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<br />fund the operation, maintenance, or major repair fund for the Love Civic Center, then the budget for <br /> <br /> <br />the following year for such purpose shall be increased to at least equal to the known shortfall so <br /> <br /> <br />experienced. <br /> <br /> <br />Approval by the City Council of the City of Paris of the annual budget creates a fiduciary <br /> <br /> <br />duty in CHAMBER with respect to the revenue provided by the Municipal Hotel Occupancy Tax. <br /> <br /> <br />3. That CHAMBER's established Visitors and Convention Council shall meet at least <br /> <br /> <br />quarterly and, within thirty (30) days after the end of each quarter, shall submit minutes of the <br /> <br /> <br />Visitors and Convention Council meeting and a financial report to the City Manager of the City of <br /> <br /> <br />Paris. <br /> <br />4. That CHAMBER shall be considered an independent contractor for the purpose of this <br />contract and shall, in no manner, incur expenses or liabilities on behalf of CITY. <br />5. That CHAMBER agrees to hold CITY harmless from any and all claims by third parties <br />for injuries, damages, or liabilities that might occur as a result of actions by CHAMBER in <br />connection with this contract. <br />6. That CHAMBER shall receive and deposit all funds provided herein in a separate banking <br />account in such a manner as to preclude co-mingling of these funds with other funds of said <br />CHAMBER. <br />7. That, in order to provide funds necessary to carry out the promotion and advertising of <br />the City of Paris, CHAMBER shall be paid from money collected by CITY under Article ill of <br />Chapter 30, Code of Ordinances of the City of Paris, pursuant to the approved program of work. <br />That CITY shall retain five percent (5%) of the quarterly collections under Article ill of <br />Chapter 30, Code of Ordinances of the City of Paris, for the purposes of funding special purpose <br />grants to enhance tourism as determined by the City Council in accordance with Chapter 351 of the <br />Texas Tax Code. CITY shall pay over the remainder of tax funds collected to CHAMBER within <br />thirty (30) days after the end of the collection period thereof as provided in Section 30-40 of the <br />Code of Ordinances of the City of Paris. <br /> <br />Page 2 of 5 <br />