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<br /> I L{ ~£ <br /> Page 6 <br /> the Board shall not have an ownership interest in any company from <br /> which a purchase or purchases of $7,500 or more annually are made <br /> with CVB funds. <br /> F. The Chamber shall obtain the advice and counsel of the <br /> Board as to the hiring and firing of management-level Chamber <br /> employees responsible for activities under this Agreement. <br /> G. The Board and the Chamber shall each designate two (2) <br /> officers authorized to co-sign checks written on all accounts for <br /> CVB funds, and the signature of at least one official of each <br /> organization shall be required on all checks written on accounts <br /> for CVB funds. <br /> H. The Board and the Chamber shall give advance public notice <br /> { <br /> of meetings of the Board, and shall allow members of the public to <br /> attend these meetings. <br /> 4. <br /> FUNDING FOR THE ARTS <br /> A. The city specifically stipulates and the Chamber hereby <br /> agrees that twelve percent (12%) of the annual amount of all funds <br /> collected by city and paid to Chamber under this Agreement from the <br /> hotel occupancy tax will be allocated by the Chamber annually to <br /> funding for the arts as set out in section 351.101(a) (4) of the <br /> Texas Tax Code. No funds under this Agreement will be awarded to <br /> any taxing unit as that phrase is defined in section 1.04 of the <br /> Texas Tax Code. <br /> B. The Board shall develop guidelines regarding the process <br /> for allocation of these funds to specific persons, organizations <br />