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(c) any bonds issued in connection with such Project <br />shall rema.in outstanding, whichever period is the <br />longest, the City agrees that it will not levy or im- <br />pose any real or personal property taxes or special <br />assessments upon such Project or upon the Local <br />Authority w.ith respect thereto. During such <br />period, the Local Authority shall make annual pay- <br />ments (herein called "Payments in Lieu of Taxes") <br />in l.ieu of such taxes and special assessments and <br />in payment for public services and fac.ilities fur- <br />nished for or with respect to such Project. Each <br />such annual Payment in L.ieu of Taxes shall be <br />made after the end of the fiscal year established <br />for such Project, and shall be in an amount equal <br />to either (a) ten per cent (1070) of the aggregate <br />Shelter Rent charged by the Local Authority in <br />respect to such Project during such fiscal year, or <br />(b) the amount permitted to be paid by applicable <br />state law in effect on the date such payment is <br />made, whichever amount is the lower; provided, <br />however, that upon failure of the Local Authority <br />to make any such Payment in Lieu of Taxes, no <br />lien aga.inst any Project or assets of the Local <br />Authority shall attach. <br />