal to
the average rate borne by such Parity Obligations(or by comparable debt!in the event
that such Parity ONgations has not been outstanding during the preceding 24
months)for any 24 mointh period ending within 30 days prior to the date of calculation,
or (B) an interest irate equal to the 30-year Revenue Bond Mex (as most recently
published in The Boind lBuyer), shall be presumed to apply for all future dates,, unless
such index is no longer published in The Bond Buyer, in which case an index of
revenue bonds with irnaturities of at least 20 years which is published in a financial
newspaper or journal with national circulation may be used for this purpose (if two
series of Parity Obligations which bear interest at variable interest irate, or one or
more maturities within a Series, of equal par amounts, are issued simultaneously with
inverse floating interest rates providing a composite fixed interest rate for such Parity
Obligations taken as a whole, such composite fixed rate, shall be used in determining
the Annual Debt Service Requirement with respect to such Parity Obligations);
With respect to any calculation of historic data, only those payments actually made in the
subject period shall be takein into account in making such calculation and, with respect to
prospective calculations, only those payments reasonably expected to be made in the
subject period shall be talken into account in making the WcWafion.
"Annual Expenditure Report" means a report listing actual expenditures of SIB ioan
proceeds including the date of payment of the expenditure, the vendor name, a short
description of services or products delivered, and the amount of the expenditure,, The
report shall also contain the beginning and ending balance of loan proceeds in the SM
loan Project Account. This report shall be submitted annually on the Payment Date until all
loan proceeds have been spent and reported.
"Average Annual Debt Service Requirements of this Agreement" means that average
ainnount wNclh, at the time of compulalion, will be required to pay-the aninual debt service
requirements on this Agreement when due and derived by dividing the total of such annuW
debt service requirements by the number of Fiscal Years then remaining before the stated
maturity of this Agreement., IFoir the purposes of this definition, a fractional period of a
Fiscal Year shall be treated as an entire H Year. Capitalized interest payments
provided froirn proceeds, accrued interest and interest earnings thereon shall The excluded
in making such computation.
"Comptirofler" means the Comptroller of Public Accounts of the State of Texas, and any
successor officiW or officer thereto.
Page 5 of 18
SIB #S20,21-007-05
R tj n d R o c k I IIEDC (Austin 1'.)
CS"'J M)ID.1 14 05-218
"'Diebtri mileans:
(a) ialN indebledness p' We from Pledge Reveinuies iniclurreldoir assurnied
byttile Boirrowier, for Iborrowed mormy ail all other fini,,ainidng ohligatioins payial.Ae
ifrom Nedgeld Revenuesthat, ilrm r'coir with geniiiu,.mraHy accepted niccounfirlig
priinc,ipies, lar(,:, showirr on 'the fiabililitysidir.., ofa Idly flanicesheir.-In and
(b) all other iridebtediniess payabte from Fledged Reveiii (oV-ver than
Mebteldii,vess 'r:),Ilhleir,wisle 'trei,,,.itiiu-d as Debt ror boriii nnoirileyorfor Che
ai,:.qit,flsNoinI, ccm-uliftruiction or iimprilloveniiii of property orcapilitatizrid tease obilgaflons
thal is gluairanteed, directly'Dir nim direclly, Ilan arry mainneir t)y the Borrower, or that its iirr
effeict g uairanteeld, diiii oir uinidirOhl by thile Borroweirthiii ain aig,reerrierRI,
cloinfirigentOriu.:)O'verwisie, t'o purchmim any isiudl'w indebteldiriess orto advarme or
SUPI:A'y Ninids for thiepayment or ip:urchm.;e l suich inidebtiii:,minieiii or to r.:oiuirchase
pil:eirly or seirvik';es h.'x'lhlrnairHy foir hhm Ipt,irpose (.,)f einabling the debtor oir sel[eir to
ni payment ii sil iundh;,mhediniess, or'li assurethie owner of the ind'ekyteldness
algahnst hoss, orto %upplyfit,.inds to l iin airry i manneir invest in 'thie diebtloir
(indluding any algreemeinit to pay fc.:n" piropeirly lr.n-se ry ices kirespiii:.,m.five Of whetlheir oiii,-
not such Ih,iro;Perty iis id,64vereld ori-iii eveirvil are ir�.,,indii or oflherwise,,
For tl'ie h-)uirpose 'of digitiinu IDebt,, thim, shaflbe exdiuided any IparficWar 11;)e t if,, t,�qpoirr
or Prior to'the Malluir4 Chiereof, there, nhall have beein depOSited with the proper deposHimiry
(a) Ilan tii thile neicessary funds (or irim%tistmentsthat wfl1i provide SILIffie.ilentfunds:, if
permitted by the irvistiruirinen't creating such Debt) forthe Ipayment, redlemptiorill, or
S35SUCC111M 'q,:A sluch IDebt or (b) evidence of suich Debt deplosited for canc,,Ietiafliniii ,RrIld
theireva'11r..:iff it shWfl not ble consildered Debt. No Remii be consildeirec.1 Debt unless sucf'l�
iteir'n coinstitutes indlebtediness urvidergenerallcicepted accounting princip:lesapp:field oin a
basis coinsisteirst with, Chle irliiai-iiii,:,iah !rtaitleirTiler,its 'o:Vithie Boirroweir iin piii RscaIII Yielairs.
"F:"iscai Year"' riuh''hm 1Y eive-rrion'thaccountirig period ruse Iby htlhIBorriowt,.,ll currer-Itly
lerviding loin E.3eptember 30 of eii year, wt-Ik::I-i ii be aiirvy tweive consectritive monith
lostablished by (he 11:..:orroweir, Ibut in ru,:) event n-ml the Fiscal Year be changed rnmr-le, than
oine firrile in arvy threle cia[eindar yelair 1peirik:)d,
)IFunded Debt" rineans aH Parity Obfigatiorivs, created or assummd by tihe Borrower that
r-natuire, I thileir teiii-imis On ttm absence of the exerdse of ainy elairHier right'of r.illemand), or.
ttmt are reriewiiii. iat thie m::uIpfiinnof the 1::.Iorrower to adatel, rru.::mre Chan onie year,afteir the
original creatioirro or ' it.tirnphoiri of ctin Debt Iby tihie Boriii
"Juinior Duerr Debt Servkm IPurrr'u rinlearts the special kilind creatl lestablistmd Suli
mahint ainied by the IBoirrower, IR#Lm.;16Iufion and thiisAgreeiii for the payment of debt tr'emi1c#,-,.,ro
oin Junior LienOtAigalloris, inciulding Pirim;ipiall Payrnent .rm' IInterierlt IIt ayrmmrntsdue on the
SM Lirmri
%h..trfloir UiimObligations rneaii,'m (i) the Ilf urrower"s paymeirit obfilgrifiloiris under,his
Agreleirrmint, (H) any boinds, notes, 'wairraints, ceirtificalyes of otAirlatiloin I, cionilraf,Aivall
lob ligatilorm!:10 or otheir isslil I hh'n IBillorrower Chataiii-'e !pay,abk-.'.r, in Whiote or ii,-i it, fir oirin
paf,-:Ie 6 Of 1118
SIB #S2021-007-05
Round Rock TEDC (Austin District)
CSJ #0914-05-218
and equally and ratably secured by a lien on and pledge of the Pledged Revenues, such
pledge being subordinate and inferior to the lien on and pledge of the Pledged Revenues
that are or will be pledged to the payment of any Parity Obligations issued by the Borrower
but senior to the lien on and pledge of the Pledged Revenues that are or will be pledged to
the payment of any Subordinate Lien Obligations, and (W) obligations hereafter issued to
refund any of the foregoing if issued in a manner that provides that the refunding bonds
are payable from and equally and ratably secured, in whole or in part, by a Ilien on and
pledge of the Pledged Revenues on a parity with the Junior Lien Obligations, As of the
date of this Agreement, the Borrower has no outstanding Junior, I ien Obligations other
than this Agreement.
