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<br />Page 3 <br /> <br />have an ownership interest in any company from which a purchase or purchases of$7,500 or more <br />annually are made with CVB Funds. <br />E. The Chamber shall obtain the advice of the Board as to the hiring and firing of <br />management-level Chamber employees responsible for activities under this Contract. The Chamber <br />President has day-to-day management responsibilities for Chamber employees involved in activities <br />under this Agreement. <br />G. The Board and the Chamber shall each designate two officers authorized to co-sign <br />checks written on all accounts for CVB Funds. The signature of at least one official of each <br />organization is required on all checks over $250 in amount written on accounts for CVB Funds. <br />Checks in the amount of $250 or less written on these accounts require only one official signature. <br />H. The Board and the Chamber shall give advance public notice of meetings of the Board, <br />and shall allow members of the public to attend these meetings. The Board is subject to State laws <br />and City ordinances which apply generally to City boards and commissions, including those <br />requiring disclosure of conflicts of interest and abstention from participation in decisions involving <br />conflicts of interest. <br /> <br />5. TERM; TERMINATION <br />A. The term of this Contract shall be from October 1, 1999 through September 30, 2000. <br />It is expressly agreed that either party may cancel this Contract by tendering written notice to the <br />other. This Contract will terminate 30 days from. the date of the written notice, or on any date <br />specified in the notice after the 30 day period. <br />B. Any CVB Funds allocated to the Chamber by the City which are unencumbered or <br />unexpended on the date of the termination of this Contract shall be remitted to City within 30 days <br />from the date of the termination; provided, that if the parties execute a new contract to renew the <br />Chamber's tourism promotion services and activities, the Chamber may use the funds for its usual <br />and customary expenses until the date of its first allocation of funds under the new contract, when <br />it will remit the remaining funds under this Contract to the City. <br /> <br />6. CONSTRUCTION <br />This Contract shall be construed in accordance with the laws of the State of Texas, and in <br />