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<br />Whereas, the Development Corporation has agreed to provide certain funding to the City for <br />the Proj ect; and <br /> <br />Whereas, Harris County has agreed to provide certain funding for the Project; now, <br />therefore, <br /> <br />AGREEMENT <br /> <br />For and in consideration of the mutual promises, covenants, obligations, and benefits of this <br />Agreement, the Zone, the Authority, the City, the Development Corporation and the County <br />contract and agree as follows: <br /> <br />ARTICLE 1 <br />GENERAL TERMS <br /> <br />1.1 Definitions. The terms "Agreement," "Authority," "City," "City Council ", <br />"Cooperation Agreement", "County", "Development Corporation", "GLO", "State" ,"Tri- <br />Party Agreement", "Zone," and "Zone Board," have the meanings set forth in the preamble <br />hereof, and the following capitalized terms shall have the meanings provided below, unless <br />otherwise defined or the context clearly requires otherwise. For purposes of this Agreement the <br />words "shall" and "will" are mandatory, and the word "may" is permissive. <br /> <br />Act shall mean the Tax Increment Financing Act, Chapter 311, Texas Tax Code, as amended. <br /> <br />Authority Bonds shall mean any bond, note or other obligation issued or incurred in one or more <br />series pursuant to Article V, secured by Tax Increment or funds deposited in the Revenue Fund, <br />including refunding bonds. <br /> <br />Advances shall mean any funds advanced by the Development Corporation or the County to City <br />pursuant to Section 5.1(a), and shall include any interest payable thereon. <br /> <br />Interlocal Agreement shall mean an agreement between the City and the County regarding the <br />County's participation in funding the Project approved by City ordinance 2008-3070 dated <br />March 24, 2008, and approved by County April 8, 2008. <br /> <br />LP ISD shall mean the La Porte Independent School District. <br /> <br />Net Tax Increment shall mean the annual collections of the Tax Increment, less (i) any amounts <br />required to be disbursed to LPISD for the payment of project costs related to educational <br />facilities incurred directly by LPISD, and (ii) amounts reasonably required or anticipated to be <br />required for the administration and operation of the Zone, including a reasonable operating <br />reserve. <br /> <br />Page 2 of 11 <br />