Res 2012-118 - Laserfiche WebLink

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the City under Section 2.1) above for the period from July 1 through September 30 of the last year of the contract term will survive the end of the contract term. B. It is expressly agreed that either party may cancel this Contract by tendering written notice to the other. This Contract will terminate 18 0 days from the date of the written notice, or on any date specified in the notice after the 18 0 day period. If this Contract is so terminated, the City will compensate the Chamber for services to the date of termination on a pro rata basis. C. Any CVB Funds allocated to the Chamber by the City which are unencumbered or unexpended at the end of the City's 2012 -2013 fiscal year or other date of the termination of this Contract may be rolled over to the subsequent year's budget; provided, that in the last year of this Contract (2014 -2015) the Chamber may not roll over the unencumbered or unexpended amount and may only retain one - twelfth of the remaining CVB Funds after the date of termination of this Contract to pay for outstanding unpaid end -of -year expenses incurred during the term of this Contract in conformance with the last fiscal year budget, as may be amended in accordance with this Contract. VI. CONSTRUCTION This Contract shall be construed in accordance with the laws of the State of Texas, and in particular CHAPTER 351 OF THE TEXAS TAX CODE. VII. CVB ASSETS The Chamber shall keep its equipment, supplies, vehicles and other assets separate from those purchased with CVB Funds and to be used in the performance of this Contract. The latter shall be inventoried and identified as property of the City. Inventory lists shall be provided by the Chamber to the CVB Advisory Board and the 7