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3 LRC Budget By December 31 of each year,the LRC shall adopt a budget (the <br /> LRC Budget) for the ensuing fiscal year (which shall be the calendar year), which LRC Budget <br /> shall be submitted to the City for review and approval prior to LRC adoption. The LRC Budget <br /> shall contain a statement of sources and uses of all funds that are available or that the LRC <br /> reasonably expects to become available to LRC to finance its activities, undertakings, and <br /> obligations for each budget year. It is the intention of the Parties that the LRC shall use its <br /> reasonable best efforts to use other sources of revenue available under the Act as the primary <br /> source of its Operating Funds and payment for Support Services as such revenue becomes <br /> available to the LRC. Such revenue shall include,without limitation, tax allocation or tax <br /> increment revenues that may become available pursuant to any urban renewal plan approved by <br /> the City Council of the City. <br /> 4. Reimbursement for Operating Funds and Support Services. The Parties shall <br /> establish a procedure for documenting the reasonable costs and expenses (the Costs and <br /> Expenses) related to the Operating Funds and Support Services provided by the City. The Costs <br /> and Expenses shall constitute an indebtedness of the LRC to be repaid to the City from sources of <br /> revenue available under the Act as such revenue becomes available to the LRC Such revenue <br /> shall include, without limitation, tax allocation or tax increment revenues that may become <br /> available pursuant to an urban renewal plan approved by the City Council of the City. <br /> a. It is agreed that the Costs and Expenses incurred by the City up to and <br /> including expenses on December 31, 2014 total $9,894.00 . At the election of the City, such <br /> amount may be evidenced by a note approved by the Parties and executed by LRC <br /> b. Upon request of the LRC, the City agrees to give reasonable consideration <br /> to subordinating its right to repayment of Costs and Expenses to any bonds, loans, advances, <br /> indebtedness, or other obligation of the LRC. <br /> c Not withstanding the foregoing, the Parties agree that all Costs and <br /> Expenses related to the 550 S. McCaslin Urban Renewal Plan shall be paid by the City <br /> 5. Approval of Certain Contracts: Bonds and Other Obligations of the LRC. The <br /> Parties agree that the City Council of the City shall provide direction to LRC and oversight of <br /> LRC activities as follows <br /> a Any proposed expenditure by the LRC which has not been previously <br /> approved as part of the LRC budget shall be subject to the prior review and approval of the City <br /> Council. <br /> b. Prior to issuing bonds or any other capital financial obligations or financial <br /> obligations extending beyond the end of the current fiscal year of the LRC,the LRC shall notify <br /> the City Council in writing of its intention to do so, and shall promptly furnish to the City <br /> 2 <br />