R96-50 AUTHORIZING AGREEMENT DECATUR AREA CONVENTION AND VISITORS BUREAU

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. � ' �� � AGREEMENT THIS AGREEMENT made and entered into this 29th dav of ApriL 1996. bet�v�en THE CITY OF DECATUR, a municipnl corporation organized under the la��s of the State of Illinois, ("CITY") and the DECATUR AREA CONVENTION AND VISITORS BUREAU, a corporation organized under the Illinois Not-For-Profit Corporation Act, of Decatur, Illinois ("BUREAU"). WHEREAS, the Bureau is a corporation organized to cncourage, foster, promote and stimiilate conventions and tourism in the Decatur, Illinois, 1ie1 111C1 t0 1CC�UAIIIt 111C1 inform the pubtic as to these objectives by providing information and other civic and educational features as ��ill foster. encourage and stimulate these purposes; and, WHEREAS, the City desires to promotc convcntions and tourism in Decatur. Illinois, and to improve businesses in such area; and, WHEREAS, the Bureau is in need of fi�nds to advance its purposes: and, VVI-IEREAS, the City is�villing to supply certain fi�nds for such purposcs. NOW, THEREFORE, Itl COI1SIdei'1t10i1 Of t�lt 111Ut111� COVc;Il111TS 1IlCI 1�TCt;t;I11CIltS }1C�Cltl COIlt1lllCd_ the parties hereto agree as follo�vs: 1) Term. The tern� of this Agreement shall be from thc datc hercof through April �0, 1997. 2). Amount of Funds. The City agrees. subject to thc conditions contained in this Agreement. to furnish the Bureau the swn of$187,�00.00 over the tcnn of this Agre�mcnt. 3) Bud.�et. Attached to this Agreement as Exhibit A is a document entitled Projected Budget ("Budget") which said budget contains estimatcd expenditures b� the Bureau from Ma�� l. 1996 through April 30, 1997 in an amount equal to $I R7,i00.00. 4) Use of Funds. The Budget (Exhibit A) is hcrebv approved b�� thc partics hercto znd the ' Bureau agrees to expend fiinds received from thc Cit�� pursuant to the terms of this Agreemcnt generall}� in accordance with the item specification contained in the blidget for thc fiscal ��ear cnding April 3O. 19)7. The funds shall be used only to advance the purposes stated in the Articics of lncorporation of thc Bureau. 5) Payment of Funds. The said sum of$1 g7.i00.00 shall be paid b�� the Citv to the Bureau upon specific requests in �vriting b��the Bureau and as approved b�� thc Dircctor of Financial Management.