(A) The Board shall have the power to increase or decrease the consideration specified in any contracts of the lease or leases with the lessees whenever at the expiration of the term of the lease or leases an increase or decrease of rent is necessary to provide funds to meet its obligations. This shall be subject to the current duration of existing leases and the approval of the City Commission.
(B) All property supervised by the Board shall be exempt from taxation by the state or any taxing unit therein.
(C) The Board shall possess all powers necessary to carry out the purpose of this subchapter, including the incidental powers necessary thereto.
(D) The Board shall render to the City Commission an annual report to be given in the month of October.
(E) The Board shall also propose an annual budget which shall be approved by the City Commission. All Board expenditures shall be made within the limits of the approved budget.
(F) The City Commission shall have the authority to assess the Board for actual expenses incurred by the city regarding these properties.
(Ord. 17.1, passed 10-21-86; Am. Ord. passed 1-6-87)