10-06-99 Meeting of the La Porte Development Corporation Minutes

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to redeem the Certificates prior to maturity or to defease the Certificates, as permitted in accordance with the Ordinance, such sales and use tax revenues are to be continued to be retained by the City to pledge to and pay in full the refunding bonds or certificates. (b) At the City's sole option, any such sales and use tax revenues retained by the City for payment of the Certificates which are not needed for payment of the Certificates in any given fiscal year of the City may be delivered to the Corporation for use pursuant to the Act. (c) Once the Certificates are defeased or paid in full and all bonds or certificates issued to refund the Certificates are paid in full, the City shall, as soon as possible, notify the Corporation of such fact, and commencing on the date of the first distribution of such sales and use tax revenues to the City from the Texas Comptroller of Public Accounts after such notification, the City shall deliver all of the proceeds of the sales and use tax levied for the benefit of the Corporation to the Corporation. Section 4. Notices. All notices required hereunder shall be in writing and delivered by certified mail, return receipt requested, by facsimile, by overnight mail, or by personal delivery, and addressed as follows: If to the City: City of La Porte, Texas Attention: City Manager 604 West Fairmont La Porte, TX 77571 Phone: (281) 471-5020 Fax: (281) 471-7168 If to the Corporation: City of La Porte Development Corporation Attention: President 604 West Fairmont La Porte, TX 77571 Phone: (281) 471-5020 Fax: (281) 471-7168 Any party listed above may designate any additional or different address or facsimile number to which communications under this Agreement shall be delivered by giving at least five days advance notice thereof to the affected parties. Section 5. Amendment. This Agreement may be amended by execution of an instrument by both parties hereto; provided, however, this Agreement may not be amended to halt or limit the retention of sales and use tax revenues collected by the City as described in Section 3 hereof. Section 6. Bindinf! Effect. This Agreement shall bind and inure to the benefit of the successors of the parties hereto. Section 7. Applicable Law. This Agreement shall be construed and governed in accordance with the laws of the State of Texas. Section 8. Severabilitv. Any provision of this Agreement found to be prohibited by law shall be ineffective only to the extent of such prohibition and shall not invalidate the remainder of this Agreement. A-2 20