Res 2011-114 - Laserfiche WebLink

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logo to the Corporation, the Corporation will include the brand, slogan or logo into advertising programs initiated after the receipt of the brand, slogan or logo. SECTION 3. OBLIGATIONS OF THE CITY A. Payments. The City will pay to the Corporation an amount not to exceed $360,000 for the Corporation's services provided under the Agreement. As of the writing of this Agreement, the parties are negotiating the terms and conditions of an agreement under Chapter 172 of the Texas Local Government Code pursuant to which the City, through its risk pool, may provide health insurance to certain authorized individuals employed by the Corporation. Such an agreement will reduce the Corporation's expenses for employee health insurance coverage currently incorporated in its budget. If the parties execute an agreement under Chapter 172 of the Texas Local Government Code during the term of this Agreement, the Corporation agrees that the amount of the funds paid by the City under this paragraph shall be reduced by the amount of the savings realized as a result of such agreement. City will make payments of 1/12 of the annual allocation of funds to the Corporation on the first Friday of each month. B. Assets and Liabilities. All capitalized assets and respective accumulation thereon from a previous contract with the San Marcos Chamber of Commerce became the property of the Corporation on October 1, 2010. Capitalized assets and their accumulated depreciation as of September 30, 2010 on the books of the Economic Development San Marcos became the capitalized assets of the Corporation as of October 1, 2010. Any remaining payables from a previous contract with the San Marcos Chamber of Commerce pertaining to the services under this Agreement remain the responsibility of the Corporation. As of October 1, 2010, the Corporation acknowledges that the City contributed furniture, fixtures and equipment to the Corporation with a value of $31,302.00. C. Board Appointments. The City, through the City Council, will appoint the City Manager and two nominees to serve on the Board of Directors of the Corporation. SECTION 4. TERM This Agreement serves as a one year renewal of the initial Agreement between the parties, the term of which was from October 1, 2010 through September 30, 2011 with the option to renew for up to four one year periods upon mutual agreement of the parties. The term of this Agreement shall, accordingly, be from the effective date of October 1, 2011 through September Page 4 of 8