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LA PORTE REDEVELOPMENT AUTHORITY <br />NOTES TO BASIC FINANCIAL STATEMENTS <br />SEPTEMBER 30, 2012 <br />NOTE 9. DUE TO HARRIS COUNTY, TEXAS <br />In accordance with a Development agreement dated December 14, 2010, Harris County, Texas <br />advanced funds in the amount of $600,000 for the Sylvan Beach Restoration .Project. The <br />Authority agreed to reimburse the advances plus interest from available tax increment;. subject to <br />certain priorities established in the agreement. The project was undertaken;,-1 y,,-t -City of La <br />Porte through a cooperative agreement with the Texas General Land Office -Mere the state <br />granted funds provided an equal amount of local match was raised to fund=they'nroiect. <br />Interest accrues at the prime rate of JP Morgan Chase plus l %a, corxipaunded semi-annually. The <br />a,s <br />total interest to date is calculated as of September 30, 2012 atti$73 599,'bringing the total amount <br />due to $673,599. <br />The following is a summary of transactions for the Sylvan Beach Restoration Project: <br />Princi at.:- Y:.a Interest Total Due <br />Sylvan Beach Restoration Project 6 4' '0: S ., 29 $� . 73.599 <br />Subsequent to year end, on February q, 2013`, ~a payment of $166,594.19 was made to Harris <br />County, Texas that included principal, �anterest. Future payments will be based on available <br />tax increments. iV <br />NOTE 10. PRIOR PERI()D.,`A:DJ USTMENT <br />In a prior period, the District recorded a payment to the City which was applied to the Sewer <br />Trunk Main note..in the amount of $46,974. That amount should have been for an administrative <br />fee. interest ori:that,,amount was calculated at $7,491, which has been added back to the note <br />payable. The ef-feci' on the fund balance for the prior period is as follows: <br />Prior Period Fund Balance $ (9,501,095) <br />Adjustment to Interest on Note Payable (54,465) <br />Fund Balance, as adjusted - _ (9,55556 0) <br />_20_ <br />