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<br />CVB Board meeting to the City. <br /> <br />5. TERM; TERMINATION <br />A. The term of this Contract shall be from October 1,2005 through September 30,2006. It <br />is expressly agreed that either party may cancel this Contract by tendering written notice to the other. <br />This Contract will terminate 30 days from the date ofthe written notice, or on any date specified in <br />the notice after the 30 day period. <br />B. Any CVB Funds allocated to the Chamber by the City which are unencumbered or <br />unexpended on the date ofthe termination of this Contract shall be remitted to City within 30 days <br />from the date of the termination; provided, that if the parties execute a new contract to renew the <br />Chamber's tourism promotion services and activities, the Chamber may use the funds for its usual <br />and customary expenses until the date of its first allocation of funds under the new contract, when it <br />will remit the remaining funds under this Contract to the City. <br /> <br />6. CONSTRUCTION <br /> <br />This Contract shall be construed in accordance with the laws of the State of Texas, and in <br />particular Chapter 351 of the Texas Tax Code. <br />7. CVB ASSETS <br /> <br />The Chamber shall keep its equipment, supplies, vehicles and other assets separate from <br />those purchased with CVB Funds and to be used in the performance of this Contract. The latter shall <br />be inventoried and identified as property of the Convention and Visitors Bureau. Inventory lists shall <br />be provided by the Chamber to the CVB Board and the City. Subsequently acquired assets ofthis <br />nature shall be similarly separated from Chamber assets, inventoried and identified. <br /> <br />EXECUTED on September 21 <br /> <br />, 2005. <br /> <br />TIlE CITY OF S~ ~RCOS, TEXAS <br /> <br />By: ~~,\')~ <br />Dan O'Leary, City anager <br /> <br />SAN MARCOS AREA CHAMBER OF COMMERCE <br /> <br />By:~jJ~ <br /> <br />Phil Neighbors, esident <br /> <br />4 <br />