"Maturity" means,, when used with respect to any [)ebt, the date on which the principal of
such Debt or any installment thereof becomes due and payable as therein provided,
whether at the Stated Il atufity thereof or by declaration of acceleration, call for
redemption, or otherwise,
"Maximum Annual Debt Service Requirements" means the greatest r equirements of
Annual Debt Service Requirements (taking into account all mandatory principal redemption
requirements) scheduled to occur in any future Fiscal Year or in the then current Fiscal
Year for the particular obligations for which such calculation is made. Capitalized interest
payments provided from Debt proceeds, accrued interest on any Debt, and interest
earnings thereon shall be excluded in malding such computation.
"Outstanding"— means, when used in this Agreement with respect to Parity Obligations, as
of the date of determination, the Parity Obligations theretofore sold, issued and delivered
by the Borrower, exceptr
(a) those Parity Obligations canceled or delivered to the transfer agent or
registrar for canceflation in connection with the exchange or transfer of such obligations;
(b) those Parity Obligations paid or deemed to The paid in accordance with the
defeasance provisions of any resolution authorizing such Parity Obligations; or
(c) those Parity Obligations that have been mutilated, destroyed, lost, or stolen
and replacement obligations have been registered and delivered in lieu thereof.
"Parity Obligations" means, collectively, the Previously Issued Parity Obligations and any
Additional Parity Obligations,
"Pledged Revenues" means all of the Borrower's receipts of the Sales Tax, less any
amounts due or owing to the Comptroller as charges for collection or retention by the
Comptroller,for refunds and to redeem dishonored checks and drafts, to the extent such
charges and retentions are authorized or required by law.
"Previously Issued Parity Obligations"means the Borrower's outstanding obligations
entitled "Round Rock Transportation and lEconomic Development Corporation Senior Lien
Sales Tax Revenue Refunding Bond, Series 2017," "'Round Rock Transportation and
Econornic 0evelop mant Corporation Senior Lien Sales Tax Revenue Bonds, Taxable
"age..7 of 18
SlIB k520'21 0107 1ID5
Ilk ot,prwd l3w.Jk TIBIE.)IC - (Ara rvitiIre
IC`,ISJ 91109 14 105-218
Sieriles and ",Rot,ind R,Diiokiran„aplort,�,r3ti,DF'I ,,,,.,ind E:::corvomiiir, Dee ellapmentCir,:)r,Or allficoiirii
Sieni'Dir fieri Sviliie!s Tax Reven a Ir c.rinds, "rax,,abllie Series 2021",
"Resenole Ftind ObligaRioin"' irneans, tI1:111le liewten'll Ip lerrrmitteld by law, "as eMden,i:',ii::,,id by airil
opinion Of Irnalilcalrrafly recognized b0nii:1 courisell, ,a i:,)r firisuraince poliiiny dejp1ID!i`.';iiIlt!I.`d
in 'the 2022 SPE-il 1l �,:.'ian Rle' eirve Rmid, vehereby itl-ie is,sueir Of wiLich obli, afilorii is lo
provide fiiindi tip to, anii:1 iivvir::rIuding thiiii:h"
., rniaximi.-imamiouii,it rrllrrrd i,,und1ii:'.IIr'Ihe coindi'llions spio,ir,'Aifiied
insiar.;h agrelement or iiinvlirumient,,
"Sal1i:.',INs Tax"' shaH rrvean 11hit'.:1.1 of 6xne joeirceirok salles Irn II,Juse tax, kavied bythir,,a,
0-,ie, bottindart esof II've Borrower as thley inlow ,oir t-Dereafter IElxlst, togieltl"mier
w0i an'y incirir�'asirs On Illhe aforiarum aid rate if provided aii'vd aUtbf,:)rized Iby the lavvs ,,Dfllhie IE::IOILa- Ie,
of rex:Ivs, inii*dliing gip, loci ficall, the N::;t anii:::11 lookii,.:,b loilledfor10-,re berviiAt of ffilirw, Boiirrower,, all firi
a1i:,.f,::.,orir::II,anc,e wilth Lhe Af,::-A, ilinclitiding Chaptior 505 of Ih1ii:..:P loical
"Staked: Maturity" rneansthe anriiiiiial prindipal paymen'lls of llh IPrrarity OtAigatiii::nvs payablie
on Rheresjpiectivile duvki�.!S rviakfortl-D in 'the iresolliii.,ii,tlioiris ,uAfhi�icltir authloii-izeld th itssuanceIDT siuch
Parilly ObIlig. aflairrs,
"SIL111blordirvate Lien ("WifplJons" Ismeans ain, biir.miir:Is, Ir rfificates of
'vat, are payable, in,
IDIbligatili::,m, c<:mIlliractual oblipifinns or 61111er idlebt by lyre Borroviveirtl
whii:Ae or in Ipart, frIDm anii:1 ,equally and ratat,)Ily selioluri:�1id Illmly a fierl On an jpledgeofthii!:.�
F;Iledige,id Rievent,iies, siiLii1i::-.h pledge and inferilirwir Ilkn, the, lien On and pleidge
IDS' ILI'u:,," Pledged FRiewerww'i arp or uvill lbie plairigedlilio Ithie pa'ymen't of ar'm'y IPParity
Obligations and Junior 1i, ien Obfigations rssi iled lby thie BoiirriY:),Weir, and 100 obfigatilicinis
herea'111hi-.-ir issitit:1.1d Ilo reftrinid any of I[l--ie 'Ifnregi:,ding i'll' issuied hvir,'11h rIffiknnier that pirn,:),viirlles llhalt, the
rely unding borvidsare 1p: ayablie fir'IDM and lIlea qually ani:J 4-1 vvhole or in pairt, loy
as Ill en on ainid pliiraiidgie, of tl-m PlIelidgir-W R1eVIE,'IFIIIJ1IB!S o n 1parityo with the Siulbordirmillie Lien
Obi lgati011"IS, AS of the date of tl'ks Agreement, 1.1he BiDirrower 1has, inin n,..ii.iitsta$,-6irrg
Subordlinalkie Jen C"Wigailions.
