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Page 3 <br />3. On or before August 1, 1991 the Chambers will provide a report to <br />the Orange County Manager and the Director of the Economic Development <br />Commission which explains how county funds have been spent for the <br />services outlined in this agreement. The report shall include the amount <br />and nature of the expenditures during the 1990 -91 fiscal year. <br />The <br />Chambers authorize inspection by the Orange County Finance Director or <br />his designee of so much of the books and records of the Chambers which <br />of the ambers expenditure of county <br />de available to funds. <br />of the Chambe <br />his designee upon reasonable notice. <br />4. On or before the 30th day following each quarter, the Chambers <br />shall provide a statistical report to the Director of the Economic <br />Development Commission detailing visitor activity for the previous <br />quarter. <br />5. The County has appropriated to each of the Chambers the sum of <br />$10,000 for the 1990 -1991 fiscal year for the proposal herein. The <br />payment of this appropriation shall be made in two $5,000 paymentsstof <br />each Chamber on or about the 1st day of the 2nd and fourth qua <br />the 1990 -91 fiscal year. This appropriation by the County and the <br />payment of these funds to the Chambers is understood by the Chambers to <br />be a one time appropriation with no obligation or expectation of further <br />appropriations in the 1990 -91 fiscal year or thereafter. <br />6. In the event that either Chamber ceases to function or ceases <br />ritten <br />to provide the service described herein without a County approved <br />assignment or release by County of its responsibilities, this agreement <br />will, as to the ceasing Chamber, terminate and the Chamber will return <br />any portion of monies paid the Chamber pursuant to this agreement <br />demanded by Orange County. In determining the amount of such demand, the <br />County shall be guided by the degree to which the Economic Development <br />purpose for its appropriation has been met. <br />IN WITNESS WHEREOF, Orange County has caused this Agreement to <br />be signed in its name by its County Manager, attested by the Clerk to the <br />Board of ommssioners, and sealed with its corporate seal, and the <br />Hillsborough Area Chamber of Commerce has caused this Agreement to be <br />signed in its name by its President, attested by its Secretary, and <br />sealed with its corporate seal, and the Chapel Hill /Carrboro Chamber of <br />Conv erce has caused this Agreement to be signed in its name by its <br />President, attested by its secretary, and sealed with its corporate <br />seal, and all authority duly given, the day and year first above written. <br />CRANGE COUNTY <br />By: <br />County Manager <br />ATTEST: [OFFICIAL SEAL] <br />Clerk to the Orange County <br />Board of Commissioners <br />