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