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<br />.\ . I <br /> <br />e <br /> <br />.;; <br /> <br />~ <br /> <br />the amount of taxes thus resulting on its annexed <br />property for that year; provided, however, that if the <br />total amount of taxes to be paid the City by all of the <br />Industries collectively as determined by the use of <br />said formula shall exceed the sum of One Hundred Twenty- <br />five Thousand Dollars ($125,000) in any year, then for <br />that year the valuation of the annexed property of each <br />of the Industries shall be in an amount which will yield <br />to the City at the then current City tax rate that In- <br />dustry's proportionate part of the sum of $125,000 in <br />the ratio that the Harris County ad valorem tax valua- <br />tion of the property of such Industry in the area for <br />that year bears to the total Harris County ad valorem <br />tax valuation of the properties of all of said Indus- <br />tries within the area. <br />2. The annual tax payment of each Industry to ' <br />the City hereunder shall be in two installments, the <br />first of which shall be made by such Industry on or <br />before January 15 in each year in an amount not less <br />than one-half of the taxes which would be paid by that <br />Industry to the City calculated on its Harris County <br />ad valorem tax valuation of its property in the area <br />for the preceding year. The second installment shall <br />be paid by each Industry on or before September 1 in <br />each year unless Harris County has not then made final <br />its assessment on the properties of:auch Industry in <br />the area for that year, in which event the second in- <br />stallment shall be paid within thirty days after such <br />assessment has been made final. Such second install- <br />ment to be paid by each Industry shall be in an amount <br />equal to the balance of taxes remaining due by it to <br />the City for' that year when calculated on the basis of <br /> <br />-4- <br /> <br />/ <br />