1994-113-RES WHEREAS, the City of Paris has need for tax assessment and collection services and the LAMAR COUNTY

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submission of the accounting by LCAD. Additional costs may include but are not limited to, additional publications, notices, late or separate tax bill processing, issuance of corrected tax bills, tax refunds, or any other required functions. 8. BUDGET ADOPTION Each year, LCAD shall prepare a proposed collection budget for the following year and must submit a copy of the proposed collection budget to the presiding officer of the CITY on or before June 15. LCAD shall hold a public hearing to consider the budget and shall deliver written notice of the date, the time and place of the hearing not later than the 10th day before the date of the hearing. LCAD shall complete its hearing and finally approve a budget before August 15. If governing bodies of a majority of the taxing units participating in a collection contract with LCAD adopt resolutions disapproving a budget and file them with LCAD within thirty (30) days after its adoption, the budget does not take effect and LCAD shall adopt a new budget within thirty (30) days of the disapproval. 9. BONDING LCAD agrees to provide a surety bond covering LCAD's Chief Appraiser, acting in his capacity as tax assessor-collector for CITY, and all employees of LCAD engaged in the collection, receiving and disbursement of moneys on behalf of CITY, securing their faithful performance of their duties. Said bond shall be in an amount of at least $100,000.00. 10. AUDIT LCAD shall provide for an annual independent audit of its expenditures and of taxes collected as provided by this contract. Such accountant shall be authorized and directed to report directly to CITY's governing body. CONTRACT FOR ASSESSMENT AND COLLECTION SERVICE - Pase .5