"I"erm of Issue" meainsvOlh respieiclltx.:io arvy Ralloir:)in Debt, a perio(JI Of'time quad to lhir.,,,
grii:!"'ateir Of (i IIlhe piefiod of firne, i::;orrorrien6n1jg oin, the date, r.:rf i,,1;suan1i::,-,iiB rof such Balloon Debt
anid ending onIlhie. finall mahvily r::Iate Of such BaHoon Diebt or (H) lmuwernlly-fi ia. years.
........................... �,Tx i P of ri;ki Il e 4r w's payment obligatJons
qp The Borrowle
undier th is Ag vire aull-Doirized pmar`sivainilto Lhe Borrovvell"S 03"GOILifillOn, attachma Ilhlevw
to asEI:.3r,,hIWt ID,, as ,Jt,in,Dr I ien Obfiiic:Jati'Dns. I he Eliorriower's payrnie,,,nt obfigaIN110FIS, tmidier fll'ds
Agireiir'.Ilmerill„ tolgellheir wiktii any Ju nW I iien ( b1igations which nriiay Ibe lssi.ieid in
aocoirdano�:'�" hiereloAth and in the at.ithiorlizing Priwviicim,iisly Issued
Parit ObIligations and any Addliflov-W Parity OtAigations, iusurp and i:'O-iall besecuired by and
frf,:)irrt a fieiri ICArl ali"Jild Ipmfiedlc lr' of thew Pliedigeld pledige, 1heirig subordinate
anid to fien IDin and pleidge of We FledgedReveni�iii-ps 'llhatav,iip,,oir,li,uvilI be lAii-:1,:Idged t1in
thie, payment, ofa:Iny if Obfigaillions Issued byth,ia IE3orrrYwer, butseni'Or Illo thie Heni�::m .and
jpliF,.rdge of Cho le Pliedged Fkzveinues Omt, are or will be pledged to thie pa, irneirit of aw
Sul:)ordinake 1lie,n Ir lbligafioni,,,-.,.
Pap.p 8 cif 18
SIB #S2021,.. - 5
Round Rock' - (Austin District)
J #0914-05-21
(2) Reserve Fund.
( ) The Borrower hereby rn rnt, rnd agrees with the Department rtment tin t
it will provide for the u mu l do n of, and when accumulated, wili thereafter continuously
maintain in in the 2022 SIB 1-oa n Reserve Fund an amount equal to not less than the Average
Annual al D t Service Requirementsf this Agreement ( p uul t d on a Fiscal Year basis)
(Required ry Amount). The 2022 SIB Loam Reserve Fund only secures this
Agreement. pr nr n di t py following the effective date of this Agreement rnd at each
subsequent time that the requirement t maintain in nd accumuiate the 2022 SIB Loan
Reserve Fund is reinstated y this Section (Calculation Date)® the pprperi t Borrower
officiWs sharp calculate and determine the Average Annual (Debt Service Requireirrients of this
Agreement. Atter deducting the amount then an deposit in the 2022 SIB Loan, IC r Fund,
of any, from such calculation, the mount of the difference, if any, shall be deposited in the
2022 SIB Loan Reserve Fund in sixty( )substantially equal monthly payments on or before
the 10th day of each mointh; the initial monthlly deposit to be made on or before tlh 't ttn day
of the irrnorntlh next following the Calculation Date. Atter the total amount required t the on
deposit urn the 2022 SIB Loam Reserve bund has been accumulated, monthly payments t
said fund may be terminated, pur ld d, however, should the amount on deposit therein be
reduced beiow the Required Reserve Amount atter the seals has been accumulated,
payments to said fund In an amount equal to the deficiency small be resumed rnd continued
to be made n or before the I Oth day of each month until the total amount then re quired t
Ilse on deposit on the 2022 SIB Loan Reserve Fund has been fully restored. In the event
money to the 2022 SIB Loan Reserve Fund is used for an authorized purpose while monthly
payments are being made to said fund, the amount required to restore the sum then required
to be n deposit osit th r in shall be added to the payments then being made on the following
rxnonth or irnonths uurnfiI the total amount then required t be on deposit un said fund has been
fully restored. Any caste or investments purchased with such cash on the 2022 SIB I-oan
Reserve Fund shall be drawn upon prior to any drawing upon n any Reserve Fund Obligation
provided pursuant to subsection ( ) below.
(b) Notwithstanding the requirements of subsection ( ) above, the
Borrower m y provide Reserve Fund Obligation issued in arnounts equal to ali of, pert of
the Average Annual Debt Service Requirements of this Agreement in lieu of depositing caste
into the 2022 SIB Loan Reserve Lurid; provided, howw v r, that no such Reserve Fund
Obligation rug ub tituut d ural (p) the substitution of the Reserve Fund Obligation
will not cause any ratings then assigned to this Agreement to be lowered and (h) the
resolution uthorizinq the substitution of the Reserve Lund Obligation for all or part of the
Average Annual Debt Service Requirements of this Agreement la in (A) a finding that
such substitution is cost effective and ( ) a provision that the interest due n any repayment
obligation of the Borrower by reason of payments meads under such policy does not exceed
the highest lawful rte on interest which may be paid by the Borrower at the time of the
delivery of the Reserve Fund Obligation, The Borrower reserves the right to apply the
proceeds of the Revenue Fund established by the resolutions auth rizin the r vi u.0 ly
Issued Parity Obligations to payment of the subrogation obligation incurred by the Borrower
(including interest) t the Borrower o the Reserve Fund Obligation, the payment f which
will result in the reinstatement of such Reserve uund Obligation, prior to making payment
required to be meads to the 2022 SIB Loam Reserve (Fund pursuant to the provisions of this
Section to restore the balance in such fund to the Required Reserve Amount,
Page 9 of 1
SIB INS20211-1007 05
RoliI Rc),(.:,,k TEDC (Atistin District)
(141SAJ W..:1114 1015-21�B
(lic') in 'lhi Ievent a FResiiI R.iind Obfigrditiorm i!urusued to satisfy all W` Part III
thie; liabligatiori, with respliec,11 'to thiie:1.11 21022 SIB Lii:.,uarm Reserve Furvid imaiissrrs the
arriount then III dieposit in l 2()22 11 'MaxIIR.im:l 'to ex,i�:.,eiiM the R1ir.,,qiiI
Riemseirve Amount, the Borrower, ma, transfer such excess amount to any fuiniirJ or funift
iIs1u.:!,.,d for ittiIiiIi:'.11 paymeirI of or for OvIs Agireemient (h-v.:;1udiirI1!g -anyes(-:;irow
estabfiI Il'or thefim,�,fl payment of this AgiiIeieirnent p,.irsuant to Chaptii r 1112107, Texas
Go,vernment Codlie lir.:ur use SLIch arnottint for any lawfitid pUrpuse n0me Oir herei,�Iiiftie::'-r
1::IIrmi by law.
