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<br />55. <br /> <br />CONTRACT FOR TOURISM PROMOTIONAL SERVICES <br />STATE OF TEXAS <br />COUNTY OF HAYS <br /> <br />The City of San Marcos, Texas, a Texas municipal corporation (the "City"), acting through <br />its City Manager, Larry D. Gilley, and the San Marcos Area Chamber of Commerce (the <br />"Chamber"), acting through its President, Phil Neighbors, enter into this Contract under Chapter 351, <br />Texas Tax Code. <br /> <br />1. ALLOCATION OF FUNDS <br />A. The City has enacted a hotel occupancy tax on rooms furnished by hotels and motels <br />within the City. The City agrees to allocate funds from the revenue of this tax to the Chamber under <br />Texas Tax Code S 351.101 ( c). The allocation of these funds to the Chamber (the "Hotel Tax Funds") <br />is agreed to be 60.714% of the gross amount of all funds collected by the City from the hotel <br />occupancy tax. In addition to these funds, the City agrees to pay the Chamber the sum of $50,000 <br />(the "Tourism Product Development Funds") from the City's General Fund for tourism product <br />development purposes. <br />B. The Chamber shall be entitled to administrative expenses incurred directly in fulfilling <br />its responsibilities under this Contract. These administrative expenses shall not exceed 33.3 % of the <br />Hotel Tax Funds received by the Chamber from the City, and shall be used only when costs are <br />incurred directly in the Chamber's tourism promotibn activities. <br />C. The Chamber shall maintain the Hotel Tax Funds and the Tourism Product Development <br />Funds provided by the City under this Contract (collectively called the "CVB Funds") each in <br />separate accounts, and the Chamber shall not commingle the funds in those respective accounts with <br />any other money or maintain them in any other account. <br />D. The Chamber shall maintain complete and accurate financial records of each ~xpenditure <br />of the CVB Funds and, at the request of the City Manager or his designee, or of any other person, <br />shall make the records available for inspection and review during normal business hours. <br />2. USE OF HOTEL TAX FUNDS <br />A. The Chamber shall expend Hotel Tax Funds for general promotional and tourist <br />advertising for the City of San Marcos and conducting a solicitation and operating program to attract <br />