08-11-99 La Porte Reinvestment Zone Number One

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. t j. decrease in the aggregate state and/or local funding available to or received in that school year by LPISD during the term of this Agreement as a result of LPISD's participation in the La Porte Zone. "State and local funds" for purposes of this section are defined in chapters 41, 42 and 46 of the Education Code but do not include the amounts paid by LPISD into the Tax Increment Fund pursuant to this agreement. Additionally, without limiting the foregoing, if any such ruling or interpretation does not allow LPISD to exclude the value of new improvements to, or the increase in value of, properties located in the La Porte Zone after September 1, 1999, from the calculations for state funding purposes, then any such added value, at the option ofLPISD, shall not be included in the LPISD Tax Increment Participation. Nothing in the Section shall require the City or the La Porte Zone to pay LPISD Educational Facilities Project Costs with any funds other than the position of the Tax Increment Fund attributable to the LPISD Tax Increment Participation. For any LPISD fiscal year that LPISD intends to decrease its participation in the La Porte Zone pursuant to this Article, LPISD's calculation of the decrease will be provided to the City no later than 15 months following the end of such fiscal year, or six months following any such interpretation, ruling, order or decree, and the City shall have 2 months to review LPISD's calculations. If LPISD submits the calculation after the payment of its tax increment for the applicable year, the deductions shall be made from LPISD's future payments ofLPISD Tax Increment Participation. F. Expansion of La Porte Zone LPISD's participation shall not extend to the tax increment on any additional property added to the La Porte Zone by the City unless the Board of Trustees ofLPISD approves the participation. AMJ\176718.1IINTERLOCAL AGRMTILPISDI3668.4