09-27-21-R - Laserfiche WebLink

Home Browse Search

2 4. Budget. The Bureau shall submit its annual budget for review by the City on or before the first day of December of the year preceding the effective date of the budget. Such budget shall detail specifically the uses to which monies received shall be spent to provide the services described in Paragraph 2 of this Agreement. It is understood between the parties that the actual revenues being generated under Paragraph 5 may vary from the amount anticipated in the budget. For this reason, it is agreed that the budget may be modified without prior consent of the City, providing that any adjustments shall be made by a two thirds (2/3) vote of the Bureau Board of Directors. Notwithstanding any other language to the contrary the Bureau shall not expend any sums beyond its revenues. 5. Funding. On the 15th day of each month, the City shall remit to the Bureau, for funding of the Bureau, 95% of the lodging tax payments received by the City, less refunds, in the preceding month during the term of this Agreement. 6. Verification of Expenditures. The Bureau will provide the City a copy of the Bureau’s monthly financial statements, showing monthly, year to date, and budget figures, properly itemized and verified by the Director of the Bureau. The Finance Officer of the city shall have the right of access to the books and records of the Bureau at any time during normal business hours to audit any time of revenue or expenditure. 7. Termination. The city may terminate this Agreement by providing written notice to that effect by December 31st of the preceding calendar year to give at least a one year notice to the other party (i.e. notice given by December 31 2020 would mean agreement dissolves on December 31 2021. Such termination shall be effective on December 31st of the following calendar year in which notice is given. 8. Composition of Bureau’s Board of Directors. City and Bureau agree that the Bureau’s Board of Directors shall be proportionately represented, based on the percentage of lodging fee contributions contributed by the Member City during the preceding year. Each Member City shall have at least one Board Member. For each additional 10%, or portion thereof, above the initial 10% of the overall contribution will entitle the Member City to one additional representative. The first Board Member appointed by the Member City shall be an elected or appointed municipal representative of that Member City. The second Board Member selected by the Member City will be from that community’s lodging industry. Any additional representatives shall be selected at the Member City’s discretion. The term of any Board Member appointed by a Member City shall immediately cease, without further action, upon the termination of membership of that Member City in the Corporation. 9. Hold Harmless. Any and all employees of the Bureau or any other persons, while engaged in the performance of any service required by the Bureau under this Agreement, shall not be considered employees of the City, and any or all claims that may or might arise under the