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<br /> (t) ;7:/ <br /> -5- <br /> in conformity with the budget approved by the City Council and attached to this Agreement <br /> I as Exhibit "A". This budget contains an itemization of costs to be separately incurred by <br /> I <br /> I the EDC and the Chamber during the year, including without limitation costs for office <br /> space, employees, equipment, supplies, travel expenses and vehicles. <br /> .-~- - <br /> C. The EDC and the Chamber shall each designate two (2) officers authorized to <br /> co-sign checks written on all EDC accounts. The signature of at least one official of each <br /> organization shall be required on all checks written on EDC accounts, <br /> II. <br /> OBLIGATIONS OF EDC <br /> A. On or before June 1 1996, the EDC shall provide a performance report to the <br /> City describing the extent to which each of the goals described in Section I,A. above have <br /> been met. <br /> B. The EDC shall provide monthly reports of its activity to the City, including the <br /> following information: <br /> 1. List of new prospect contacts. <br /> 2. List of pending prospects with status of each. <br /> 3. Summary description of staff activity. <br /> 4. Monthly and year-to-date revenues and expenditures. <br /> C. Purchases made with EDC funds which exceed $1000 in amount shall be made <br /> from the low responsible bidder, and at least three bids shall be obtained for each such <br /> purchase. Purchases with EDC funds shall not be restricted to Chamber members, EDC <br /> members shall not have an ownership interest in any company from which a purchase or <br />