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e e increase in the base contribution will be based on the annual perfonnance report and the annual budget submittal by the Chamber and shall be approved by City Council. 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 tenns 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- four percent (24%) of any amount of the monies collected for that quarter, to the Chamber. 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 fonn 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 hot ell 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 year of this agreement, the Chamber agrees to submit the budget to Council in October 2005. For all future years, Chamber agrees to submit the budget on or before August lOth of each year. Any special event promoted by the Chamber of Commerce should be included in the annual budget submitted by the Chamber. A one-time contribution for any new special event may be considered by the City based on the merits of the special event and City Council's approval. Chamber shall submit a detailed description of the special event, together with proposed budget for the event, to City at least ninety (90) days prior to the special event. City Council approval of the Chamber's application must be obtained prior to allocation of funds to the Chamber. Any special event promoted by the Chamber shall be included in the annual budget submitted by the Chamber. SECTION VIII. Thirty (30) days after September 30, the end of every fiscal year, the Chamber will furnish to City a perfonnance report of its work under this contract, which shall reflect overall activity, meetings, conventions and conferences conducted, identity, and amount