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<br />Approval by the City Council of the City of Paris of the annual budget creates a fiduciary <br /> <br />duty in CHAMBER with respect to the revenue provided by the Municipal Hotel Occupancy <br /> <br />Tax. <br /> <br />3. That CHAMBER's established Visitors and Convention Council shall meet at least <br /> <br />quarterly and, within thirty (30) days after the end of each quarter, shall submit minutes of the <br /> <br />Visitors and Convention Council meeting and a financial report to the City Manager of the City <br /> <br />of Paris. <br /> <br />4. That CHAMBER shall be considered an independent contractor for the purpose of <br /> <br />this contract and shall, in no manner, incur expenses or liabilities on behalf of CITY. <br /> <br />5. That CHAMBER agrees to hold CITY harmless from any and all claims by third <br /> <br />parties for injuries, damages or liabilities that might occur as a result of actions by CHAMBER <br /> <br />in connection with this contract. <br /> <br />6. That CHAMBER shall receive and deposit all funds provided herein in a separate <br /> <br />banking account in such a manner as to preclude co-mingling of these funds with other funds <br /> <br />of said CHAMBER. <br /> <br />7. That, in order to provide funds necessary to carry out the promotion and advertising <br /> <br />of the City of Paris, CHAMBER shall be paid from money collected by CITY under Article III <br /> <br />of Chapter 30, Code of Ordinances of the City of Paris, pursuant to the approved program of <br /> <br />work. <br /> <br />That CITY shall retain five percent (5 %) of the quarterly collections under Article III of <br /> <br /> <br />Chapter 30, Code of Ordinances of the City of Paris, to cover the costs of collection of said tax, <br /> <br /> <br />provided, however, that the amount for collection of said tax may be changed by the City <br /> <br /> <br />Council upon a showing that the actual cost of said collection is more than five percent (5 %). <br />