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<br />3. OBLIGATIONS OF THE CITY <br />A. The City shall pay to the Chamber the sum of$61,035.00 in installments of$30,517.50 <br />each on October 31, 2003 and on April 30, 2004. <br /> <br />B. Prior to any continuation or renewal of this Agreement, the City shall have the right to <br />conduct a performance audit of Chamber activity under this Agreement. <br /> <br />4. RECORDS <br /> <br />A. The Chamber agrees to provide access to an authorized representative of the Chamber's <br />fInancial records pertaining to performance under this Agreement during reasonable working hours. <br /> <br />B. The Chamber agrees to maintain financial portions of these records in accordance with <br />generally accepted accounting principles. <br /> <br />C. The Chamber agrees to retain the records for one year after termination of this <br />Agreement. <br /> <br />D. The Chamber agrees to submit to the City an annual financial report and an audit <br />prepared by a certified public accountant. <br /> <br />5. TERM <br />The term of this Agreement shall commence and become etIective on October 1,2003, and <br /> <br />shall terminate on September 30,2004. <br /> <br />6. ASSETS <br />The Chamber shall keep its equipment, supplies, vehicles and other assets separate from <br /> <br />those purchased solely with ED Funds and to be used in the performance of this Agreement. The <br />latter shall be inventoried and identified as property of the City. Inventory lists shall be provided by <br />the Chamber to the City. Subsequently acquired assets of this nature shall be similarly separated <br />fÌ'om Chamber assets, inventoried and identified. <br /> <br />EXECUTED on September 23 <br /> <br />,2003. <br /> <br />CITY OF SAN MARCOS <br /> <br />By: J.,¿. ~ <br />Dan O'Leary, Ci Manager <br /> <br />4 <br />