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Section 8. Duties of Advisory Commission: The Advisory Commission has the responsibility of performing the pr4m~ry administrative functions of the District. These functions include, but are not limited to, the following: Officers and Committees - The original members of the Advisory Co~lssion shall meet within thirty (30) days of their appointment and organize themselves by the election of one of their number as Chairman, another as Vice Chairman, and yet another as Secretary-Treasurer, and by the election of such other officers as they may deem necessary. Thereafter, new elections among the members of the Advisory Con~ission for all officer posi- tions shall occur annually during the month of January. The Chairman, Vice Chairman, and Secretary-Treasurer of the Advisory Commission shall function as an Executive C~mnittee, and the members of the Advisory Commission may create such other comittees as they deem necessary. By-Laws - The A~visory Co,mission shall make and adopt such By-Laws, rules and regulations for their own guid- ance and for the administration of the District as may be appropriate, but not inconsistent with the ordinances of the City of University City or the statutes of the State of Missouri. Development Plan - The Advisory Co~ission shall be responsible for the development and maintenance of an overall plan of action for the District. This plan will be construed to be the major policy instrument of the District, and all expenditures and activities are to be reviewed in light of the plan. The Advisory Co~mission shall be required to hold at least one meeting a year to ~ghich all individuals owning property and/or operating a municipally licensed business within the boundaries of the District are actively encouraged to attend with the expressed purpose of reviewing and updating the plan. Budget - The Advisory Commission shall be required to create and maintain a line-item budget for any existing revenue and the anticipated revenue of the District for the year following the date of the last-publlshed budget. Said budget must be published annaally and submitted to the City Council for approval by the first of July. Prior to the submittal of the budget to the City Council the Advisory Commission shall be required to hold at least one meeting to which all individuals owning prop- erty and/or operating a municipally licensed business within the boundaries of the district are actively encouraged to attend with the expressed pur..Dose of reviewing the proposed budget. The Advisory Commission may make recommendations for the modification or elabo- ration of the budget to the City Council at any time. Annual Report - The Advisory Commission shall be required to submit an annual report of its activities to the City Council by the first of July of each year. This report should inventory the projects undertaken by the District in the preceding year and their status, minutes of all meetings held by the Advisory Commission and any of its committees, relevant correspondence, a copy of the latest plan adopted for the District, a financial report of the District, a statement By the Executive Committee on the status of the ef~tive~s~ of the District, and such other items as may be deemed relevant by the Advisory Co,,aissiou. Upon receipt of the Annual Report the City Council shall place same ou file with the City Administrator and note that it is available for public inspection. -4-