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<br />t <br />J' .'~ <br /> <br />VI. TERM AND TERMINATION <br /> <br />A. Agreement Term <br /> <br />This Agreement shall be effective as of August 31, 1999, and shall remain in effect until <br /> <br />December 31,2030, provided that LPISD shall have the option to terminate this Agreement effective <br /> <br />December 31,2018 by giving the City 30 days prior written notice ofLPISD's intention to terminate. <br /> <br />The first payment of increment taxes by LPISD under this Agreement shall be for those taxes levied by <br /> <br />LPISD in the year 2000 and the last payment by LPISD under this Agreement is for those taxes levied <br /> <br />by LPISD in the year 2029. <br /> <br />B. Early Termination <br /> <br />The City shall not adopt an ordinance terminating the La Porte Zone earlier than the duration <br /> <br />of the La Porte Zone established in Ordinance No. 99-2325, without the prior consent of LPISD, <br /> <br />provided that the La Porte Zone may otherwise terminate by operation oflaw. <br /> <br />C. Disposition of Tax Increments <br /> <br />Upon termination of the La Porte Zone, and if all Project Costs have been paid, the City and <br /> <br />the La Porte Zone shall pay to LPISD all monies including interest earned thereon remaining in the Tax <br /> <br />Increment Fund that are attributable to the LPISD Tax Increment Participation paid into the Tax <br /> <br />Increment Fund and shall pay to the City all monies, including interest earned thereon, then remaining <br /> <br />in the Tax Increment Fund attributable to the City. <br /> <br />AMl\176718.1 \INTERLOCAL AGRMT\LPISD\3668.4 <br />