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<br />installments of $40,000 each on October 31,2000, January 31, 2001, April 30, 2001 and July 31, <br />2001. <br /> <br />B. Prior to any continuation or renewal of this Agreement, the City shall have the right to <br />conduct a performance review of EDC and Chamber activity under this Agreement. <br />5. RECORDS <br />A. EDC and Chamber agree to provide access to an authorized representative of City to their <br />financial records pertaining to performance under this contract during reasonable working hours. <br />B. EDC and Chamber agree to maintain financial portions of these records in accordance <br />with generally accepted accounting principles. <br />C. EDC and Chamber agree to retain the records for one year after termination of this <br />contract. <br />D. EDC and Chamber agree to submit to the City an annual financial report and an audit <br />prepared by a certified public accountant. <br /> <br />6. TERM <br />The term of this Agreement shall commence and become effective on October 1,2000, and <br />shall terminate one year after that date. <br /> <br />7. EDC ASSETS <br />The Chamber shall keep its equipment, supplies, vehicles and other assets separate from <br />those purchased with EDC funds and to be used in the performance of this Agreement. The latter <br />shall be inventoried and identified as property of the EDC. Inventory lists shall be provided by the <br />Chamber to the EDC and the City. Subsequently acquired assets of this nature shall be similarly <br />separated from Chamber assets, inventoried and identified. <br /> <br />EXECUTED this ~ day of September, 2000. <br /> <br /> <br /> <br />City Manager <br /> <br />Page 6 <br />