(1) The authority shall adopt a budget for each fiscal year, shall maintain accounts, and shall cause an annual audit to be made pertaining to the fiscal affairs of the authority. Administrative review of the proposed budget shall be in accordance with the policies of each municipality, prior to submission of the proposed budget to the governing body for approval.
(2) The operations of the authority shall be principally financed from the following sources and such other sources as may be approved by the governing body:
Donations to the authority for the performance of its functions;
Proceeds of an ad valorem tax, not exceeding five mills on the valuation for assessment of property in the downtown development area designated by the governing body;
Moneys borrowed and to be repaid from other funds received under the authority ofthis part 8.
Source: L. 76: Entire part added, p. 710, § 1, effective April 26.