(d) Nilotmeithstanlifing anything to thiI COntrary coril hierain, II
requirement set fi iiin sukxsection (iI 6tioove 'to maintain and Required
Rias�:,,Inm Arl"i in thie202,' SiB Loan Rem,:M^rvie RuIndstiI lime sttsu pelrIded Firm, ,I time ais
ftvii:.m� Ptir.Wged Rieveniii,,i for ia,,�iiich F"iscal'i (JnctuiiuJing FiscWI i prior kilD the effiri...,mitive date.
olf this IIYw m" 14I'Gllr'Il mm
,) are equad 'to at fiI '1.,4() fimiiIthie. MaximUrn Annual Debt Seirivim
R,1ei,::jjiuirernents Of rRll thein Outstandinf,..) Parity Obligafioins. gn the event 'that the IIPIUelrUlged
F;teveinm.; 'for any 1:::1scal i are Iqesis than 1.40 firrieis thie, Makirinuirn AnnuabtSiei,,
lRequirelmer-sts q.::vif all theri Outstanding Rarity ObligipiI the Borrowlier, mI be Ireq,tired Item
coirrvine nice rrI,4IIiintiaining or accimjiv,r,iua,tiril!g,ikIh'e ResienteArri iin uIlIhe 2022 SC B Loan
ResiiI FtirId as provfii�Ueiid in 'thivs Section, and to i,:;iq,:)nfin1ue rnaintaining oir m::;cumulatinig the
ICS eliquirelid NI esente Amouink iIn 'the 20,22 I ILumn Riesiente Ft.,nind urn fil 'lime earflerof (I) &.,Ich
I ift2C.)2SIB I JIMF:tiesieme 1:::'Und is ft.iffly fiuindic,1W t1D the F;Il�eiqiudirei ReserviI Arn,IDIII
ii::ior thie Ptiedged Rimy int,M in each IDf WID consemi years kvavit:`111 been eqiI IINIt,a noill less
'than 1.4,0 fimms Igimlr, Maximuim Aninual C)ebt SleinAce Reqt,iiIrerri of aNthen ()III
RI ObUgatillOns. P4otmfithstarmfing thie provisk,3ris of subsection (elii) above, iiia ithie Borrcvwer
commences diepoisits in the "1202,2 "ISM Loan IRIwrve Fund and I ius authoriziar,1to susperi
payrnents iinti,::;mthiiFv- I undier thiigs SlIII aiI ftio accu mILI la led in Vie 2022 &HEt I oan
F:Zweserve F::'und may, iat the dh.,:'1i1iI:.refi1ir.)n Of ttm Biir::Pirro'We Ir' (i) Iremain, in the 2022 SiB Loan
ReSeirive Fund f,,:)r ible, I.,ms1iIi:1.`d For any lawful Ipurpii::,mie McWdinig, addik:IiiI rojects or to pa,
diebtseivice r:)n thisAgreement. ip Y
ID. L-rr,.ma n Re mic mca M. "he SM L110an is to be II oveir a period of no irnoire I timeenty
................................dj���
V' III ye; with afinal maturity idate of Augii.,Isl 115, �2042, illl aC(::0rdziI with the
schedu,diip ,@t1,ai,:,;h1iM to ttiOsAgrip ernent as Il xhill i I11). PirincUpalidlue on the SIB 11-11I Sh,Wl be
III aniirimijaHy bie,I!giiiriining On AL11glIUSt 15, 20216, arld III II Auqisi!�,�,t 15 thereafteir inichi 'the
firvall princij::�W paymer�t date as IsN,::mn oin Exhibit IC) attached hereV.::� (each a Priniicii all
Payment Date), and in ithie amounis (each a F::�Ildnci�pal Rayrniieirfl) as ,shmn, lion ExtiiffiitlD
attached iilereiio.
Thie SO ILiI shah I bear the 11)ep::,mit until ffie third anlni er alr Iof glum
Depcv.-:10it Date,, Frorn the third anniversiI M ithe Deposit IIf te, Illhe SIB Loan ishall bear
interest ifforn the DI E)ate asshir.min o nExhlbit D IM 11-m rate OF2,10% Iper annum (Loarl
Rate), such intiII Iio be cal oulated on the basi!!s o,fa 3WE.910-day,yeat composed oftwelite 30-
day rrm--)1ntV1Is (each an Interest Payment). IIIIrmteresft Payments will Ike due ainnuafly bef,,-:.pnning
r,:qi RI mry 15, 21(.)21F), and on each ALlIgUSt 1115 aind Fiirldbiiruany 15thleirecifter in the yeim RS
3
stimyrri lio,n EXhiblik D afteI hielrpk.::r (II i
an IiiII Payment rhira Principal
F)ayirrvi:'^nt IDates and 'the Ink ieriI Par, riniii:Mit Dates airiIi:ul ri�:11,lferred to as (Payment
Y .:
Pagc1 ID Of 118
SIB #S2021 -007-05
Round Rock TED C - (Austin District)
CSJ #0914-05-218
Dates). If a Payment Date is not on a lbusiness day, the Interest Payment and/or Principal
Payment due shall be made on the next following business day.
EDraw of Funds from Pirmect Account. SIB Loan funds !in the Project Account shan only
be drawn upon by the Borrower nd-used for Project costs as described in this Agreement,
All draws frorn the Project Account for such costs related to the Project shall be in
accordance with a requisition prepared by or approved by the Borrower, and all such
requisitions and Project costs shall be subJect to the review and approval of the Department.
F., 'Junior Lien Debt Service Fund. The Borrower shall establish at its depository bank a
Junior Lien Debt Service Fund. Int rest Payments due on the SIB Loan and each Principal
Payment due on the SIB Loan shall be deposited into this Junior Lien Debt Service Fund by
th IBorrower prior to each Payment IDate, On or before each Payment Date, the Borrower
shafl cause its depository lbank to transfer from the Junior Lien Debt Service Fund to the
Department, the applicable Interest Payment and/or Principal Payment as set forth in this
Agreement.
G. Advances. 'The repayment of all or any portion of the SIB Loan shall not entitle the
Borrower to any subsequent advances from the Department, nor shall the Department have
any obligation to advance to or for the benefit of the Borrower any amount in excess of the
SIB Loan. All costs incurred by the Borrower for its portion of the Project in excess of the
par amount of the SIB Loan shall be the responsibility of the (Borrower.
H. EPMmgment.
(1) Yglunta_U Pre2aymemt. Principal due on the SIB Loan and interest accrued at
the Loan Rate through and including the date of prepayment may be prepaid by the Borrower
without penalty, in whole or in part, on any business day.
(2) MandatoN Prepayment. Should the Project or this Agreement be terminated
for any reason or should any amounts of disbursed SIB Loan Proceeds not be applied to
pay Project costs, the Borrower shad return any misapplied SIB Loan Proceeds or
unexpended portion of the SIB Loan Proceeds to the Department as a prepayment.
(3) Upon receipt of a prepayment from the Borrower
of a portion (and not the whole) of the outstanding principal amount of the SIB Loan the
Department shall apply such prepayment to the outstanding principal due on the SIB Loan;
(4) Upon either voluntary or mandatory prepayment, the remaining principal due
on the SIB Loan wifl be re-arnortized over the term of the SIB Loan and Exhibit ID will be
revised by the Department to reflect the remaining Principal Payments and the revised
Interest Payments due; and
(5) Such revised Exhibit D shall be submitted to the Borrower to be attached to
and become ain integral part of this Agreement.
