Annual budget; source of funds

(a)

No later than 30 days prior to the date the city commission establishes the millage rate for the city, the executive director shall prepare for the approval of the board a budget for the operation of the downtown development authority for the ensuing fiscal year. The budget shall be prepared in the same manner as required of all departments of the city. When approved by the board it shall not require approval of any officer or body of the city other than the city commission. No funds of the city may be included in the budget of the authority except those funds authorized in this article.

(b)

The operations of the downtown development authority shall be principally financed from the following sources and such other sources as may be approved by the city commission:

(1)

Donations to the authority for the performance of its functions.

(2)

Proceeds of an ad valorem tax, not exceeding 0.4750 mills per dollar valuation of property in the downtown area designated by the city commission.

(3)

Money borrowed and to be repaid from other funds received under the authority of this article which shall include federal funds, contributions and funds derived from the millage authorized to be levied under this article.

(Code 1967, § 13-12; Code 1980, § 14-33; Ord. No. 12905, § 2, 4-12-07; Ord. No. 13573, § 2, 11-19-15)