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<br />, <br />'. <br />i' <br /> <br />IV. OBLIGA nONS OF LPISD <br /> <br />A. Tax Increment Participation by LPISD <br /> <br />For and in consideration of the agreements of the parties set forth herein, and subject to the <br /> <br />remaining subsections of this section, LPISD agrees to participate in the La Porte Zone by contributing <br /> <br />one hundred percent (100%) of the tax increment produced in the La Porte Zone attributable to LPISD <br /> <br />to the Tax Increment Fund during the term of this Agreement. <br /> <br />B. Option to Reduce Participation <br /> <br />In circumstances where there is not a loss caused by a change in law such that Section lYE. <br /> <br />applies, upon written notice to the City, LPISD may reduce its LPISD Tax Increment Participation <br /> <br />from year to year and for any tax year beginning in January of the year after the notice is given and <br /> <br />subsequent years to a rate not less than $0.86 per $100 valuation. Any such reduction shall reduce the <br /> <br />aggregate amount paid to LPISD for Educational Facilities Project Costs pursuant to Section yc. by <br /> <br />the total aggregate amount of the reduction of tax increments paid to the City as a result of such <br /> <br />reduction in the LPISD Tax Increment Participation. <br /> <br />AMJ\176718.1\lNTERLOCAL AGRMT\LPISDI3668.4 <br />