1. Lgig Payrnen�. Payments not received by the applicable Payment Data will bear
interest at the Loan Rate (with overdue interest,, to the extent allowed by law, as well as
Page 11 of 18
S[B #S21ID21-0(.)T-05
Rw mcil Roick ` IIF)C - (Au s,tin E.")istrilim)
CS.1 NOTI 4-05-2 1 B:
q,,Yveirdiue princ,Jp,W1 bir:I.Ilariinig iinterest) t,irifil paiiid., 1uch acid itiona iirderestshafl be m,calci u!N:Rted hy
the Dep,,,iistment oiriV 'the basis icvf w-,iii 36(..) day year r:Om,:)oseid raw Iwelve 310 day mi,,:)rrth!s. "I"he
parfies mayprepare, ir.i revised ExAffilt D (arnoritilzation sc.dhedt.fle) n lhowirllg the incriBaSe in
interest,clue riaisluilting from Illate payniliaiink, diiefiat,flt, cx pt,irsuariiit to otherterrns airmd cmnd�ltioins
of Af.,jrerein nii�:11,ink,
i Py vnient with Fedii�:ir,W� Funds, The Borrower here,--by ir.ovieirvaints and agreles that
L "Nith F ed r a I
fedliBir,13i lirmrmdsvviH not be used to make p,,aymerRs dtm cn,,i the SS I man.
Ali,iftig.:Ae 2, Use cA 11151B E o;ii-m for, PircOJOCtC"OSIS
I he Borrower IUs dieveimAru, thio 1::::Iro ect. he Borrower vs resiplairtisible to fi,trid the actlia"al liclosts
f D j
cA the iDostsl Of constirluicti(m, reioaafling w.,dflfties, alnicl WqLfliring right olfway neiciiass,-�iiiiry fair the
comstruc,;Iion of ltlhePiroJeAct rhe Borrower rnay use thSIB Loi�an only fair It.he costs
incitrirredIts vthe Borrower frmir stilO tiltility rellocafilDn, right of-may ac:cpiuisftion aind COrISI(UCflC)"
neces!sar, for the coinstruiir:Itlon offl--ieF:)iriDj,ir.a-cIi,
'Y
Art[clie., I Project for IF,ir,."d,iL,�,iralll -Ft,inlid,iDid Nrojeats
X I he SIB L.ioan Prq,:)1c*1eods alIND "finandial amsistance frrjrrw other
than !g1eirmrsil obligaboin Wmd piroceiiwis," Er�ri thotsm lerms arie, u!i!:Md in 43 TAC Chapte,,r &
I lowlever, iif any Itelideral fundswifl be n sed to pay for:, or reimbiurse costs iolf, the fDriD,j,iHzt, with
respect to work On'the Pric),ilier.11, tt'm BlOrrower anrpt the requiri.%lid iio cornpA, with
the req1t.,dren,mrits, nf the UrOliedStallies Ciir)de, I Hile Kigfvways, The B4Orr(,.nvweir
anthe Departirrvent rrvual. aWi iright-of-way OlIr Otiver lanici nwr,CqUiS[filDins, reflocafliorm, and
Wifity adjustmeirits in with ti-m Urtitelicl Staties Clode, IlFftle 42 ,"FtP ,ibfic Health
and Welfare, Chapter 115111 UniformReio1cI,*-RIIJr,)n Assistarice iarvicl ReAll F::1iroperty Aiioq,flsftion
PoWles for iFIrarlwwlt airmiid FeiideraHy AF.,,!!Msted Programs (the the regluia,flons
isswsa,d theret,under,
13, The Borrower is nrn ,wwpoirmible for fuiiricfirvir-.) its portiloiri of cc)sh.; in ccmpfiaince with
afl apjpHeable fedliarc.1111, stzite, anci local iawsp, regutziiflons, poHdies, ancl ordinaiinees. rhe
Dairtment i-ims c.eeirtain rir,,,..,jhts and Prcmjecl, inc:.Iuding en;u rin
g
ti-rpt the completion q.::4 F-`r(,)j1ir.!i�cI is pierfcxvved in corrq.:)fiarm,:r with, ll applicaltd,le iaws,
rpgmit atiorss:, aind IINrAicies,
CAN r.Aam; and specM1ciW1Ific-)ins fc�iirthe Piro Jct shalt be inthiiF�-, current
of Ithe design and consilmCfliOn rrvarruWs of the De�jpartmient, and the Staniclaircl
SpeiOficatiolns fcr the Comstrtmfion and Maintenarme of I flighways, Streetis, aincl Bridges-, (th,e
"'tanlidarcl Specfficaficms"), as IiIi-tey rrlay arty.. Atcoiristructiori plans shall 'III'un signeld aind
Id, to bya prolfessioiinall engineer ficensieci ',Y the of Telx,Eks.
�t; he acticnvis ainicl deci!i!:; ns riF,.,gairding the FI,rnje,r,.:;t rnade !by 'the IDepartrnen't stimll nl,Dt
be licointestable by the
E. Thlia Borrower pircvvidie the Olqrimirtrnient ainid O"ve IFlielcIeral I fighwa, Adirrrinistratiorn,
or thleir BUth,o6zliacl reIlGrlre, iF,,irit ;tive!s:, viith dight of einitry or access tio aH pirople-rities or tcmairfic:ms
necessar, to Pert` Iran the wc)rk for thp IIPriD1ii:.i,,,1irA,, inspeiM the mm'k, or ;Atiiemisie aild iirw the
1 :
piroirnlpit ix.imlil Of ihilD work, Fhe Borrcmer �.-:flso Depi,�iatirnersl, the Federal
1p.,)ge 12 cA118
SIB 2021-007- 5
Round IRock "t" - (Austin District)
CSS #0914-05-21
Highway Administration, the Comptroller General of the United States, and the Texas State
Auditor's Ouse, or their authodzed representatives, with right of access to any barks,
documents, papers,or other records of the Borrower w him are pertinent t the Ipr J t or its
financing as described urn this Agreement, in order to make audits, examinations, excerpts„
and transcripts, or to completethe Project accounting described in this Agreement,
Article „ Project Accounting; Filing of Reports; Retention of Records
A. roue Borrower shall account for: fu) all actual al costs associated with the I rro r"s
utility relocation, dght- t--way acquisition, and construction of the Project, and (uu)
disbursements made to the Department,nt, It any, associated with the Project using generally
accepted accounting pri n 1ples in the United States„ as promulgated by the Governmental
Accounting Standards Board or the Financial Accounting tarndards lB ard, or pursuant t
applicable federal or state laws or regulations. "Ttua Borrower shall maintain its boobs arid
records in accordance w4h generally accepted accounting principles in the United States,
as promulgated by the Governmental Accounting Standards Board or the IFinancual
Accounting Standards Board, or pursuant to applicable federal or State laws or regulations,
and with all other applicable federal arnd state requirernents. The Borrower will make its
accounting ming r rds available at reasonable times to the Department for inspection durlrng
performance of the Borrower's ar°s rk related to the Project and upon its completion.
