10-12-05 La Porte Redevelopment Authority Meeting minutes

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ARTICLE 1 GENERAL TERMS 1.1 Definitions. The terms "Agreement," "Authority, " "City," "Zone," "Zone Board," and "Tri-Party Agreement" have the meanings set forth in the preamble hereof, and the following capitalized terms shall have the meanings provided below, unless otherwise defined or the context clearly requires otherwise. For purposes of this Agreement the words "shall" and "will" are mandatory, and the word "may" is permissive. Act shall mean the Increment Financing Act, Chapter 311, Texas Tax Code, as amended. Authority Bonds shall mean any bond, note or other obligation issued or incurred in one or more series pursuant to Article V, secured by Tax Increment or funds deposited in the Revenue Fund, including refunding bonds. City Advances shall mean any funds advanced by the City pursuant to Section 5.1, and shall include any interest payable thereon. City Improvements shall mean the improvements described in Article 3 hereof. County shall mean Harris County, Texas. LPISD shall mean the La Porte Independent School District. Net Tax Increment shall mean the annual collections of the Tax Increment, less (i) any amounts required to be disbursed to LPISD for the payment of project costs related to educational facilities incurred directly by LPISD, and (ii) amounts reasonably required or anticipated to be required for the administration and operation of the Zone, including a reasonable operating reserve. Parties or Party shall mean the Zone, the Authority and the City as parties to this Agreement. Plan shall mean the final project plan and reinvestment zone financing plan for the Zone, as amended, as approved by City Council. Revenue Fund shall mean the special fund established by the Authority and funded with Tax Increment payments made by the City pursuant to the Tri-Party Agreement (which payments are attributable to incremental ad valorem property taxes paid on the Project and other properties in the Zone). Tax Increment shall mean funds deposited in the Revenue Fund by the City pursuant to the Tri- Party Agreement, comprised of funds received pursuant to those certain Interlocal Agreements or similar agreements between the City, the County and the Zone; the City, and the Zone and; between the City, LPISD and the Zone. Taxing Unit shall mean individually and collectively the City, the County, and LPISD.