13-MANAGEMENT OF HOTEL OCCUPANCY TX FUND AGREEMENT

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Approval by the City Council of the City of Paris of the annual budget for the Visitors and Convention Council creates a fiduciary duty in the CHAMBER with respect to the revenue received from the Municipal Hotel Occupancy Tax. 3. That CHAMBER's established Visitors and Convention Council shall meet at least quarterly and, within thirty (30) days after the end of each quarter, shall submit minutes of the Visitors and Convention Council meeting and a financial report to the City Manager and the City Council of the City of Paris. 4. That CHAMBER shall receive and deposit all hotel/motel tax revenue funds provided herein in a separate banking account at a local bank which is federally chartered and FDIC insured in such a manner as to preclude co-mingling of these funds with other funds of said CHAMBER. 5. That CHAMBER shall maintain complete and accurate financial records of all expenditures of hotel occupancy tax revenue and on request by the City Manager or City Council of the City of Paris shall make the records available for inspection and/or audit to the CITY or its designated representative. 6. The CITY shall make quarterly distributions to the CHAMBER of the Hotel Occupancy Taxes collected pursuant to Article III, Chapter 30 of the City Code of Ordinances and Chapter 351 of the Texas Tax Code for the CHAMBER'S use in operating the Visitors and Convention Council and promoting tourism and the convention and hotel industry in the City of Paris, Lamar County, Texas. 7. That CITY shall retain five percent (5%) of the quarterly collections under Article III of Chapter 30, Code of Ordinances of the City of Paris, for the purposes of funding special purpose grants to enhance tourism as determined by the City Council in accordance with Chapter 351 of the Texas T� Code. CITY shall pay over the remainder of tax funds collected to CHAMBER within thirty (30) days after the end of the collection period thereof as provided in Section 30-40 of the Code of Ordinances of the City of Paris. 8. That money paid to CHAMBER as a result of this Agreement shall be used only for the purposes enumerated in Section 30-38 of the Code of Ordinances of the City of Paris. As part of those purposes, and pursuant to the provisions of Section 30-38(4) of the Code of Ordinances of the City of Paris, the CHAMBER shall, during the term of this agreement, including any extensions thereof, fund the City of Paris Municipal Band in an amount of no less than $10,000 per annum. ��