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SATMD Management District Plan 14 <br />February 27, 2025 <br />deficiency overdue charge of ten percent (10%) of the net deficiency and the ten percent (10%) <br />overdue charge first imposed. If said lodging business’s remittance was deficient for a period <br />of greater than sixty (60) days following the date on which the remittance first became <br />delinquent, said lodging business shall pay an additional audit deficiency overdue charge of ten <br />percent (10%) of the amount of the assessment and the ten percent (10%) overdue charge <br />first imposed together with the additional ten percent (10%) overdue charge imposed <br /> <br />4. Fraud: If the City determines that the nonpayment of any remittance due under this Plan is <br />due to fraud, an overdue charge of twenty-five percent (25%) of the amount of the assessment <br />shall be added thereto in addition to the overdue charges stated in subsections (1) and (2) of <br />this section. <br /> <br />5. Interest: In addition to the overdue charges imposed, any lodging business who fails to remit <br />any assessment imposed by this Plan shall pay interest at the rate of one and one-half percent <br />(1.50%) per month or fraction thereof on the amount of the assessment, exclusive of overdue <br />charges, from the date on which the remittance first became delinquent until paid. <br /> <br />6. Overdue Charges Merged with Assessment: Every overdue charge imposed and such interest as <br />accrues under the provisions of this section shall become a part of the assessment herein <br />required to be paid. <br /> <br />F. Time and Manner for Collecting Assessments <br />The SATMD assessment will be implemented beginning January 1, 2026 or as soon as possible <br />thereafter, and ending ten (10) years from its start date. The City will be responsible for collecting the <br />assessment on a monthly basis (including any delinquencies, interest and overdue charges) from each <br />assessed lodging business. The City shall take all reasonable efforts to collect the assessments from <br />each assessed lodging business. The City shall forward the assessments collected to the Owners’ <br />Association. <br />EXHIBIT 2