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<br />this Contract for all intents and purposes as though fully set out herein. The Chamber acknowledges <br />that the City's approval of this budget creates a fiduciary duty in the Chamber with respect to the <br />revenue provided by the City to the Chamber under this Contract. All expenditures of Tourism <br />Funds shall be subject to monitoring by the City's Minority Tourism Development Board (the <br />"Board") under Section 3.C. below. <br />C. The Chamber shall submit to the City Clerk, in electronic format, a report on or before the <br />following deadlines, with a copy to the City Manager and the City Finance Manager, describing the <br />activities and expenditures resulting from previously allocated CVB Funds during the respective <br />reporting period: <br /> <br />Re ort Submission Deadline <br />January 31,2008 <br />A ril 30, 2008 <br />July 3 I, 2008 <br />October 31, 2008 <br /> <br />Period Covered <br />October I, 2007 through December 31, 2007 <br />Janu I, 2008 through March 31, 2008 <br />A rill, 2008 throu h June 30, 2008 <br />Jut I, 2008 through September 30, 2008 <br /> <br />D. Should the Chamber or the Board, sponsor a community or arts event, funding such event <br />with funds designated under this contract, the Chamber shall submit a completed "Post Event Report <br />Form," a blank copy of which is attached to this contract as Exhibit "B." The Post Event Report <br />Form shall be submitted with the Chamber's quarterly report that immediately follows the event. <br /> <br />3. MINORITY TOURISM DEVELOPMENT BOARD; EXPENDITURE <br />RESTRICTIONS <br /> <br />A. The Board will advise and provide oversight for the Chamber's performance under this <br />Contract. <br /> <br />B. The Board shall be responsible for developing and making a recommendation to the City <br />COlmcil on approval of the budget for this Contract and for any extension or renewal of this Contract. <br />The budget shall contain an itemization of proposed expenditures for office space, personnel, <br />equipment, supplies, vehicles, and other expenses to be incurred by the Chamber in performing this <br />Contract. <br />C. The Board shall monitor expenditures of T ouri sm Funds provided to the Chamber by the <br />City under this Contract for conformity to the budget. The Chamber shall provide to the Board an <br /> <br />3 <br />