Res 1997-144 - Laserfiche WebLink

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Page 7 in conformity with the budget approved by the City Council and attached to this Agreement as Exhibit "A". This budget contains an itemization of costs to be separately incurred by the EDC and the Chamber during the year, including without limitation costs for office space, employees, equipment, supplies, travel expenses and vehicles. C. The EDC and the Chamber shall each designate two (2) officers authorized to co- sign checks written on all EDC accounts. The signature of at least one official of each organization shall be required on all checks over $250 in amount written on EDC accounts. Checks in the amount of $250 or less written on these accounts require only one official signature. 2. OBLIGATIONS OF EDC A. On or before June 1, 1998, the EDC shall provide a performance report to the City describing the extent to which each of the goals described in Section I.A above has been met. B. The EDC shall provide monthly reports of its activity to the City, including the following information: 1. List of new prospect contacts. 2. List of pending prospects with status of each. 3. Summary description of staff activity. 4. Monthly and year-to-date revenues and expenditures. C. Purchases made with EDC 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 with EDC funds shall not be restricted to Chamber members. EDC Board members shall not have an ownership interest in any company fÌ'om which a .purchase or purchases of $7,500 or more annually are made with EDC funds. EDC Board members shall disclose any private interests they have in matters corning before the EDC Board for decision when action on the matter may have a special economic effect on those interests, and they shall abstain from the discussions and votes on those matters.