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<br />set of minutes to the city council and city manager. <br />3. Prepare agendas for meetings of the Board, and provide them to the City Clerk in a <br />timely manner so that notice of meetings of the Board can be given in accordance with <br />the Texas Open Meetings Act. <br />4. Ensure that an appropriate record is made of each executive session meeting of the <br />Board, and deliver the record to the City Clerk promptly after each such meeting. <br />5. Accept conflict of interest disclosure forms from members of the Board when <br />appropriate, and deliver the forms to the City Clerk promptly after receiving them. <br />GMG acknowledges and understands that the Board is subject to the Texas Open Meetings Act <br />(Texas Government Code Chapter 551) and the Conflict of Interest Law (Texas Government Code <br />Chapter 171), and that Board records are subject to the Texas Public Information Act (Texas <br />Government Code Chapter 552). GMG will familiarize itself with these laws, and with City <br />ordinances that apply to City boards and commissions, so that GMG promotes and encourages <br />compliance with these laws by the Board. <br />J. Subcontracting. GMG will not subcontract for the performance of any of its services <br />under this Agreement without the prior written consent of the City. <br />K. Financial Report; Audit. GMG agrees to submit to the City an annual financial report <br />and an audit prepared by a certified public accountant. <br />SECTION 2. DUTIES AND AUTHORITY OF THE ECONOMIC DEVELOPMENT BOARD <br />A. Advice and Oversight. The Board will advise and provide oversight for GMG's <br />performance of services under this Agreement. <br />B. Oversight of Program of Services; Performance Measures; Performance Review <br />Plans; Budget. The Board will be responsible for oversight of GMG' s development of programs, <br />performance measures, performance review plans, and budgets under this Agreement. The Board <br />will review GMG's proposed programs, performance measures, performance review plans, and <br />budgets, and will make a recommendation to the City Council on approval of the programs, <br />performance measures, performance review plans, and budgets for the initial two-year term of this <br />Agreement and anyone-year extension of this Agreement. <br />C. Review of Monthly Reports. The Board will review GMG' s monthly activity reports, and <br />may provide comments on these reports to GMG and to the City Council. <br /> <br />Page 4 of8 <br />