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<br />B. The EDC and the Chamber shall authorize and make expenditures of EDC funds in <br />conformity with the budget approved by the City Council and attached to this Agreement as Exhibit <br />A. This budget contains an itemization of costs to be separately incurred by the EDC and the <br />Chamber during the year, including without limitation costs for office space, employees, equipment, <br />supplies, travel expenses and vehicles. <br />C. The EDC and the Chamber shall each designate two (2) officers authorized to co-sign <br />checks written on all EDC accounts. The signature of at least one official of each organization shall <br />be required on all checks over $250 in amount written on EDC accounts. Checks in the amount of <br />$250 or less written on these accounts require only one official signature. <br />2. OBLIGATIONS OF EDC <br />A. On or before June 1, 2001, the EDC shall provide a performance report to the City <br />describing the extent to which each of the goals described in Section I.A above has been met. <br />B. The EDC shall provide monthly reports of its activity to the City, including the following <br />information: <br /> <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 />5. 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 /> <br />Page 4 <br />