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authorized to issue such obligations to refund, III whole or III part, obligations previously issued by the District. Section Four. (a) Pursuant to the Petition, the District shall be in the form of a political subdivision of the State of Missouri, known as the Cates Avenue Community Improvement District. (b) Pursuant to Section 67.1471 of the CID Act, the fiscal year for the District shall be in the same as the fiscal year for the City of University City. (c) No earlier than one hundred and eighty (180) days and no later than ninety (90) days prior to the first day of each fiscal year, the District shall submit to the City Council a proposed annual budget for the District, setting forth expected expenditures, revenues, and rates of assessments, if any, for such fiscal year. The City Council may review and comment on this proposed budget, but if such comments are given, the City Council shall provide such written comments no later than sixty (60) days prior to the first day of the relevant fiscal year; such comments shall not constitute requirements, but shall only be recommendations. (d) The District shall hold an annual meeting and adopt an annual budget no later than thirty (30) days prior to the first day of each fiscal year. Section Five. The District is authorized to use the funds of the District for any of the improvements, services or other activities authorized under the CID Act. Section Six. Pursuant to the CID Act, the District shall have all of the powers necessary to carry out and effectuate the purposes of the District and the CID Act as set forth in the CID Act, provided that, as stated in the Petition, the District shall not have the power to acquire any real property within the District by condemnation. Section Seven. The City of University City hereby finds that the uses of the District proceeds as provided for in the Petition hereto will serve a public purpose by remediating blight and encouraging the redevelopment of real property within the District. Section Eight. The City of University City has declared the District Property to be a "blighted area" under Chapter 353 of the Revised Statutes of Missouri (Ordinance No. 6103 ), which was approved on H, ~007 ' and has approved a plan