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LA PORTE REDEVELOPMENT AUTHORITY NOTES TO BASIC FINANCIAL STATEMENTS SEPTEMBER 30, 2012 NOTE 5. TAX INCREMENTS (Continued) Participant is required to deposit tax increments derived from property annexed into the Zone unless the Participant has agreed to do so. Each participant is required to collect taxes on property located with the ;Tone -,:in` the same manner as other taxes are collected. The Participant is required to pay ntathe'Ptax increment fund the collected tax increments by the first day of each calendar quarter"or pdrsuant to the terms of the participation set forth in their respective interlocal agreements...'—;- NOTE 5. CITY OF LA PORTE TAX INCREMENTS The City and the Zone have established the Tax Increment Fund, a separate fund in the City Treasury into which tax increments will be deposited;"A During the current fiscal year, tax increments_W$483,366 were recorded from the City of La Porte, and $591,728 from the school district based,on collected taxes. NOTE 7. HARRIS COUNT Y TAX INCREMENTS The Commissioners Court of"Harris .County (the "County"} approved an agreement to participate in the Zone. The amount of participation from years 2001 through 2029 will be 75% of the tax increment attributed to the capture appraised value. Harris County's participation and use of fund is limited to projects"described in the agreement. During the curreri fiscl year, tax increments of $215,582 were collected from the County. NOTE+B: "_ `----DUE TO CITY OF LA PORTE, TEXAS The Authority entered into a Reimbursement Agreement with the City of La Porte. The City financed capital improvements on behalf of the Authority. The agreement states that the City will be repaid from available funds subject to certain conditions. Interest accrues at a rate of the Prime Commercial Lending rate of Chase Manhattan Bank, N.A. or its successors, plus one percent per annum, compounded semi-annually, on the unpaid balance. Prior payments were applied to accrued interest. As of September 30, 2012, the Authority has recorded a due to the City of $662,000 plus interest calculated at $288,011. Accrued interest on this obligation in the current fiscal year is $39,318. -19-