1958-10-17 Regular Meeting - Laserfiche WebLink

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' ~ ~ • • limits of the City, for the duration of this 1'~greement, wi'!1 not disannex the same or any pert thereof, er enter into any agreement ~:~ith an~~ other municipality of ~tirhat- ever nature, ?~~hich traould result in a transfer of the area so annexed to the jurisdiction of any other munici- pa13. ty. III. During the term hereof', the Cit;a °rai L:~. not annex or attem~~t to annex. any properties of the Incius- tries, or any of them, other than those included within the descriptions set out in said Amended Ordinance No. 553. I~1. During the term hereof each of the Industries will pay ad vai.orem taxe.~ to the City on that port~.on of its land included within the l~.mits of the City under said Amended Ordinance No. 558, the amount of such taxes to be determined by the use of the following formula: 1. The assessed ad ti*alorem t~.x value fixed annu.allyT by ~Iarris County on the entire property of each of the Industries cahich lies within the area descr3_~:ed i n Ordinance No. 558 prior to its a~endmerlt, (son~~etimes referred to herein as the "area"), shall be assessed by the C:~.ty as the ad valorem tax value for that year of that portion of the property of such Industry which lies within tho limits of the City under the provisions oz" amended Ordinance No. 558, (sornet~.mes reforred to herein as the`annexed pro~~erty") . The ti~en c~,~rrent tax. r~~.te of the City shall be applied to the valuations so ob- tamed and each Industry will pay to the City _~_