O-1999 2328 Adopting Tax Increment Reinvestment Zone Guidelines for the City of La Porte

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members. Each taxing unit that levies real property taxes in the Zone may appoint one member of the Board. City Council determines the total size of the Board and appoints the remaining members, not to exceed a total of fifteen (15) members. To be eligible for appointment, individuals will be a qualified voter in the City or be at least eighteen (18) years of age and own real property in the Zone. For a Residential Zone(more than 10% of the Zone is currently residential use), the Board of Directors consists of nine (9) members. Each participating school district or county may appoint one (1) member. The State Senator and the State Representative in whose districts the Zone is located are members of the Board. Each may designate another person to serve in his/her place. The remaining members are appointed by City Council. To be eligible for appointment, an individual must be eighteen (18) years of age or own real property in the Zone or be an agent of a person who owns real property in the Zone. Board members serve two (2) year terms. The chairman is appointed by City Council to serve a term of one (1) calendar year. G. Project Plan and Reinvestment Zone Financing Plan The Zone Board of Directors shall submit a proposed Project Plan and Reinvestment Zone Financing Plan for the approval of City Council. The Plans must be prepared in accordance with 311.011 of the Tax Code. H. Use of Funds 1. The tax increment or the proceeds of bonds, notes or obligations issued for any project or projects secured by the tax increment may be used for any purpose authorized in the Project Plan and Reinvestment Zone Financing Plan. 2. Proceeds shall be used for project facilities and improvements which are approved by the City and which have an estimated average useful life at least equal to the life of the Zone or notes financing such improvements, if any. 3. The funds of the Zone shall be budgeted, expended and audited in the same general manner as City bond and tax funds with such changes required by the provisions of state law. The costs of such City financial controls shall be included in the costs of administration of the Zone. The Zone budget must be submitted annually to the City Finance Department for approval. A copy of the Zone's Annual Audit must be forwarded to the City Secretary after Board approval. 8 Revised 5/12/99