On each Principal Payment nt Data (until the next Principal Payment Date occurring
after the year In which all SIB Loan Proceeds are expended), the Borrower shall provide t
the Department (one copy to the Department's District Office and one copy to the
Department's SIB Administration Office) an accounting of the SIB Loan Proceeds expended
(Annual Expenditure Report), Tbs Borrower shall also, at tineorr r"s cost, have a full
audit of its books and records performed annually by an independent certified public
accountant uuntant selected by the Borrower and reasonably acceptable to the Department, "The
audit must be conducted in accordance whin generally accepted auditing standards
promulgated by the Financial Accounting Standards Board, the Governmental Accounfing
Standards Board, or the standards of the Office of Management and Budget et lr urlar A,...t 33,
Audits of States, Local Governments and lion-profit Organizations, as applicable, and with
all miner,applicable federal and state requirements.irements. Th Borrower shall cause the auditor t
provide a furll, copy of the audit report and any other management letters or auditor's
sernments directly to the Department within a reasonable (period of time atter an audit report
and any related docurnents have been provided to the Borrower's errni ng body..
Co The State Auditor may conduct an audit or investigation of the Borrower with respect
to the funds received from the Department directly under this Agreement or of the payments
received by third parties fr rmn the Borrower using the SiB 1... a,n Proceeds. Acceptance f
funds directly under this Agreement or indirectly through payments using SIB bean (proceeds
acts as acceptance of the authority of the State Auditor', under the direction of the legislative
audit committee, to conduct an audit or investigation in connection, with douse funds. An
entity that is the subject of an audit or investigation must provide the State Auditor with
access to any uonl=orrmnatii rn the State Auditor considers relevant to the investigation or audit,
The Narrower shall retain all original project files, records„ accounts, and supporting
documents ments relati n to the relocation of Borrower utilities needed for the Project until the later
Page 13 of 1
1i:'1113 MR21021 00'7-O!EO
Rouiriid II ii::,11k T`l: (Austin 1E)lksrkr-ii)
ICS #10,914 10 5 2 18
iof,ftile id&011e that, (1) thiir. Rrojiu:act in,r compliialleir::119 (2) Loari Ih,ii:,, 1bw,,,-n per in full; nir (3)
llli,io retenhon p1ili:,1,,r6rW requiflired by Male a nid fedirer ial law iimmds, rtiie Borrimer sha..111 iri:..Wtaiin, iii::)r
C81USID RS atilditior ih:,V retairl, 'Tullmio 14,m, pliews arld reports rii,,'.1.4ating to li:iiin audit peirormead
A!grin-��.�emieirivl: untiltIl',ve foiurthaniinivar,&�:ihry of tf,uili:..11111 daitie. oft1he, luurlii Irlw-POrte iuinlitmmsss
Delpairtment nr,.)11111ituslhie,� Boirrovvili:Nr in oerifinig of a lallker da-le Torthe iaarild IDfllh,e, reteirivillion
periliod. IDuring H-,iiiie reteirition jr.miriod, k1he Boii�-rovimar IshaH viru:Rke alvaflabliiu,.:,., ko
the 310 da, thecJlalte that '111-ile Department riai�::jiuests 11virme palpers
v 1:
�E. All informatioir-i subrinitted by IlkeE.Iomciwi�:61r(ainnt,iiW Information ami:J1
rvir.4ices) lko the ElectrilDnic Nftniicipal Nkairket ("'EINNIPUIN) SysIll ierrii of 11-ve fOuinicilipal
YaII'licurkiiiE.,a Riulemakiing III 3irmrd M11:11.1 irliasplu:mll It Ipllmlua Borrii:,wer's boir!Wir�,, and iir::vltlher a�liirinflair
11DIWigalhoim!';,u payable Ift-OM 11-11113. sairne rent,.te:,s as til-,iiiiia- S11113 I imin imustL,aiie SubrinitV.:1111d to the.
31D diays of pirmfin1k:.,r EMMA, Sit,ilch 11in-Ik::onmaiI[J01r1 may be suIbv'nRU..'.,,d t1D llve
Diell),,,rilment by hard mr.)py or by Delpiartrnent ofthe Boirroliver's piosfini!g m6th
EFORIWA, witilt'i '1111he applica-iible (;'.111US11P niitary,id�ier(s).
F, The E31D irromfer sh a Ill sittimit 1110 ,11:11118 D,F...-partrrm'lev,iii'll ,wlillltiin 3110 days Ofthel- date of adopfir.m.l
phew aniriuml opliewakirtg and c,*apital btidgets dOpted by t.1hie BoWTIDWer ea,ir,.I-li fiscal year unii�:Ilera
liriust a Ireleimient, 1inidir..,,,Nkt,.ii ire, bond resolt.irfiliolir-ii 01rordiirianc;e,
bilDinds Or''Othier r:flblii atIons [i,,mweldfar rmi F:Iro eict, and ainn vinriminded oir s1uIppl1i�:1h
rn1iDrqaI1opeiraling
or capital blud,,9 et, 1by Bommoreir airild oieiftflriiemr:ll as correart by itis I'
admiinist,rativie, aIMoii:.,,,,roffliceir.
Ardelle 111:5. 11E),igiriailu111
A. I h IBorrilDwershaiill be in defat.,flit if it, fiviiis 'Ito irie.pay the SIB Liman (the Pirirvicipall
Playirnienl,ls and Ithe Flayin-teirits) 0111' othiiarm6ssie ifail!!, 'to coirnpit, with any Lierim irviftlhli�,
Y
i
nor riesi
Ai rialewrilier-R,, I hel- l'.,..')1iapaii1mehnt s1hall rVIDt bi.-.� olWiligalfoii:'111e d, to lalkfi,iirther aCtillOn urvie,� ts
w
obligatiloins ii,irioder lllllmis Agrii:l%ement, iuntfl 1llialrm IE orrlWhew is no la:ngeir iirii IdIr~&1fau 11L The Borrower
shall reirnkwrw�^ th,e, Deapartmerit for all r::*sts or olliveir losses iof ftiiiriids resiulting ifirorn aray
defriu..iflt or f-,,.-MII1iLiire to Ilp eir-ft:)r1r-n by the M:)irrovver.
