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DRAFT • <br />Zone or to the implementation of the Project Plan and <br />Reinvestment Zone financing Plan. <br />F. Board of Directors <br />The Composition of the Board of Directors is determined by the Tax Increment <br />Financing Act. <br />For a Commercial Zone (less than 10% of the Zone is currently residential use), <br />the Board of Directors consist of at least five (5) and no more than fifteen (15) <br />members. Each taxing unit that levies real property taxes in the Zone may <br />appoint one member of the Board. City Council determines the total size of the <br />Board and appoints the remaining members, not to exceed a total of fifteen (15) <br />members. To be eligible for appointment, individuals will be a qualified voter in <br />the City or be at least eighteen (18) years of age and own real property in the <br />Zone. <br />For a Residential Zone(more than 10% of the Zone is currently residential use), <br />the Board of Directors consists of nine (9) members. Each participating school <br />district or county may appoint one (1) member. The state senator and the state <br />representative in whose districts the Zone is located are members of the Board. <br />Each may designate another person to serve in his/her place. The remaining <br />members are appointed by City Council. To be eligible for appointment, an <br />individual must be eighteen (18) years of age or own real property in the Zone or <br />be an agent of a person who owns real property in the Zone. <br />Board members serve two (2) year terms. The chairman is appointed by City <br />Council to serve a term of one (1) calendar year. <br />G. Project Plan and Reinvestment Zone financing Plan <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 />H. Use of Funds <br />1. The tax 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 />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 />8 Revised 5/12/99 <br />