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Clerk in a timely manner so that notice of meetings of the board can be given in <br />accordance with the TEXAS OPEN MEETINGS ACT. <br />4. Ensure that an appropriate record is made of each closed meeting of the <br />board, and deliver the record to the City Clerk promptly after each such meeting. <br />5. Accept conflict of interest disclosure forms from members of the board <br />when appropriate, and deliver the forms to the City Clerk promptly after receiving them. <br />H. The Corporation will prepare a written quarterly report concerning issues related <br />to economic development in the greater San Marcos region. The President/CEO will present <br />this report to the City Council in closed meeting to the extent needed to protect the <br />confidentiality of information from business prospects while assuring compliance with the TEXAS <br />OPEN MEETINGS ACT. <br />I. Funding Requests. On or before July 15 of each year preceding the fiscal year <br />for which City funding is requested, the Corporation will, in consultation with the <br />President /CEO, develop and submit to the City for review and approval by the City Council, any <br />changes or additions to the proposed program of work and benchmark measurements in the <br />Comprehensive Economic Development Strategy and Implementation Plan and a proposed <br />budget for the fiscal year. <br />J. Financial Report; Audit. The Corporation agrees to submit to the City an <br />annual financial report and an audit prepared by a certified public accountant. <br />K. Financial Records. The Corporation shall maintain complete and accurate <br />financial records of each expenditure of the funds in accordance with generally accepted <br />accounting principles prescribed for the Corporation and, at the request of the City Manager or <br />his designee, or of any other person, shall make the records available for inspection and review <br />4 <br />