113. Ttviel,� Boririr:),wer agrieles ItIhat iilru Hilie ervent. of a delfaUlt undieff Ifis k,reernleirilill llhe
Delpmiftirr-siramit rinay, typall iegal,r:Rnd almmuitalbilie, irnimins, Irerruire the Ilf r,.)irroweir Wrid aw apjpirir.anj::mriialile,
Official of the t (actin-119 sioliul:.,41iini hi /heir Iofficial capacity' flan rieirniikl, arally r:Ilefat,tlt unlider,
and ir;arry out ttim P111'OViSioiriis, of, Ithis Agreemlie-int, imlkliding spm lecii-Irica Illy llllme Ulse and fifiini!g of
imandarntils plirir:.)iceray dings. lia"!9al prolceedi1ing!ire shall t,* in Triavis Coluirity, T1ex&r5,,
if Eloirrii::)ivver a!pjriaes 110,iiat it i!, solely re,,,is,porvs11b1e for afli lrj�ssiipbs, costs, expr-.-,.,mrlse!1 , peirimIlti,iram,
clarims, aind fialbMiies dt.iiie til:) aictivitievs the BlOrrower aruJl its ie�mpIbyiees, office- 11"S, Or
contraii::,,diloirs performed uirii�diier phis Agreernent, and which retlwtll froirn airi eirror, iir::Pirinission, Or
Ira egfigentact ii::)f Ill"ie BorrovviF,,�ir 1DV'anY agerioll, elmiliployeve, official, Or r::;ioirvIliira,c1I[oir of, the B1oirr1r,:)vv1i!B1,.
P461bArithstairiding ary'Y thing in this Agirlir..,emeni'lItID: 01111Ew� IDI V1111rilairy, 11-flis proviision, stir all 511jrOlve, avvy
tieirimiination ,ir.ff this Agreement-
AirtilicIllia F '1I"larmiinatiiir)n
Plage '18
SlB #52021-007...0
Round Rock TED - (Austin District)
J #0914-05-218
This a r em e nt may be terminated up rn the occurrence of any of the following conditl n&
4 It both parties to this gr m ent agree in writing to such termination; pr vid d,
however, th t any such termination n specifically subject to the requirements of time
. grrrnrntl
It the Department u unable to advance gine SIB Loan Proceeds to the Borrower„ the
Department shall terminate this Agreement and provide written notice thereof to the
Borrower;
C. It the Borrower is in default on a Principal Payment r Interest Payment r uir d
under this Agreement, this Department m y declare this Agreement to be terminated,Jnr may
exercise any of the rights granted the Department i n this gr m irnt� but the payment
obligations of the Borrower shall survive any such termination and shall continue In effect
until discharged and satisfied; and
Ippon repayment on full by the borrower of the SIB Loam, and compliance by the
Borrower with all Queer requirements of this Agreement, the Department shall execute and
deliver to the Borrower a letter or other notice of payment, provided that, upon the execution
and delivery of the written notice of payment by the Department, this Agreement shall
automatically terminate,except with respect to any obligation of a party related to any losses,
costs,expenses, penalties, lai m s,and liabilities due to the activities of a party, or any agent,
employee, official, or contractor of a panty, which obligations shall survive such termination.
Article 8. Notices
All notices to either party by the miner party r nnlr d under this Agr eement will be delivered
personally, via e-mail or sent by U.S. ball, postage prepaid, addir ess ed to such party at the
following respective addresses:
__ ,Tr ns po _ tm mn I C I om I missl ,.. . ,.. rrow
. . .
Bo r
Texas Department of Transportation Round Rock TED
ttrn; project Finance, Debt & Strategic ' Attire: Chief Financial Officer
Contracts Division 221 E. bairn Street
SIB dmi nistration Round Rock, TX 78664
125 East 111h Street amorgain@roundrocktexas.gov
Austin, TX 78701-2483
All notices shall be deemed so delivered or deposited in the mail, unless otherwise provided
herein. party may change the above address by sending written notice of the change t
the Queer party in the manner stated in this Article.
Article 9. Leg ll Construction
In case one or more f the provisions corntairn d in this Agreement shall for any reason b
held invalid, illlegal, or unenforceable 'in any respect„ such invalidity, illegality, or
unenforceability shall not affect any other provision thereof and this Agreement shall b
Page 15 of 1
SIB N2021-1007-0
Round ICk I EDC - (Austin District)
lr,;"'SJ #0914-05 21!B
i%:.,mstiriued as rf sudhi invalid, illegal, or urn eirffou:.edble provision had riiever been contained
herein. In par'lliculair, Ibt.t r),ot pr,y Way Of Illlllrrnrltation, sh*i Od all or any pairt Of thIER" pledge, of
security ilirm this ACpreiisment, ifir.)r arr reasOn be hiOd irrvalid, Olegal iir'w urn enfDricealLple in array
ria*pect, Boy'rOwer's obfigatiloins underthis Agreement sl-mll be trealllid as currentexperlsvir.."M
of the Borrioluveir sulb ect lllruu the annual approprNii1tion of pawflnmpplyr ilable ft,iirids by the
governing IJodyorf Illhe BOrrowerfor the- p::q ment ofsii.uiic:,,,hobligabi ons,
ArffictiiLii '111 IX WrIften Aimlimiridmir.-mits
Ariy ctianges in the t.,,haracilieir, terrns,l or re,,�Spoirivisibilfties olfth,iEW� Parties rnust be
ea-sacke,,d t1hriolugh a merittil„n arritendirnent, N111 'to Illhis Agreement shall Ike alf ,any
effiLl,.,cit unWss in writing and eMeliluted by both parties,. lhe4 foregoing,
a.,whallions to Exhilibit ID fl.mit ocq;ur as contemplated intlhis Agreement nrimi.,';t The in wrifing Ibut
,ar IrnalIC lo biieexr ctrited b,' eithliElir Ipr rty,
,4001iiAe 'll. 113iiaccessirws and d0msigns
Except as per o1vid1ii-,'.!,,t':l iri the Itd�,,,s Agreeren ent utahllll bilod, and s.h11 Ibe
for the We av-W excliii,,m i,lirie benefill of, Vie re'spade ctivit,111.1 partiir.,!�&, Each party is prohibiled ft"10M
assigning any of the figlht'S IDIr Obhgafions coiriferried by this Agireernent 'tri ainy third pairb/
without the advarim writt%:.."n apprrwal of the ollhirar party. Any atIlleimpled assiginment or Other
olf Ilhiedgl'-iits ior obligations of Orap Agreliul.Ilmev,Dt,wi'thouilt 'It-ie oioiriiseiriA Ofth'IP Other party
M-Wl blia void and 'may be grir.miin,idlls ,lfor,terir'ninallt:Iluir,.)n of Ilhis Agreement,
Ailkle 12. ReIatllonsMp of�ltha Partles,
P40[hirrg 4-s this Af,'Preeririent shall be dei�,::,wned or consllruli��,md by the pavIies, Or any thirid party,
as cxeathiq thie relaltionship c:)-r rwir-mipal and aglentbiiaNveen the Dielpartirnient anid P.-Ile
BorrilDwer.
