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<br />Page 2 <br /> <br />visitors and conventions to the City. <br />B. The Chamber shall make these expenditures in conformance with and in proportion to <br />the Convention and Visitors Bureau budget for 1999-2000 which is marked Exhibit A and attached <br />to this Contract for all intents and purposes as though fully set out herein. The Chamber <br />acknowledges that the City's approval of this budget creates a fiduciary duty in the Chamber with <br />respect to the Hotel Tax Funds provided by the City to the Chamber under this Contract. <br />C. The Chamber shall submit to the City a report at least quarterly of activities and <br />expenditures resulting from previously allocated Hotel Tax Funds. <br />3. USE OF TOURISM PRODUCT DEVELOPMENT FUNDS <br />A. The Chamber shall use the Tourism Product Development Funds only for the purpose of <br />enhancing and promoting tourism and the convention and hotel industry, i.e., to attract visitors from <br />outside the City to the City and its vicinity. The Chamber will disburse these funds in accordance <br />with the disbursement guidelines marked Exhibit B that are attached to this Contract for all intents <br />and purposes as though fully set out herein. <br />B. The Chamber shall submit to the City a report at least quarterly of activities and <br />expenditures associated with Tourism Product Development Funds. <br />4. CONVENTION AND VISITORS BUREAU BOARD <br />A. A Convention and Visitors Bureau Board (the "Board") established by City ordinance will <br />advise and provide oversight for the Chamber's peFformance under this Contract. One ofthe City <br />Council Members appointed to the Board shall serve as either Chair or Vice-Chair. <br />B. The Board shall be responsible for approving the Chamber's budget for this Contract. <br />The budget shall contain an itemization of proposed expenditures for office space, personnel, <br />equipment, supplies, vehicles, and other expenses to be incurred by the Chamber in performing this <br />Contract. <br />C. CVB Funds allocated to the Chamber from this Contract shall be expended with the <br />advice and consent of this Board. <br />D. Purchases made with CVB Funds which exceed $1000 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 />made with CVB Funds shall not be restricted to Chamber members. Members of the Board shall not <br />