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<br />Services with the Chamber. <br /> <br />2. OBLIGATIONS OF THE CITY <br />A. The City shall pay to the Chamber the sum of$66,545.00 in installments of$33,272.50 <br />each on October 3l, 2001 and on April 30, 2002. <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 />3. RECORDS <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 />B. The Chamber agrees to maintain financial portions of these records in accordance with <br />generally accepted accounting principles. <br />C. The Chamber agrees to retain the records for one year after termination of this <br />Agreement. <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 />4. TERM <br />The term of this Agreement shall commence and become effective on October 1, 2001, and <br />shall terminate one year after that date. <br /> <br />5. ASSETS <br />The Chamber shall keep its equipment, supplies, vehicles and other assets separate from <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 />from Chamber assets, inventoried and identified. <br /> <br />EXECUTED on September 18 <br /> <br />,2001. <br /> <br />CITY OF SAN MARCOS <br /> <br />C:ITEMPIHisp Chamber EDC-l.doc <br /> <br /> <br />er <br />