Article 13.
l"11110 PF'O'ViSk:)II Oflftfl!E.r Agreiiernisilt shaH be construed against or unterjpreted to thio-dihmadvantage
of any ll:)arty try any court nir other governrnienlW or juidicial aluthority by reason mrf sUlloh PaIrty
havirig or being deemied tio h&ve ,dra'fU,:I.Id, pi"�epareir:11, !�iltrs.,ilcil�,uired, or dictated siaiO,i pravision,
filixlicllii�6 11,41. Signatory At,itlhi%:.'wity
Each pr�mrty tot.his Agreemerit rel:)recoards to th,ia:,,� other that it isfuHy aiuttvic::Prizeij Ino, enter into
this A!�-:;ireeirroenk anild to per-forim its obfigat.ions heireUnider, arid that irm waiver, consent,
appirovM, or aullhorization froirriu rimy IItOrd party is relijWre,14 illo be obtained or rirhialde in
connection with the execution, deliv(-,.,mm--y, or performance of this Agreement, Ead-D spgrmtf,:)ry
On Ibetnailllf of tlhiir.r' IlDepartimerd and tlltmwW IBorrii:me'Irp as apip ficable, is 'fully @iuthorized Ill Itnlrid that
entity tothe terrirts of this Agreernen't.
Artic,le 16. TaXalk)le C)bIllgations
�P age 116 of '18
SIB #S2021.-007-05
Round Rock TEDC - (Austin District)
CSJ #0914-05-218
'The SIB Loan is not a "state or Vocal bond' within the meaning of section 103(a) and (c) of
the Internal Revenue Code of 1986, as amended-, therefore, the interest on the SIB Loan is
not excludable frorn the gross income of the holders thereof for federal income tax purposes
IN WITNESS WHEREOF, the Department and the Borrower have executed duplicate
counterparts of this AgFeernent,
11hkift
Stir,!:11114AT'll.,11RE F11j4,GES F(XILOW"
Page '17 of '18
�SIB #S2021-007-105
Rioluind Rack ,rEDC - (Aiustiir� Disti
CSJ #10,91�4 015 218
ROUND 1ROCK 'T RANSPORTAT110,N 8, ECONOMIC DEVELCYPMEN r CORPORATION
Date:
�Craig Vorgan
F:Iiresirit
FRolurvd. Rock TranspiortabiDIVI & Ecanoillinic DevelopmentClorploiriaflairi
TIE.EXAS DEPARTMEI'll OF TRAN" IIF OR"im"Itl
Exeicuteld fwr the puiriplose ,airid effort of' w'if ainctifor carrying out ttie orclers, les.tablishilaid
poINN cies, it worl,ii;, pirogiri-arns heireltofore approveld and tithi„w ize Iby 0-ve Texas Trans pcirtation
Commission.
By- Date::
11:3enjaimin 1 1. A61her
F)irolecl F::inairtcie, Debt & Stirategiow'blur IDiivision Director
Texas Dilepadmilesit of Tiranq:::oortafi1on
EXE 'IL)" IIIA N IN GE SIB #132,021-GOT-105-101
Paige 18 of I B
SIB 2 21- -0
Round 'TIE - ( Austin stin Distract)
CSJ #0914- -218
EXHIBIT
BORROWER'S RESOLUTIONS AUTHORIZING LOAN APPLICATION
IExJlh libiit 1'116
RESOLUTION NO. R-2ft2-M%
,to
Rock Tvwtspoftfion and Ewinomic Development Corpoiration m "I ui°stn nrn") adqtied mm
rimilludion ( me. ' I mfien Resolution" audiorizing mi application requesfing 'Iuw mm froin the
State Infraumiture Bank in an amount t nn m exceed $27,10MMO In tm used fon, m,, nmms is t
die City. of w„nmm Rook''s ("City”")transponation system relaW towidefling Gattis Ekhimmo'm Road
an exisfing four lane roadway to a six-larie divide =jior anefial vill i biy,cle,
mmmr^ iusmm" pl tum lane bnProveniiients,between Windy Creek and DoubleCiii k Drive!,,'a annd
WHEREAS, the City Cowwcil of mime City of Round Rock ms i nm nm pl") lie pay
deems it pmper and in beit, interests of die Citythal'the application describedin, he, .on°pom iu nn
RXI-Solution be fileAl andmit die Cit" iand Corp,miliomm are. each qualifned ito apply tom and obWn
financial sn n m mime,State Innfmmus ictus for MIS Pn ml sa.
T1-11'.',RLP FORM,Ruud IT RES01ME 'I - 3 E EWCH..,r i 'TFI.pp1 1TY OF
ROUND ROCK,"1"�'XA H 'pp'"°m
section I. "1111os Corpomion Resolution is attactied Thereto as fiddIg A!, and s.iur
Corpomfillon IResolution snsd the,appliliMilon attimlied themto a.re made a,Wt heiiielof OT spill Purposes
rp "
aridare h m by approved and ratified in all respects. All findings and RUdIlDrizations mnls,therein
are, adopted' beri my as thotgl% madle,and Ruthorized by time 0ty Council. As nn "d, lied by the
Crorpomfi on Resolution,the City nnnnsy act on khaff o orpGmomm iplp mmm in obtaining ft llnm r
the ' lmcmmfic,nmm"
Section 2. The submjwion of the'mmpPik,,,mmmnnmmm by Ilie PrOsidaintofow.l.t nmm mui nn under
the Corpomdon 'Resolludion is hereby ;mroved and ruitified in all pests as though submitted by
the i The Mayor Iof thle City Council its autiorizod to execute wiuy additional diocurnien't0ion
relaW m the s ppnll inctuding any additional applications, wnd any documentation in
omajmnnmctio n with obtaining such loan mmmrmm miim! S'ude I , stmmuill Bar&.
Sirietton 1 Specialized Public Financep[nmu a� '��"'p �m Advisor to Ole Corpomlion Wm
the City, is hereby s mhnmmized w%d directedto aid and wisist in mfine pmpwafian and sutwnissionaf
such 'efyplication and m° Ill m talism dna Gany [Umball of Specialized PubUcHnanim Inc. is
nn h,umn~tni d to spi.xar on beheld" of i IIG;n s mmt the City bafore w% heninng lot, other
CmmmmmmmmMm ufmum s mdlu die State tin uct m- anmk mouth such appliation or loan,,
Section " TM, findings umdream IN � sem: forth in this Resolution al lnn°*Amy
incorporated into diis R snImm!un mm and made nun f ADT all puns s
"Alon 5. The City Council hereby inns and deetares dial writtennodf Limy dialle,
iu;mn,mm" place and subject m nm the rneefing at which this'Resolution was adopted was posted and mem m
s h mecting was apen,mnm dine unpGmlpun,,,ias reqWred byIRs atall tinvi,,,s nmmpnrm m n 111-n in,;h.us R sump mmmniu.n
i mime b,j cm irnaner mem re dui:s um. m umsildered and formally lm:: d uu mmn," all as mepm.ml ,m
the Open Meetings Act"Chapter 55 p,Tss.nms Velft-Mnsmnm Code,as arnended,
Oil ii14°V"=016 W. 02
IMSOLVED! Dni this the 24(h day offebruary,21022.
criry off" IRO WD Rolc.,,iK,,rEXAS
Bly: ............................... .................. .......................................................................................................
ig org
Cra';6 a. i myolir
ATTEST:
By:
.....i.iii .....
... ..... ... .............. ......................
n Spin S, int. .."erk
71ON RESOLUTION