11-29-00 Meeting of the Tax Increment Reinvestment Zone Number One Minutes

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e e Increment Participation from year to year and for any tax year beginning in January of the year after notice is given and subsequent years to a rate not less than $.086 per $100 valuation. Any such reduction shall reduce the aggregate amount paid to LPISD for Education Facilities Project Costs pursuant to Section V.C by the total aggregate amount of the reduction of tax increments paid to the City as a result of such reduction in the LPISD Tax Increment Participation, C. ' Tax Increment Limitation Subject to the limitation set out in this Agreement, the amount to be contributed by LPISD (the uLPISD Tax Increment Participation") is the amount of taxes collected by LPISD each year during the terms of this agreement by levying a tax at a tax rate of $0.86 per $100 valuation on the Captured Appraised Value. If the LPISD tax rate is less than $.086 per $100 valuation, then the LPISD Tax Increment Participation is the total amount of taxes collected by LPISD at the actual tax rate of LPISD on the Captured Appraised Value. Taxes collected by LPISD on the Captured Appraised Value as a result of an LPISD tax levy greater than the tax rate of $0.86 per $100 valuation shall be retained by LPISD. Taxes collected by LPISD in any year on actual Captured Appraised Value that exceeds the estimate of Captured Appraised Value for that year shown in the Project Plan approved before September 1, 1999 shall be retained by LPISD. LPISD's Tax Increment Participation and obligation to participate in the La Porte Zone shall be restricted to its tax increment ,collected on the Captured Appraised Value in the La Porte Zone. LPISD shall not be obligated to pay its LPISD Tax Increment Participation from other LPISD taxes or revenues until the LPISD Tax Increment Participation in the La Porte Zone is actually collected. The Obligation to pay the LPISD Tax Increment Participation shall accrue as taxes representing the LPISD tax increment are collected by LPISD ahd payment shall be due as provided in section 311.013(c) of the Texas Tax Code. Except as required by law, the City and the La Porte Zone agree that no interest or penalty will be charged to LPISD for any late payment received from LPISD. ' ,Section V. Obligations of City and La Porte Zone C. Financing and Construction of Educational Facilities A portion of the LPISD Tax Increment Participation equal ,to the amount of taxes collected by LPISD each year during the term of this Agreement by levying a tax at a rate of $0.86 per $100 valuation on the Captured Appraised Value, and interest earned thereon, shall be applied to the payment of non-educational facilities Project Costs, including Administrative Costs and School Support Expenses. The remaining portion of the LPISD Tax Increment Participation, and interest earned thereon, shall be paid to LPISD by the City, the La Porte Zone or the La Porte Redevelopment Authority on an annual basis to be used by LPISD for Educational Facilities Project Costs, within the La Porte Zone or the City. , All funds paid to LPISD pursuant to this Section V.C. shall come from the La Porte Zone LPISD Tax Increment Participation. Neither the City nor the La Porte Zone shall ever be obligated to set aside for or pay to LPISD any funds other than LPISD's portion of funds derived from the La Porte Zone, nor shall the City or the La Porte Zone ever be obligated to 'expend any funds other then funds made available by LPISD after payment pursuant 3