On page 3, line 24, after "designed and" strike "shall" and insert "will"

On page 3, after line 25, insert the following:

"(c) The sales and use tax deferral certificate issued to a public facility district as defined in subsection (7)(b) of this section may be used to defer a total of sixty-two million dollars in sales and use tax under this section."

On page 3, beginning on line 26, after "(3)" strike all material through "tax." on line 33 and insert "(a) The public facilities district ((shall)) must begin paying the deferred taxes ((in the fifth year after the date certified by the department of revenue as the date on which the public facility is operationally complete. The first payment is due on December 31st of the fifth calendar year after such certified date, with subsequent annual payments))by December 31st of the year the department of revenue certifies the public facility is operationally complete. Subsequent annual payments are due on December 31st of the following nine years. Each payment ((shall)) must equal ten percent of the deferred tax, except in the event that the department of revenue is unable to determine the actual amount of deferred tax at least thirty days before the first payment is due, the department must invoice ten percent of the maximum amount of tax eligible for deferral. Subsequent payments will equal one-ninth of the remaining amount of deferred tax. The department of revenue must assess interest, but not penalties, on the deferred taxes. The interest must be assessed at the rate provided for delinquent taxes under chapter 82.32 RCW, retroactively to the date the project was certified to be operationally complete, and will accrue until the deferred taxes are repaid."

On page 3, beginning on line 34, after "under" strike all material through "section" on line 35 and insert "(a) of this subsection"

On page 4, beginning on line 5, after "(5)" strike all material through "(6)" on line 11 and insert "((Interest shall not be charged on any taxes deferred under this section for the period of deferral, although all other penalties and interest applicable to delinquent excise taxes may be assessed and imposed for delinquent payments under this section. The debt for deferred taxes is not extinguished by insolvency or other failure of the public facilities district.

(6)))"

Renumber the remaining subsections consecutively and correct any internal references accordingly.

On page 4, after line 21, insert the following:

"(8) For the purposes of this section, "operationally complete" means that a public facility district convention center, including any new buildings, has completed expansion and renovation construction and is hosting events and generating revenue."