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VIII. <br />TERM OF AGREEMENT <br />This agreement shall be for an initial term of three (3) years, commencing on <br />August 1, 1994 and continuing through July 31, 1997. Either party may cancel <br />this agreement by providing 180 days written notice to the presiding officer of <br />the governing board of the other party. After the expiration of the initial <br />three year term, the agreement will continue on a year to year basis unless <br />terminated pursuant to this provision. <br />IX. <br />COMPENSATION <br />La Porte hereby agrees to accept as compensation and Shoreacres agrees to pay to <br />La Porte as full compensation, the sum of Three Dollars and Sixty Cents ($3.60) <br />for each separate assessed item on the tax roll of Shoreacres, as reported by the <br />HCAD in its first certified roll and includes both those accounts certified and <br />uncertified. Shoreacres shall pay La Porte by February 28th for the tax year <br />just billed. La Porte may retain all fees received for issuance of tax <br />certificates on Shoreacres tax accounts, to compensate La Porte for the cost of <br />the issuance of such tax certificates. <br />WITNESS OUR HANDS, this 25th day of July, 1994. <br />City of La Porte <br />By: Q& I ��c -7 �a(') � 0'� �A <br />City Manager Date <br />ATTEST: <br />, , 2L"'l Z-4�y- <br />City Secretary ate <br />City of Shor acres <br />By: <br />Ma r Date <br />ATTEST: <br />89 9 <br />C ty Secretary Date <br />