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<br />1. One member shall be appointed by the school districts included within <br />any economic development plan or area funded by the economic development <br /> sales tax imposed by ordinance as authorized under Section 67.1305 <br /> RSMo (the “tax”). Such member shall be appointed in any manner agreed <br /> upon by the affected districts; <br />2. Three members shall be appointed by the Mayor with the consent of the <br /> majority <br /> of the City Council; and <br />3. One member shall be appointed by the St. Louis County Council. <br /> <br />B. Of the members initially appointed, three shall be designated to serve for <br />terms of two years, and the remaining members shall be designated to serve for <br />a term of four years from the date of such initial appointments. Thereafter, the <br />members appointed shall serve for a term of four years, except that all vacancies <br />shall be filled for unexpired terms in the same manner as were the original <br />appointments. <br /> <br />Section 2.41.030 Officers and rules of procedure. <br /> <br />The Board may elect from its members a chairperson, a vice-chairperson, and a <br />secretary. It may adopt such rules of procedures as it deems necessary to <br />effectuate the provisions of this Chapter. <br /> <br />Section 2.41.040 Revenue generated by the tax-Special trust fund. <br /> <br />All revenue generated by the tax shall be deposited by the Finance Director in a <br />special trust fund and shall be used solely for the designated purposes. If the <br />tax is repealed, all funds remaining in the special trust fund shall continue to be <br />used solely for the designated purposes. Any funds in the special trust fund <br />which are not needed for current expenditures may be invested by the City <br />Council in accordance with applicable laws relating to the investment of City <br />funds. <br /> <br />Section 2.41.050 Use of revenue generated by the tax. <br /> <br />A. No revenue generated by the tax shall be used for any retail development <br />project, except for the redevelopment of downtown areas and historic districts. <br />Not more than twenty-five percent of the revenue generated shall be used <br />annually for administrative purposes, including staff and facility costs. <br /> <br />B. At least twenty percent of the revenue generated by the tax shall be used <br />solely for projects directly related to long-term economic development <br />preparation, including, but not limited to, the following: <br />1. Acquisition of land; <br />2. Installation of infrastructure for industrial or business parks; <br /> 18 <br /> <br />