Ord. 1999-2353 - interlocal w/LPISD for TIRZ #1

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. - City. The parties further agree that an amendment to the Project Plan occurring after September I, 1999, shall not apply to LPISD unless the Board of Trustees ofLPISD or its duly authorized designee approves the amendment to the Project Plan, if the amendment to the Project Plan: 1. has the effect of directly or indirectly increasing the percentage or amount of tax increment to be contributed by LPISD; 2. requires or authorizes the City to issue additional tax increment bonds or notes; or 3. eliminates or reduces Educational Facilities Project Costs. In the event the City and the La Porte Zone amend the Project Plan to provide for any portion of the Tax Increment Fund to be used for costs of elementary or secondary school facilities for any entity other than LPISD without the prior consent of the Board of Trustees of LPISD. LPISD shall have the right to terminate this agreement. The City and the La Porte Zone shall not use any portion of the LPISD Tax Increment Participation for the construction, renovation, repair, maintenance. lease, purchase or financing of any educational facilities serving postsecondary students without the prior written approval of the LPISD Superintendent of Schools, but may use the Tax Increment Participation contributed by participating taxing units other than LPISD for such purposes, provided that a taxing unit providing educational services to postsecondary students in such educational facilities contributes 100 percent of its tax increment produced in the La Porte Zone to the Tax Increment Fund from the date of its participation until the termination of the La Porte Zone, C. Financing and Construction of Educational Facilities A portion of the LPISD Tax Increment Participation equal to the amount of taxes collected by LPISD each year during the term of this Agreement by levying a tax at a rate of $0.86 per $100 AMJ\176718.1\INTERLOCAL AGRMT\LPISD\3668.4