Res 2015-129/CVB Contract - Laserfiche WebLink

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This contract (the "Contract ") is effective October 1, 2015, and is between the City of San Marcos, Texas, a Texas municipal corporation (the "City "), and the San Marcos Area Chamber of Commerce (the "Chamber "). This Contract is entered into under CHAPTER 351 OF THE TEXAS TAX CODE. I. ALLOCATION OF FUNDS A. Funding Amount. The City has enacted a hotel occupancy tax on rooms furnished by hotels and motels within the City. The City agrees to allocate funds in the amount of $1,304,000.00 in fiscal year 2015 -2016 from the revenue of this tax (the "CVB Funds ") to the Chamber, operating the San Marcos Convention and Visitor Bureau program, under TEXAS TAX CODE §351.101(0). The Chamber agrees that the total of all payments made by the City to the Chamber under this Contract will not exceed such amount. B. Payment Schedule. On the first Friday of each month, the City will pay to the Chamber, monthly, 1/12 of the allocation of the CVB Funds. The CVB Funds allocated by the City may be applied toward administrative expenses incurred directly in fulfilling its responsibilities under this Contract. These administrative expenses shall be covered under this paragraph only when the expenses are incurred directly in the Chamber's tourism promotion activities. The Chamber shall track all administrative expenses related to this Contract, including any allocation of personnel resources, and report such expenses to the City as part of the reports required in Section 2.1), below. C. Account. The Chamber shall maintain the CVB Funds provided by the City under this Contract in a separate account, and the Chamber shall not commingle the funds in that account with any other money, or maintain them in any other account.