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<br />SECTION 2. DUTIES AND AUTHORITY OF THE ECONOMIC DEVELOPMENT BOARD <br />A. Advice and Oversight. The Board will advise and provide oversight for the Chamber'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 the Chamber's development of <br />programs, performance measures, performance review plans, and budgets under this Agreement. The <br />Board will review the Chamber's proposed programs, performance measures, performance review <br />plans, and budgets, and will make a recommendation to the City Council on approval of the <br />programs, performance measures, performance review plans, and budgets for the initial two-year <br />term of this Agreement and anyone-year extension of this Agreement. <br />C. Review of Monthly Reports. The Board will review the Chamber's monthly activity <br />reports, and may provide comments on these reports to the Chamber and to the City Council. <br />D. Review of Invoices. The Board will review monthly invoices submitted to the City by the <br />Chamber under this Agreement for conformity with the budget approved by the City Council. Each <br />invoice submitted by the Chamber will be subject to approval by the Board. <br />SECTION 3. OBLIGATIONS OF THE CITY <br />A. Payments. The City will pay to the Chamber an amount not to exceed $307,000.00 in <br />each of the first two years of this Agreement for the Chamber's services provided under this <br />Agreement. This amount includes $49,000.00 allocated for small business economic development. <br />City will make payments to the Chamber as follows: <br />1. On the first Friday of each month, the City will pay to the Chamber, monthly, 1/12 of <br />the annual allocation of funds. <br />2. The Chamber will submit to the City and to the Board no later than the 15th day of <br />each month an itemized invoice describing the Chamber's expenditures under this <br />Agreement for the previous month for review and approval by the Board. This invoice will <br />not include the funds expending directly for services related to small business economic <br />development. <br />3. The Board will approve, disapprove, or approve with modifications each invoice <br />within 15 days of receipt from the Chamber. The Chamber may resubmit, with modifications <br />or corrections, an invoice that is disapproved by the Board. The Board may request additional <br /> <br />Page 5 of8 <br />