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Contract. <br />C. The CVB Board shall monitor expenditures of CVB Funds allocated to the Chamber <br />under this Contract for conformity to the budget. The Chamber shall provide to the CVB Board an <br />itemized monthly report of the Chamber's expenditures of Tourism Funds to facilitate review by the <br />CVB Board. <br />D. Purchases made with CVB Funds which exceed $1000.00 in amount shall be made from <br />the low responsible bidder, and at least three bids shall be obtained for each such purchase. <br />Purchases made with CVB Funds shall not be restricted to Chamber members. <br />E. The Chamber shall obtain the advice and counsel of the CVB Advisory Board as to the <br />hiring and firing of management-level Chamber employees responsible for activities under this <br />Contract. The Chamber President has day-to-day management responsibilities for Chamber <br />employees involved in activities under this Agreement. <br />F. The CVB Advisory Board and the Chamber shall each designate two officers authorized <br />to co-sign checks written on all accounts for CVB Funds. The signature of at least one official of <br />each organization is required on all checks over $500.00 in amount written on accounts for CVB <br />Funds. Checks in the amount of $500.00 or less written on these accounts require only one official <br />signature. <br />G. The CVB Advisory Board and the Chamber shall give advance public notice of meetings <br />of the CVB Advisory Board, and shall allow members of the public to attend these meetings. The <br />CVB Advisory Board is subject to State laws and City ordinances which apply generally to City <br />boards and commissions, including those requiring disclosure of conflicts of interest and abstention <br />from participation in decisions involving conflicts of interest. The Chamber shall provide a copy of <br />the minutes of each CVB Advisory Board meeting to the City. <br />5. TERM; TERMINATION <br />A. The term of this Contract shall be effective from October 1, 2008 through September 30, <br />2009. The City's obligation to make the final quarterly payment to the Chamber from hotel taxes <br />collected from July 1, 2009 through September 30, 2009, and the Chamber's obligation to submit a <br />report to the City under Section 2.C above for the period from July 1, 2009 through September 30, <br />2009, will survive the end of the contract term. <br />4