(a) General. — The council of a municipality that has been authorized by the Development Office to establish an economic opportunity development district, in accordance with this article, shall provide, by ordinance, for the appointment of a district board to oversee the operations of the district: Provided, That the municipality may, in the ordinance, in lieu of appointing a separate district board, designate itself to act as the district board.
(b) Composition of board. — If a separate district board is to be appointed, it shall be made up of at least seven members, two of which shall be owners, or representatives of owners, of real property situated in the economic opportunity development district and the other five shall be residents of the municipality within which the district is located.
(c) Annual report. — The district board, in addition to the duties prescribed by the ordinance creating the district, shall submit an annual report to the municipality and the Development Office containing:
(1) An itemized statement of its receipts and disbursements for the preceding fiscal year;