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reduce amounts requested for the subsequent year's budget; provided, that the Chamber may <br />retain one - twelfth of the CVB Funds after the date of termination of this Contract to pay for <br />outstanding unpaid end -of -year expenses incurred during the term of this Contract in <br />conformance with Exhibit "A ", as may be amended in accordance with this Contract. <br />VI. CONSTRUCTION <br />This Contract shall be construed in accordance with the laws of the State of Texas, and in <br />particular Chapter 351 of the Texas Tax Code. <br />VII. CVB ASSETS <br />The Chamber shall keep its equipment, supplies, vehicles and other assets separate from <br />those purchased with CVB Funds and to be used in the performance of this Contract. The latter <br />shall be inventoried and identified as property of the City. Inventory lists shall be provided by <br />the Chamber to the CVB Advisory Board and the City upon request. Subsequently acquired <br />assets of this nature shall be similarly separated from Chamber assets, inventoried and identified. <br />EXECUTED to be effective as of October 1, 2011. <br />THE CITY OF SAN MARCOS, TEXAS <br />By: �,, ­) I <br />J s . Nuse, P.E., City Manager <br />ATTEST: <br />COS AREA CHAMBER OF COMMERCE <br />7 <br />/ <br />rz FA z WA <br />iR <br />9MOV1 IVY <br />