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<br />CONTRACT <br /> <br />COUNTY OF LAMAR <br /> <br />) <br />) <br />) <br /> <br />KNOW ALL MEN BY THESE PRESENTS: <br /> <br />STATE OF TEXAS <br /> <br />That the CITY OF PARIS, PARIS, TEXAS, a municipal corporation, acting by and <br /> <br />through its Mayor, Eric S. Clifford, duly authorized, hereinafter called CITY, and the <br /> <br />CHAMBER OF COMMERCE OF LAMAR COUNTY, INC., a corporation, acting by and <br /> <br />through its President, William D. Vaughan, duly authorized, hereinafter called CHAMBER, in <br /> <br />consideration of the mutual covenants, agreements, stipulations and payments, do hereby contract <br /> <br />and agree as follows: <br /> <br />I. That CHAMBER agrees to maintain a Visitors and Convention Council for the <br /> <br />purpose of managing the Municipal Hotel Occupancy Tax Fund to promote tourism and the <br /> <br />convention and hotel industry in the City of Paris. <br /> <br />2. That CHAMBER shall submit for approval a proposed annual program of work and <br /> <br />budget for the Visitors and Convention Council which shall include dedicating three-sevenths <br /> <br />(3I7ths) of the total budget to a convention capital fund to be used for improving, enlarging, <br /> <br />equipping, repairing, operating or maintaining the Love Civic Center, to the City Council of the <br /> <br />City of Paris each year, on or before April I, and shall submit for approval any proposed <br /> <br />amendment to said program of work a minimum of thirty (30) days before the proposed effective <br /> <br />date of such amendment. <br /> <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 />EXHIBU A <br />