RES 99141 - Laserfiche WebLink

(7) PAYMENTS. (a) The City_ Finance Director is authorized to establish a mutually acceptable schedule for partial payments or advances to the Association based on anticipated revenues. (b) If any provision stated herein is not satisfied by the Association, the City reserves the fight to withhold payment to the Association, and if necessary, to take action to terminate this Agreement. (8) INDEPENDENT AUDIT. Association shall employ, at its sole expense, the services of a qualified independent Certified Public Accountant who shall annually examine the books, records, inventories and reports of Association and its officers and employees who receive, handle or disburse funds obtained by Association from City pursuant to this Agreement. A review may be performed. (rather than a full audifi. provided that every third year a full audit shall be performed. The first full audit shall be performed for the year ending December 31.2001. The City Finance Director shall request a full audit. however. whenever it is deemed necessary. A copy of such audit and roport review/audit shall be submitted by Octobor ! st March 31 st of each year to the Ci_ty Finance Director. for roviow by tho City Council. (9) TITLE TO EOUIPMENT, Any equipment or personal property acquired by the Association with funds under this Agreement shall be deemed to be property of the City. Any equipment or personal property acquired with funds voluntarily contributed to the Association shall be property of the Association. (10) SPECIAL EVENTS AND STREET CLOSURES. Special events can be of mutual benefit to the community at large and to the Do~vntown Association, but too many special events can become a burden for downtown residents and surrounding property owners. To continue the cooperative working relationship between the Ploasanton Downto~vn Association and its surrounding neighbors, street closures by the Downtoxvn Association will be limited to no more than ten, -including the six First Wednesday events. Events co-sponsored by the City of Ploasanton or City approved street closures for other organizations are not included in this limitation. Use of promoters for special events is to be discouraged. A promoter will be used for the Antique Fair as long as the use of a promoter continues to be mutually acceptable to the City of Ploasanton and the Ploasanton Downtown Association. (agreemcnt\dntnaso. sam) 5