O-2002-2591 - Laserfiche WebLink

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e e SECTION III. The term of this contact is for three (3) years and expires on September 30, 2005. No less than ninety (90) days prior to the expiration of the initial 3-year term of this agreement, the City and Chamber may renegotiate the cap level as established in Section II. SECTION IV. In the event written notice is not given by either party, to this agreement, to the other party ninety (90) days prior to the termination date as noted herein, this agreement shall be extended on the same terms and conditions for an additional two (2) years. SECTION V. The City shall, on or before the 45th day following the end of each quarter, pay twenty-five percent (25%) of any amount of the monies collected for that quarter, to the Chamber until the not to exceed figure of $40,000 is reached. The quarters will end on the 31 st day of March, the 30th day of June, the 30th day of September and the 31 st day of December of each year. SECTION VI. The Chamber agrees that it will record expenditures involved in this program on a monthly basis in separate accounts. The books of account will be maintained in a form approved by the City of La Porte. The Chamber agrees to forward a quarterly report to the City on expenditures involving the use of City funds. Chamber further agrees that the report will be forwarded on or before the 30th day following the end of the quarter. SECTION VII. The Chamber agrees, yearly, to prepare an annual budget on the use of hotel/motel funds received from the City of La Porte and to submit it to the La Porte City Council for approval. The budget submitted to City Council will coincide with the City's fiscal year. For the first year of this agreement, the Chamber agrees to submit the budget to Council by December 1, 2002. For all future years, Chamber agrees to submit the budget on or before August loth of each year. SECTION VIII. The delegation to the Chamber of any activities funded by this agreement requires the Chamber, before making an expenditure, to provide written information to the municipality that indicates which scheduled activities, programs, events, or administrative costs are directly enhancing and promoting tourism and the C9nvention ~d hotel industry. TIiis required list shall be p~ovided to the City Manager's office for review and filing with the office of the City Secretary,