Common use of Calculation of Amount Due Clause in Contracts

Calculation of Amount Due. The CITY shall mail an invoice to the COMPANY, which sets forth the amount of payment in lieu of tax owed to the CITY calculated in accordance with this Agreement. Such invoice shall be postmarked at least 30 days prior to the Due Date defined in Section 3.07 below, and shall be mailed to the address shown in Section 10.03 of this Agreement. The calculation shall be made with reference to the exemption for pollution control property in Section 11.31, Texas Property Tax Code, and Article VIII, Section 1-l, Texas Constitution, as same presently exist or may be hereafter amended, using the Market Value of pollution control equipment certified by the CAD. In addition, all amounts other than the 11.31 amount referenced above shall be calculated without reference to any new tax exemption or any increase in an existing tax exemption enacted after January 1, 1995.