25D - AGMT DOWNTOWN MERCHANTS FUND

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§ 1.06 City Representation at Meetings of SABC The City Manager shall be entitled to attend all meetings of SABC related to the DMF and to participate in the discussions of the Board to the same extent as the members of the Board, and SABC shall assure that the City Manager is provided with reasonable advance notice of all meetings of SABC. Nothing herein shall be construed to provide the City Manager with any authority to make, second, or vote on motions, or to cause him/her to be counted for purposes of determining whether a quorum exists at meetings of SABC. §1.07 City Residents. Downtown Property Owners and Business Operators on the Board A majority of the Board shall be City residents, downtown property owners, or business operators. If the number of members who are City residents, downtown property owners, or business operators becomes less than a majority due to the death, resignation, or change of residence or business location, SABC shall not be in default under this section, provided, however, that the next member appointed to the Board shall be a City resident, downtown property owner, or business operator. –------- ---- -—ARTICLE 2--------- - -- – - — REPORTS AND RECORDS AND DMF FUND TRANSFERS § 2.01 Annual Budget and Program Report (a) No later than November 1 of each year, SABC 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 SABC in said calendar year. A true and correct copy of SABC's 2018 DMF Annual Budget is attached hereto as Exhibit A and incorporated herein by reference. (b) 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 SABC 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 SABC's proposed budget to the City Council for approval, in whole or in part. (c) SABC acknowledges that its proposed budget in any given calendar year will consist of $100,000, or any such amount as previously approved by the City Council. (d) SABC further acknowledges that expenditures of DMF funds will be for the purposes identified in the Downtown Enhancements and Parking Modernization Plan. (e) The City shall provide SABC with $25,000 of DMF funds each quarter (January 1, April 1, July 1, and October 1) for a total of $100,000 of DMF per year. If the first day of the 25D-17