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• ~ • <br /> <br />• <br />the amount of taxes thus resulting on its annexed <br />property for that ye::~r9 provided, however, that if the <br />total e.mount of taxes to be paid the Ca_ty by all of the <br />IndustrieN collectively as determ3.ned by the use of <br />said formula small exceed the sum of One Hundred ~1'wenty- <br />five Thousand nallars (,~125,000~ in o.ny year, then for <br />that year the valuation cf the annexed property of each <br />of the Industries sha11 ~e in an amount which will yield <br />to the City at the then current City ta.~ rate that In- <br />dustry' s ~~roportionate part of the sum of X125, 000 in <br />the .ratio that the Harris County ad valorem tax valua- <br />ti on or" the property of such Industr•;T in the area for <br />that year bears to the total Harris County ad valorem <br />tax valuat~.on of the properties of all of said Indu:- <br />tries within the area. <br />2. The annual tax payment of ea:;h Industry to <br />the City hereunder s~ia11 be in two installments, the <br />fir. st of which s~~iall be m~.de by sucri Industry on or <br />before January 15 in each year in an amount not leas <br />than one-half of the taxes whj.ch ;would be paid by that <br />Industry to the City calculated on its Harris County <br />ad valorem tax va1?iation of its property in the area <br />for the preceding year. The second installment sha11 <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 assessrr~ent on the properties of~ 'such Industry iri <br />the area for that ,rear, in which event the second in- <br />stallment st~iall be paid within thirtyT 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 />