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logo to the Corporation, the Corporation will include the brand, slogan or logo into advertising <br />programs initiated after the receipt of the brand, slogan or logo. <br />A. Payments. The City will pay to the Corporation an amount not to exceed <br />$360,000 for the Corporation's services provided under the Agreement. City will make <br />payments of 1 /12of the annual allocation of funds to the Corporation on the first Friday of each <br />month. <br />B. Assets and Liabilities. All capitalized assets and respective accumulation <br />thereon from a previous contract with the San Marcos Chamber of Commerce became the <br />property of the Corporation on October 1, 2010. Capitalized assets and their accumulated <br />depreciation as of September 30, 2010 on the books of the Economic Development San Marcos <br />became the capitalized assets of the Corporation as of October 1, 2010. Any remaining payables <br />from a previous contract with the San Marcos Chamber of Commerce pertaining to the services <br />under this Agreement remain the responsibility of the Corporation. As of October 1, 2010, the <br />Corporation acknowledges that the City contributed furniture, fixtures and equipment to the <br />Corporation with a value of $31,302.00. <br />C. Board Appointments. The City, through the City Council, will appoint the City <br />Manager and two nominees to serve on the Board of Directors of the <br />Corporation. <br />This Agreement serves as the third one -year renewal of the initial Agreement between <br />the parties, the teen of which was from October 1, 2010 through September 30, 2011 with the <br />option to renew for up to four one year periods upon mutual agreement of the parties. The term <br />of this third renewal of the Agreement shall, accordingly, be from the effective date of October <br />5 <br />