Res 1998-180 - Laserfiche WebLink

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Page 2 2. USE OF FUNDS A. The Chamber shall expend CVB funds for general promotional and tourist advertising for the City of San Marcos and conducting a solicitation and operating program to attract visitors and conventions to the City. B. The Chamber shall make these expenditures in conformance with and in proportion to the Convention and Visitors Bureau budget tor 1998-99 which is marked Exhibit "A" and attached to this Contract for all intents and purposes as though fully set out herein. The Chamber acknowledges that the City's approval of this budget creates a fiduciary duty in the Chamber with respect to the revenue provided by the City to the Chamber under this Contract. C. The Chamber shall submit to the City a report at least quarterly of activities and expenditures resulting from previously allocated CVB funds. 3. CONVENTION AND VISITORS BUREAU BOARD A. A Convention and Visitors Bureau Board (the "Board") established by City ordinance will advise and provide oversight for the Chamber's performance under this Contract. One of the City Council Members appointed to the Board shall serve as either Chair or Vice-Chair. B. The Board shall be responsible for approving the Chamber's budget for this Contract. The budget shall contain an itemization of proposed expenditures for office space, personnel, equipment, supplies, vehicles, and other expenses to be incurred by the Chamber in performing this Contract. C. CVB funds allocated to the Chamber from this Contract shall be expended with the advice and consent of this Board. D. Purchases made with CVB funds which exceed $1000 in amount shall be made from the low responsible bidder, and at least three bids shall be obtained for each such purchase. Purchases made with CVB funds shall not be restricted to Chamber members. Members of the Board shall not have an ownership interest in any company from which a