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<br /> ~ <br /> l2JiJ <br /> - Page 3 <br /> C. The Chamber shall submit to the City a report at least quarterly of activities and <br /> expenditures resulting from previously allocated CVB funds. <br /> 3. <br /> ---- EXPENDITURE RESTRICTIONS; BOARD MEETINGS <br /> i <br /> A. Purchases made with Tourism funds which exceed $1000 in amount shall be <br /> made from the low responsible bidder, and at least three bids shall be obtained for each <br /> such purchase.:- Purchases made with Tourism funds shall not be restricted to Chamber <br /> members. Members of the Chamber's Board of Directors (the "Board") shall not have an <br /> ownership interest in any company from which a purchase or purchases of $7,500 or more <br /> annually are made with Tourism funds. <br /> . <br /> B. The Chamber shall give advance public notice of meetings of the Board, and <br /> shall allow members of the public to attend these meetings. <br /> 4. <br /> TERM; TERMINATION <br /> A. The term of this Contract shall be from.October 1 1996 through September 30, <br /> 1997. It is expressly agreed that either party may cancel this Contract by tendering written <br /> notice to the other. Upon expiration of thirty (30) days from the date of the written notice <br /> or any date specified after thirty (30) days from the date of the notice, this Co,ntract shall <br /> be terminated. <br /> B. Any funds allocated to the Chamber by the City which are unencumbered or <br /> unexpended on the effective date of the termination of this Contract shall be remitted to <br /> City on or before the expiration of thirty (30) days from the date of the termination. <br />