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<br />I <br /> <br />I <br /> <br />I <br /> <br />4. OBLIGATIONS OF THE CITY <br />A. The City shall pay to the EDC and the Chamber, jointly, the sum of $177,260 in <br />installments of$44,315.00 each on October 29,2004, January 31, 2005, April 29, 2005 and July 29, <br />2005. <br /> <br />B. The City will conduct performance reviews of EDC and Chamber activity under this <br />Agreement upon receipt of the quarterly and annual performance reports described in Section 1.D <br />above. The reviews will be conducted by persons designated by the City Council. <br />5. RECORDS <br />A. EDC and Chamber agree to provide access to an authorized representative of the City to <br />their financial records pertaining to performance under this contract during reasonable working <br />hours. <br /> <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 celiified public accountant. <br /> <br />6. TERM <br />The term ofthis Agreement shall commence and become effective on October 1,2004, and <br />shall terminate on September 30,2005. <br /> <br />7. EDe 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 on September 28 <br /> <br />,2004. <br /> <br />Page 7 <br />