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g Section 2. Pursuant to the CID Act and subject to the terms of the Petition, the "Delmar/Delcrest Community Improvement District" is hereby established on that real property legally described in the Petition. A copy of the Petition containing a legal description and map of the District's boundaries is attached hereto as Exhibit A and F incorporated herein by reference. Section 3. Pursuant to the CID Act, the District shall have all the powers necessary to carry out and effectuate the purposes and provisions of the CID Act, except as such powers are limited in the Petition. r Section 4. Pursuant to the CID Act, the District is authorized, at any time, to issue obligations for the purpose of carrying out any of its powers, duties, or purposes. Such obligations shall be payable out of all, part or any combination of the revenues of the District and may be further secured by all or any part of any property or any interest in any property by mortgage or any other security interest granted. Such obligations shall be authorized by resolution of the District, and if issued by the District shall be dated such date or dates, and shall mature at such time or times, but not more than twenty (20) years from the date of issuance, as the resolution shall specify. Such obligations shall be in such denominations, bear such interest at such rate or rates, be in such form, be payable in such place or places, be subject to redemption as such resolution may provide and be sold at either public or private sale at such prices as the District shall determine subject to the provisions of Section 108.170, RSMo. i Section 5. The District shall be in existence for not less than one (1) year and until all obligations that may be issued by the District have been paid, subject to the limitations set forth in the CID Act. Section 6. The Petition provides that the District shall be governed by a Board of Directors consisting of five individual directors (collectively the "Directors" and individually each a "Director"), such Directors to be appointed by the Mayor of the City with the consent of the City Council, in accordance with the CID Act. The City Council hereby appoints the following Directors: : A. John Porta, as the legally authorized representative of Delcrest Holdings, L.L.C. for a term of four years. B. Robert Walpert, as the legally authorized representative of Delcrest Holdings, L.L.C. for a term of four years. C. Kent Evans, as the legally authorized representative of Delcrest Holdings L.L.C. for a term of four years. D. Gary Parker, as the legally authorized representative of Delcrest Holdings, L.L.C. for a term of four years. E. Bairie Nichols, as the legally authorized representative of Delcrest Holdings, L.L.C. for a term of four years. P Section 7. Pursuant to the CID Act, the City Council shall not decrease the level of publicly funded services in the District existing prior to the creation of the District or transfer the financial burden of providing the services to the District unless the services at the same time are decreased throughout the City, nor shall the City Council discriminate in the provision of publicly funded services between areas included in the District and areas not so included. Section S. Pursuant to Section 67.1421.6 of the CID Act, the City Clerk shall notify in writing the Missouri Department of Economic Development of the District's creation. i Page 2 of 3 a e g i