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during normal business hours. <br />L. City Branding. Upon the City's submission of any official City brand, slogan or <br />logo to the Corporation, the Corporation will include the brand, slogan or logo into advertising <br />programs initiated after the receipt of the brand, slogan or logo. <br />SECTION 3. OBLIGATIONS OF THE CITY <br />A. Payments. The City will pay to the Corporation an amount not to exceed <br />$360,000 for the Corporation's services provided under the Agreement. The parties executed <br />an agreement on April 1, 2012, under CHAPTER 172 OF THE TEXAS LOCAL GOVERNMENT CODE <br />pursuant to which the City, through its risk pool, has agreed to provide health insurance to certain <br />authorized individuals employed by the Corporation. <br />City will make payments of 1/ 12 of the annual allocation of funds to the Corporation on <br />the first Friday of each month. <br />B. Assets and Liabilities. All capitalized assets and respective <br />accumulation thereon from a previous contract with the San Marcos Chamber of Commerce <br />became the property of the Corporation on October 1, 2010. Capitalized assets and their <br />accumulated depreciation as of September 30, 2010 on the books of the Economic <br />Development San Marcos became the capitalized assets of the Corporation as of October 1, <br />2010. Any remaining payables from a previous contract with the San Marcos Chamber of <br />Commerce pertaining to the services under this Agreement remain the responsibility of the <br />Corporation. As of October 1, 2010, the Corporation acknowledges that the City contributed <br />furniture, fixtures and equipment to the Corporation with a value of $31,302.00. <br />C. Board Appointments. The City, through the City Council, will appoint the City <br />Manager and two nominees to serve on the Board of Directors of the Corporation. <br />5 <br />