February 7, 2001

Mr. President:

Your CORPORATIONS & TRANSPORTATION COMMITTEE, to whom has been referred

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

1. On page 4, line 6, strike "is" and insert in lieu thereof "shall not exceed".

2. On page 4, lines 11 through 13, strike Subsection B in its entirety and insert a new Subsection B as follows:

"B. A lodging surcharge imposed pursuant to this section shall be reviewed by the governing body of the municipality on or about each fifth anniversary of the imposition of the lodging surcharge. The governing body shall adjust the lodging surcharge to result in revenues equivalent to no more than one hundred twenty percent of the actual operating and maintenance costs of the convention center for the preceding fiscal year. No adjustment in the lodging surcharge shall be made while any revenue bonds to which the revenues of the lodging surcharge are pledged remain outstanding.".

3. On page 4, line 18, after "for" insert "all or".

4. On page 4, line 19, before "acquisition" insert "costs of".

5. On page 4, line 22, strike "and" and insert in lieu thereof a comma and after "interest" strike "on any" and insert in lieu thereof "or".

6. On page 11, lines 13 and 14, strike "of one or both of the purposes".

7. On page 11, line 14, strike "Paragraphs" and insert in lieu thereof "Paragraph" and after "(1)" strike "and (2)".

8. On page 12, line 1, strike "or" and insert in lieu thereof:

"(3) that portion of the proceeds of the occupancy tax of the municipality available for payment of revenue bonds pursuant to Paragraph (1) of Subsection B of this section;

(4) any other legal available revenues of the municipality; or".

9. Renumber the succeeding paragraph accordingly.

10. On page 12, line 2, after "of" strike "net" and after "from" strike "both" and insert in lieu thereof "the".

11. On page 12, line 3, after "(1)" strike "and (2)" and insert in lieu thereof "through (4)".,

and thence referred to the FINANCE COMMITTEE.

Respectfully submitted,

__________________________________

Roman M. Maes, III, Chairman

Adopted_______________________ Not Adopted_______________________

(Chief Clerk) (Chief Clerk)

Date ________________________

The roll call vote was 6 For 0 Against

Yes: 6

No: 0

Excused: Aragon, Jennings, Robinson

Absent: None

S0221CT1 .135997.1