02-24-10 Meeting of the La Porte Redevelopment Authority minutes

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