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<br />2. OBLIGATIONS OF EDC <br />A. On or before June I, 2002, the EDC shall provide a performance report to the City <br />describing the extent to which each of the goals described in Section 1.A above has been met. <br />B. The EDC shall provide monthly reports of its activity to the Mayor and City Council of <br />the City, with a copy to the City Manager of the City, including the following information: <br />1. List of new prospect contacts. <br />2. List of pending prospects with status of each. <br />3. Summary description of staff activity. <br />4. Monthly and year-to-date revenues and expenditures. <br />S. Minutes of EDC meetings. <br />C. Purchases made with EDC funds which exceed $1,000 in amount shall be made from the <br />low responsible bidder, and at least three bids shall be obtained for each such purchase. Purchases <br />with EDC funds shall not be restricted to Chamber members. EDC Board members shall not have <br />an ownership interest in any company from which a purchase or purchases of $7,500 or more <br />annually are made with EDC funds. EDC Board members shall disclose any private interests they <br />have in matters coming before the EDC Board for decision when action on the matter may have a <br />special economic effect on those interests, and they shall abstain from the discussions and votes on <br />those matters. <br />D. EDC shall not discriminate against any person, firm or organization in connection with <br />this Agreement on the basis of ability to pay, age, sex, disability, race, nationality, or religion. <br />E. EDC shall not assign any interest in this Agreement nor delegate the performance of any <br />of its duties without the prior written consent of the City and Chamber. <br />F. The EDC shall be governed by a Board of Directors, the composition of which is as <br />follows: <br /> <br />Appointing Authority Number of Source of Appointments <br /> Appts. <br />San Marcos City Council 1 San Marcos Hispanic Chamber <br />San Marcos City Council 1 Council of Neighborhood Associations <br />San Marcos City Council 1 San Marcos Board of Realtors <br />San Marcos City Council 1 San Marcos Industrial Foundation <br />San Marcos City Council " San Marcos City Residents <br />.J <br /> <br />C:\TEMP\area chamber edc-J.doc <br /> <br />Page 4 <br />