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<br />< <br />j. <br /> <br />C. Tax Increment Limitation <br /> <br />Subject to the limitations set out in this Agreement, the amount to be contributed by LPISD <br /> <br />(the "LPISD Tax Increment Participation") is the amount of taxes collected by LPISD each year during <br /> <br />the terms of this Agreement by levying a tax at a tax rate of$0.86 per $100 valuation on the Captured <br /> <br />Appraised Value. If the LPISD tax rate is less than $0.86 per $100 valuation, then the LPISD Tax <br /> <br />Increment Participation is the total amount of taxes collected by LPISD at the actual tax rate ofLPISD <br /> <br />on the Captured Appraised Value. Taxes collected by LPISD on the Captured Appraised value as a <br /> <br />result of an LPISD tax levy greater than the tax rate of $0.86 per $100 valuation shall be retained by <br /> <br />LPISD. Taxes collected by LPISD in any year on actual Captured Appraised Value that exceeds the <br /> <br />estimate of Captured Appraised Value for that year show in the Project Plan approved before <br /> <br />September 1, 1999 shall be retained by LPISD. <br /> <br />LPISD's Tax Increment Participation and obligation to participate in the La Porte Zone shall be <br /> <br />restricted to its tax increment collected on the Captured Appraised Value in the La Porte Zone. <br /> <br />LPISD shall not be obligated to pay its LPISD Tax Increment Participation from other LPISD taxes or <br /> <br />revenues until the LPISD Tax Increment Participation in the La Porte Zone is actually collected. The <br /> <br />obligation to pay the LPISD Tax Increment Participation shall accrue as taxes representing the LPISD <br /> <br />tax increment are collected by LPISD and payment shall be due as provided in section 311.013(c) of <br /> <br />the Texas Tax Code. Except as required by law, the City and the La Porte Zone agree that no interest <br /> <br />or penalty will be charged to LPISD for any late payment received from LPISD. <br /> <br />D. Shared Educational Facilities <br /> <br />LPISD agrees that the City will be permitted to use the grounds and facilities of any <br /> <br />Educational Facilities acquired, constructed or reconstructed with or financed by monies from the Tax <br /> <br />AMJ\176718.1\INTERLOCAL AGRM1\LPISDI3668.4 <br />