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August 11, 2003 Page 219 2. "...except the hotel(s) constructed on real property owned by the City of Concord adjoining the rcal propcrty on which thc convention center is to be ccnstructcd shall be remitted..." 3. The annual payment for FY 2003-2004 shall be Two-Hundred Thousand Dollars ($200,000) and shall be paid thirty (20) days Convcnticn Ccntcr b_~ June 30, 2004. The annual payment for FY 2004-2005 shall be Two-Hundred Thousand Dollars ($200,000) and shall be paid to the CITY~--$ ...... .~11'' I, --..~gan~ by June 30, 2005. 4.(b) Make the following changes: "~ One-hundred per cent (~-~100%) of the entire amount of all room occupancy tax collected from the hotel'-~,~, constructed on City-owned real property adjoining the ~ .............. ~ ~..~ convention center is ~^~ ~ ............ ~..~-~,~ less the County's statutory collection fee of five (5) per cent, shall be remitted to the CITY m~ntkly semi-annually to coincide with payments to service the debt of the convention center. Tkrcc ~ ........... cc:t *f c.c!lecticn cf the roc: occupancy. Make the following changes: 1. "...replacement revenue in -~--.~ .... ...~..,...z~" semi-annual payments during the remaining ter~.." 2. "...should those funds diminish as a result of any occurrence not related to a repeal of the Tax by the County or reduction in the rate of the Tax made by the County." 7. Change this section as indicated: Replacement Revenue for Non-Payment of Monthly Payment. In the event the CITY does not receive from the AUTHORITY or NEW AUTHORITY a monthly semi-annual payment of the net proceeds of the Tax in accordance with the provisions of paragraph 4 herein as a result of the COUNTY not makin~ a required monthly payment to the AUTHORITY or NEW AUTHORITY, then the COUNTY shall pay directly to the CITY replacement revenue so that the CITY may proceed, in accordance with the purposes of this Agreement, with financing the construction and long-term maintenance of the convention center. The amount of the replacement revenue shall be equivalent to the amount of the net proceeds, as defined in thc Enablin~ Lc~islaticn paragra 4 herein, ~f ......................... ~ .............. the amount of the .......~------z~" semi-annual payment, if any, actually made by the AUTHORITY or NEW AUTHORITY to the CITY. The .... ..,~------~n"z semi-annual payment shall be made within ten (10) days after the CITY notifies the COUNTY of the non-payment of a -^-~--,,,~..~...~ semi- annual payment. Upon the receipt of the required..~......~'-~ semi- annual payment b~ t__o the CITY from the AUTHORITY or NEW AUTHORITY, the CITY shall reimburse the COUNTY within ten (10) days the replacement revenue it received pursuant to the provisions of this paragraph to the extent the CITY receives funds from the AUTHORITY or NEW AUTHORITY which the replacement revenue supplanted. Change this section as indicated: "County Cooperation When Non-Payment of Monthly Payment Occurs. In the event the CITY does not receive from the AUTHORITY or NEW ---~-- semi-annual payment of the net proceeds of AUTHORITY a .......... ~ the Tax ..." 10. Change this section as follows: ~Duration. As to paragraphs 2,4,5,6 and 7, ~ the term of this Agreement shall be for the same period ~f time ~s thc c~m~incd tot&l ~f all ~imc pcric~ cf all financin~ of as the term of the financinq instrument used to fund construction of the convention center contemplated in paragraph 2 (b) herein. The term of the Agreement for the remaining paragraphs shall be 40 years. 11. Change this section as follows: Cancellation. In the event a convention center within the