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-. 1 - .. �rvw n-ass :>'^r _•- - - - r".t- ",� -� ' _ <br />LA PORTE REDEVELOPMENT AUTHORITY <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />SEPTEMBER 30, 2012 <br />NOTE 5. TAX INCREMENTS (Continued) <br />Participant is required to deposit tax increments derived from property annexed into the Zone <br />unless the Participant has agreed to do so. <br />Each participant is required to collect taxes on property located with the Zone in the same <br />manner as other taxes are collected. The Participant is required to pay into the tax increment <br />fund the collected tax increments by the first day of each calendar quarter or pursuant to the <br />terms of the participation set forth in their respective interlocal agreements. <br />NOTE 6. CITY OF LA PORTE TAX INCREMENTS <br />The City and the Zone have established the Tax Increment Fund, a separate fund in the City <br />Treasury into which tax increments will be deposited. <br />During the current fiscal year, tax increments of $483,366 were recorded from the City of La <br />Porte, and $591,728 from the school district based on collected taxes. <br />NOTE 7. HARRIS COUNTY TAX INCREMENTS <br />The Commissioners Court of Harris County (the "County") approved an agreement to participate <br />in the Zone. The amount of participation from years 2001 through 2029 will be 75% of the tax <br />increment attributed to the capture appraised value. Harris County's participation and use of <br />fund is limited to projects described in the agreement. <br />During the current fiscal year, tax increments of $215S82 were collected from the County. <br />NOTE 8. DUE TO CITY OF LA PORTE, TEXAS <br />The Authority entered into a Reimbursement Agreement with the City of La Porte. The City <br />financed capital improvements on behalf of the Authority. The agreement states that the City <br />will be repaid from available funds subject to certain conditions. Interest accrues at a rate of the <br />Prime Commercial Lending rate of Chase Manhattan Bank, N.A. or its successors, plus one <br />percent per annum, compounded semi-annually, on the unpaid balance. Prior payments were <br />applied to accrued interest. <br />As of September 30, 2012, the Authority has recorded a due to the City of $662,000 plus interest <br />calculated at $231,194. Accrued interest on this obligation in the current fiscal year is $36,966. <br />-19- <br />