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2. Compensation. Section 2 of the Agreement is hereby amended, modified and <br /> replaced in its entirety with the following: <br /> "The approved Agency Budget estimated Agency administrative <br /> costs for Fiscal Year 2010 -11 to be Three Million Four Hundred and Ninety Two <br /> Thousand Four Hundred and Thirty Four Dollars ($3,492,434.00). As of January <br /> 31, 2011, the Agency has paid City a total of One Million Seven Hundred and <br /> Fourteen Thousand One Hundred and Sixty Five Dollars and Twelve cents <br /> ($1,714,165.12). For the remainder of this fiscal year, Agency shall pay City, per <br /> month, the actual costs billed by City for such administrative costs, in accordance <br /> with the approved Agency budget for Fiscal Year 2010 -2011. Beginning with <br /> Fiscal Year 2011 -12, Agency agrees to pay City a sum not -to- exceed the amount <br /> defined in the adopted Annual Budget each fiscal year for the Services. At the <br /> beginning of each fiscal year, the Agency's Executive Director and the City <br /> Manager are authorized to make adjustments in compensation for the services to <br /> account for additional administrative services, inflation, increases in personnel <br /> compensation and increases in benefits, which will be reflected in the Annual <br /> Budget. Mid -term budget adjustments that are minor in nature may be authorized <br /> by the Executive Director and the City Manager. Such payments will be made by <br /> the Agency on a monthly basis from its Tax Revenues. <br /> The Agency agrees to reimburse the City for all costs incurred for the Services <br /> provided by the City pursuant to this Agreement from and to the extent that Tax <br /> Revenues are available to the Agency for such purpose; provided, however, that <br /> the Agency shall have the sole and exclusive right to pledge any such Tax <br /> Revenues to the repayment of other indebtedness incurred by the Agency in <br /> carrying out the redevelopment project. The obligations of the Agency under this <br /> Agreement shall constitute an indebtedness of the Agency within the meaning of <br /> Section 33670 et seq. of the Community Redevelopment Law, to be repaid to the <br /> City by the Agency." <br /> 3. Force and Effect. Except as specifically amended and modified herein, the terms <br /> of the Agreement shall remain in full force and effect. <br /> /// <br /> /// <br /> /// <br /> /// <br /> /// <br /> /// <br /> ATTY /AGR2011 /AMEND /AMENDNO.2 ADMIN SERVICES <br /> 030111 <br /> 2 <br />