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The Board shall adopt an annual budget for the District. The fiscal year of the District
<br />shall be the same as the fiscal year of the City and Township. The budget shall estimate the
<br />revenues of District and expenses of the operation of the District. The Board shall establish an
<br />appropriations procedure to provide for payment of the operating expenses of District and the
<br />distribution of income tax revenues in accordance with Section 11 hereof.
<br />The Board is authorized to take such necessary and appropriate actions, or establish such
<br />programs, to facilitate economic development in the District in accordance with the purpose of
<br />this Contract.
<br />The Board, on behalf of the District, may:
<br />(1) purchase, receive, hold, lease or otherwise acquire, and sell, convey, transfer, lease,
<br />sublease or otherwise dispose of, real and personal property, together with such rights and
<br />privileges as may be incidental and appurtenant thereto and the use thereof, including, but not
<br />limited to, any real or personal property acquired by the District from time to time in the
<br />satisfaction of debts or enforcement of obligations, or otherwise;
<br />(2) acquire, purchase, construct, reconstruct, enlarge, furnish, equip, maintain, repair, sell,
<br />exchange, lease or rent to others, lease or rent from others, or operate facilities for the District;
<br />(3) make available the use or services of any the District facility to one or more persons,
<br />one or more governmental agencies, or any combination thereof;
<br />(4) apply to the proper authorities of the United States pursuant to appropriate law for the
<br />right to establish, operate, and maintain foreign trade zones within the areas or jurisdiction of the
<br />District and to establish, operate and maintain such foreign trade zones;
<br />(5) establish and maintain such funds or accounts as it deems necessary, either of its own
<br />or in conjunction with or through the City or the Township;
<br />(6) promote, advertise and publicize the District and its facilities, provide information
<br />relating to the District and promote the interests and economic development of the District, the
<br />City, the Township, Cuyahoga County and the State;
<br />(7) make and enter into all contracts and agreements and authorize one or more Officers
<br />to sign all instruments necessary or incidental to the performance of its duties and the execution
<br />of its powers under this Contract;
<br />(8) employ managers and other employees and retain or contract with consulting
<br />engineers, financial consultants, accounting experts, architects, attorneys and such other
<br />consultants and independent contractors as are necessary in its judgment to carry out the
<br />purposes of this Contract, and fix the compensation thereof, which shall be payable from any
<br />available funds of the District;
<br />(9) receive and accept from any federal agency, state agency or other person grants for or
<br />in aid of the construction, maintenance or operation of any District facility, for research and
<br />development with respect to District facilities or for programs or other projects of the District,
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