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<br />be subject to redemption as such resolution may provide and be sold at either <br />public or private sale at such prices as the District shall determine subject to the <br />provisions of Mo. Rev. Stat. §108.170. The District is also authorized to issue <br />such obligations to refund, in whole or in part, obligations previously issued by the <br />District. <br />Section Four <br />. <br />(a) Pursuant to the Petition, the District shall be in the form of a political <br />subdivision of the State of Missouri, known as the Cates Avenue Community <br />Improvement District. <br />(b) Pursuant to Section 67.1471 of the CID Act, the fiscal year for the <br />District shall be in the same as the fiscal year for the City of University City. <br />(c) No earlier than one hundred and eighty (180) days and no later than <br />ninety (90) days prior to the first day of each fiscal year, the District shall submit to <br />the City Council a proposed annual budget for the District, setting forth expected <br />expenditures, revenues, and rates of assessments, if any, for such fiscal year. <br />The City Council may review and comment on this proposed budget, but if such <br />comments are given, the City Council shall provide such written comments no <br />later than sixty (60) days prior to the first day of the relevant fiscal year; such <br />comments shall not constitute requirements, but shall only be recommendations. <br />(d) The District shall hold an annual meeting and adopt an annual <br />budget no later than thirty (30) days prior to the first day of each fiscal year. <br />Section Five <br />. The District is authorized to use the funds of the District for <br />any of the improvements, services or other activities authorized under the CID <br />Act. <br />Section Six <br />. Pursuant to the CID Act, the District shall have all of the <br />powers necessary to carry out and effectuate the purposes of the District and the <br />CID Act as set forth in the CID Act, provided that, as stated in the Petition, the <br />District shall not have the power to acquire any real property within the District by <br />condemnation. <br />Section Seven <br />. The City of University City hereby finds that the uses of <br />September 4, 2007 <br /> <br />