Ord. 2000-2456 - City & TIRZ #1 interlocal with Harris County

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. . La Porte, Texas and the La Porte Redevelopment Authority approved by City of La Porte Ordinance .~DCO . No. do'" ~I) , as it may be amended from time to time, within thirty (30) days of receipt of each audit. In addition, the City shall provide to Harris County a copy of all reports, studies and analyses prepared by the City, the Redevelopment Authority or others that concern the expenditure of Tax Increment Funds of said Zone. VI. TERM AND TERMINATION A. Agreement Term This Agreement becomes effective as of the date of the final signature hereto. The term of this Agreement shall commence with the tax year beginning on January 1, 2001. This Agreement shall terminate on the earlier of December 31, 2029, or when Harris County contributions are no longer required to cover bond debt service, unless earlier temlinated by the parties hereto, or when the increments contributed by all participating taxing entities total $46,444,762, or when the increments contributed by Harris County total $10,054,000, whichever occurs first. In the event bonds are issued, Harris County's participation may increase by 11 % of the bond financing cost, not to exceed 55,429,000. It is the intent of the parties that Harris County's participation in the La Porte Zone, or any expansion thereof, is limited to the tenn stated herein. Nothing in this Agreement, however, limits the authority of the Harris County Commissioners Court to extend the term of this Agreement or increase the amount of the Harris County Tax Increment Participation in the La Porte Zone, as set forth in Section IV of this Agreement. Upon termination of this Agreement, the obligation of Harris County to contribute to the Tax Increment Fund for the La Porte Zone shall end. However, the obligations of the City and the La Porte Zone to refund any overpayment by Harris County shall survive such termination. 7