Res 2008-127 - Laserfiche WebLink

Home Browse Search

B. It is expressly agreed that either party may cancel this Contract by tendering written notice to the other. This Contract will terminate 30 days from the date of the written notice, or on any date specified in the notice after the 30 day period. If this Contract is so terminated, the City will compensate the Chamber for services to the date of termination on a pro rata basis. C. Any CVB Funds allocated to the Chamber by the City which are unencumbered or unexpended at the end of the City's 2008-09 fiscal year or other date of the termination of this Contract shall be remitted to the City within 30 days from the date thereof; provided, that if the parties execute a new contract to renew the Chamber's tourism promotion services and activities, the Chamber may use the funds for its usual and customary expenses until the date of its first allocation of funds under the new contract, when it will remit the remaining funds under this Contract to the city. 6. CONSTRUCTION This Contract shall be construed in accordance with the laws of the State of Texas, and in particular Chapter 351 of the Texas Tax Code. 7. CVB ASSETS The Chamber shall keep its equipment, supplies, vehicles and other assets separate from those purchased with CVB Funds and to be used in the performance of this Contract. The latter shall be inventoried and identified as property of the City. Inventory lists shall be provided by the Chamber to the CVB Advisory Board and the City upon request. Subsequently acquired assets of this nature shall be similarly separated from Chamber assets, inventoried and identified. EXECUTED on O ?&MMia, , .2 52008. THE CIT OF SAN MARCOS, TEXAS By: G Rick Mench ca, City Manager SAN MARCOS AREA CHAMBER OF COMMERCE 5