m - City of New Braunfels

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EXHIBIT A
INTERLOCAL COOPERATIVE AGREEMENT BETWEEN CITY OF NEW
BRAUNFELS, TEXAS AND THE NEW BRAUNFELS INDUSTRIAL
DEVELOPMENT CORPORATION RELATING TO THE ANTICIPATED
TRANSFER OF CERTAIN PROCEEDS OF THE SALES AND USE TAX
RECEIVED BY THE CORPORATION TO THE CITY TO PROVIDE FOR
THE PAYMENT OR REIMBURSEMENT OF CERTAIN COSTS
RELATING TO THE CONSTRUCTION OF CERTAIN PUBLIC
PROJECTS IN THE CITY; AND OTHER MATTERS IN CONNECTION
THEREWITH
This agreement (the Agreement) is made to be effective as of the 22"d day of
October, 2007 by and between the City of New Braunfels, Texas, a municipal
corporation and home-rule city of the State of Texas (the City), and the New Braunfels
Industrial Development Corporation (the Corporation), an economic development
corporation created pursuant to the provisions of Section 4B of the Development
Corporation Act of 1979, Texas Revised Civil Statutes Annotated Article 5190.6, as
amended (the Act). The City of New Braunfels and the Corporation may hereinafter be
referred to collectively as the Patties.
RECITALS
WHEREAS, on August 14, 2000 the City Council (the Council) of the City called
an election concerning the levy of an additional sales and use tax for the benefit of the
Corporation pursuant to the provisions of Section 4B of the Act to detennine if the
qualified voters of the City would approve the levy of this additional sales and use tax in
the amount of three-eights of one percent (3/8 of 1%) (the Sales Tax) within the City for
the benefit of the Corporation; and
WHEREAS, this election was held on November 7, 2000 (the Election), and the
qualified citizens of the City approved the levy of the Sales Tax; and
WHEREAS, the Council adopted a resolution on November 13, 2000, approving
(I) the creation of the Corporation, (ii) its articles of incorporation, and (iii) its bylaws, and
levied the Sales Tax in accordance with the provisions of the Act; and
WHEREAS, the levy of the Sales Tax has been approved by the Comptroller of
Public Accounts for the State of Texas (the Comptroller) and has been and will be
collected by the Corporation in the form, time, and manner as provided in the Act and
pursuant to the provisions of Chapter 321, as amended, Texas Tax Code; and
WHEREAS, Section 2(11) of the Act defines "project" to include expenditures
found by the Board of Directors of the Corporation to be required or suitable for
infrastructure necessary to promote or develop new or expanded business enterprises
limited to streets and roads, rail spurs, water and electric utilities, gas utilities, drainage
and related improvements, and telecommunications and Internet improvements; and
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