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1989, ch. 24, par. 11-15. 1-1 et seq. , the City and <br /> Magna agree as follows: <br /> 1. At such time as said Premises are contiguous <br /> to the corporate limits of the City, Magna shall file <br /> an annexation petition with the City, in compliance <br /> with I11.Rev.Stat. 1989, ch. 24, par. 7-1-8, said <br /> petition to describe the Premises and to request that <br /> the same be annexed to and included within the <br /> corporate limits of the City. <br /> 2 . The City hereby waives any requirement <br /> otherwise applicable that Magna pay to the City any fee <br /> . for filing the petitian referred to in paragraph 1 <br /> hereof. <br /> 3 . Upon receipt of said annexation petition, the <br /> City shall annex the Premises to the City as provided <br /> by law. <br /> 4. During the term of this aqreement, and subject <br /> to paragraph 5 hereof, the City shall pay to Magna, or <br /> its successors or assigns, annually, an amount equal to <br /> the real property tax levied by the City and Decatur <br /> City Library for which the owner of the Premises is <br /> liable during that year. Such payment shall be made by <br /> the City upon presentment to the Finance Department of <br /> a copy of the tax bill for said Premises as prepared by <br /> the Macon County Treasurer, and shall be made in one <br /> (1) installment. It is the purpose of this payment, <br />