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<br /> Page 5 <br /> interest in any purchase made with CVB funds. <br /> F. The Chamber shall obtain the advice and counsel of the <br /> Council as to the hiring and firing of management-level Chamber <br /> employees responsible for activities under this Agreement. <br /> G. The Council 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 /> 4. <br /> FUNDING FOR THE ARTS <br /> A. The City specifically stipulates and the Chamber hereby <br /> agrees that eight percent (8%) 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 26-21(d) of the Code of <br /> Ordinances of the City. No fund~ under this Agreement will be <br /> awarded to any taxing unit as that phrase is defined in Section <br /> 1.04 of the Texas Tax Code. <br /> B. The Council shall adopt and implement a written policy <br /> regarding the process for allocation of these funds to specific <br /> persons, organizations and events. A copy of the policy shall be <br /> provided to the City, and to any person applying for an allocation <br /> of arts funding. <br />