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§1.06 City Residents, BID Property Owners and Business Operators on the Board A majority of the Board shall be City residents, BID property owners, or business operators. If the number of members who are City residents, BID property owners, or business operators becomes less than a majority due to the death, resignation, or change of residence or business location, DTI shall not be in default under this section, provided, however, that the next member appointed to the Board shall be a City resident, BID property owner, or business operator. ARTICLE 2 REPORTS AND RECORDS AND BID FUND TRANSFERS § 2.01 Annual Budget and Program Report (a) No later than November First (la) of each year (beginning November 1, 2013), DTI shall provide the City Manager with a copy of a detailed calendar year operating budget showing expected sources of revenue and the nature of all expected or proposed expenditures for the forthcoming calendar year and a report on the proposed programs to be undertaken by DTI in said calendar year. (b) The proposed budget shall be submitted to the City Council for approval subject to the procedures provided for in California Streets and Highway Code Section 36530 et seq. If the proposed budget is accepted by the City Manager, it shall be submitted to the City Council for approval, in whole or in part. If the proposed budget is rejected by the City Manager, the City Manager and DTI shall meet in good faith in an attempt to reach agreement on a budget. If they are unable to do so, the City Manager shall submit the DTI's proposed budget to the City Council for approval, in whole or in part. (c) DTI acknowledges that its proposed budget in any given calendar year will consist of 50% of all BID assessments collected from businesses subject to the Downtown Santa Ana Business Improvement Area as reflected in Ordinance NS -1715. (d) DTI further acknowledges that the use of all BID proceeds will be subject to the BID laws as currently exist and/or as may be modified in the future; and that expenditures of BID funds will be for the purposes identified in Ordinance NS -1715. (e) The City shall establish and maintain in its accounting system a trust fund for the deposit of BID assessment monies collected together with a specific account which shall reflect the deposit and expenditure reimbursement of BID assessment monies apportioned for use by DTI pursuant to subsection (c) above. (1) DTI shall have the option for the first year of this Agreement to request an advance of up to twenty thousand dollars ($20,000.00) from the City upon presentment of documentation 4 25J -6