City Funding. City agrees to provide proceeds from the City’s Room Tax to Contractor for the services provided under this Agreement. The City will provide up to 30% of the proceeds from a tax rate of 9% and 70% of the proceeds from any tax rate in excess of 9% (10% on June 1, 2014 and 10.4% on June 1, 2015), less the City’s administrative costs (audit and overhead costs). The amount paid monthly to Contractor shall be based on City projections as to the amount of revenue forecasted to be received by Room Tax receipts adjusted by the prior month’s budget to actual variance, subject to 3(d) above.
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