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<br />J. Subcontracting. The Chamber will not subcontract for the performance of any of its <br />services under this Agreement without the prior written consent of the City. <br />K. Financial Report; Audit. The Chamber agrees to submit to the City an annual <br />financial report and an audit prepared by a certified public accountant. The first annual financial <br />report and audit shall be for the Chamber's 2007-2008 fiscal year. <br />SECTION 2. DUTIES AND AUTHORITY OF THE ECONOMIC DEVELOPMENT BOARD <br /> <br />A. Advice and Oversight. The ED Board will advise and provide oversight for the <br />Chamber's performance of services under this Agreement. <br />B. Oversight of Program of Services; Performance Measures; Performance Review <br />Plans; Budget. The ED Board will be responsible for oversight of the Chamber's development <br />of programs, performance measures, performance review plans, and budgets under this <br />Agreement. The ED Board will review the Chamber's proposed programs, performance <br />measures, performance review plans, and budgets, and will make a recommendation to the City <br />Council on approval of the programs, performance measures, performance review plans, and <br />budgets for the initial two-year term of this Agreement and anyone-year extension of this <br />Agreement. <br />C. Review of Monthly Reports. The ED Board will review the Chamber's monthly <br />activity reports, and may provide comments on these reports to the Chamber and to the City <br />Council. <br />D. Review of Invoices. The ED Board will review monthly invoices submitted to the <br />City by the Chamber under this Agreement for conformity with the budget approved by the City <br />Council. Each invoice submitted by the Chamber will be subject to approval by the ED 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 <br />development. 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, <br />1/12 of the annual allocation of funds. <br />2. The Chamber will submit to the ED Board no later than the 15th day of each <br />month an itemized invoice describing the Chamber's expenditures under this Agreement <br /> <br />Page50f8 <br />