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<br />Project Plan that are adopted by the Board of Directors of the Zone and approved by the City <br />Council of the City from time to time. <br />C. Project Plan means the Project Plan and Reinvestment Zone Financing Plan for the <br />Zone adopted by the Board of Directors of the Zone and approved by the City Council of the <br />City, and amendments to these plans that are adopted by the Board of Directors of the Zone and <br />approved by the City Council of the City from time to time. <br />D. Tax Increment Fund means the tax increment fund created by the City for the <br /> <br />Zone. <br /> <br />E. Terms other than those defined above shall have 1) their meanings as given in <br />Chapter 311, Texas Tax Code, or 2) if not so defined, their usual and ordinary meanings. <br />E. References to state statutes shall include amendments to those statutes that are <br />duly enacted from time to time. <br />SECTION 2. OBLIGATIONS OF THE COUNTY <br />A. Payments to the City. The County agrees to make payments to the City during <br />the term of this Agreement in the amount of 100% of the County's ad valorem taxes for General <br />Maintenance & Operations (excluding ad valorem taxes for Road and Bridge Maintenance & <br />Operations and for General Debt) on the captured appraised value of the County in the Zone. The <br />County's obligation to make these payments will accrue only as the applicable taxes on the <br />captured appraised value are collected by the County. Payments shall be due on May 1 of each <br />year during the term of this Agreement. No interest or penalty will be charged to the County for <br />any payments made by the County based on collections that occur after this due date; however, <br />the County will pay to the City 100% of any penalty or interest received by the County on any <br />delinquent taxes on the captured appraised value of the County. Based on projections for <br />property values in the Zone, the County anticipates that its payments to the City under this <br />Agreement will be as shown in the column designated "County Tax Collection" on the attached <br />Exhibit E - Projected Zone Revenues. <br />B. Limitation on Payments. The County is not obligated to make payments under <br />this Agreement unless and until applicable taxes on the captured appraised value are actually <br />collected by the County. <br />SECfION 3. OBLIGATIONS OF THE CITY <br /> <br />1 <br />