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<br />DRAFT <br /> <br />e <br /> <br />e <br /> <br />own real property in the Zone or be an agent of a person who owns real property <br />in the Zone. <br /> <br />Board membsrs serve two (2) year terms. The chairman is appointed by City <br />Council to serve a term of one (1) calendar year. <br /> <br />I. Project Plan and Reinvestment Zone financing Plan <br /> <br />The Zone Board of Directors shall submit a proposed Project Plan and <br />Reinvestment Zone Financing Plan for the approval of City council. The Plans <br />must be prepared in accordance with 311.011 of the Tax Code. <br /> <br />J. Use of Funds <br /> <br />1. The tBlX increment or the proceeds of bonds, notes or obligations issued <br />for any project or projects secured by the tax increment may be used for <br />any purpose authorized in the Project Plan and Reinvestment Zone <br />financing Plan. <br /> <br />2. Proceeds shall be used for project facilities and improvements which are <br />approved by the City and which have an estimated average useful life at <br />least equal to the life of the Zone or notes financing such improvements, if <br />any. <br /> <br />3. The funds of the Zone shall be budgeted, expended and audited in the <br />same general manner as City bond and tax funds with such changes <br />required by the provisions of state law. The costs of such City financial <br />controls shall be included in the costs of administration of the Zone. The <br />Zone budget must be submitted annually to the City finance Department <br />for approval. A copy of the Zone's Annual Audit must be forwarded to the <br />City Secretary after Board approval. <br /> <br />8 <br />