1993-112-RES Creation of PEDC and Approval of Bylaws

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BOARD shall determine. shall have no voting or the CORPORATION. These other "members" or "participants" legal or equitable rights in SECTION VII DIRECTOR OF ECONOMIC DEVELOPMENT (RESERVED) SECTION VIII FINANCIAL ADMINISTRATION 8.01 Financial and Accounting Services The CORPORATION shall contract with the CITY for financial, accounting and auditing services. The CORPORATION's financial and accounting records shall be maintained in accordance with these Bylaws, State and Federal laws and the accounting practices of the CITY. 8.02 Fiscal Year The fiscal year of the CORPORATION shall begin on October 1, and end on September 30, of the following year. 8.03 Budget A budget for the forthcoming fiscal year shall be submitted to, and approved by the BOARD in June and delivered to the CITY on or before June 30. In submitting the budget to the CITY, the BOARD shall submit the budget on the forms prescribed by the City Manager and in accordance with the annual budget preparation schedule as set forth by the City Manager. The Budget shall be submitted to the City Manager for inclusion in his annual budget to be presented to the CITY in accordance with the Charter of the City of Paris. The budget proposed for adoption shall include the projected operating expenses, and such other budgetary information as shall be useful to or appropriate for the BOARD and the CITY. 8.04 Contracts A. As prov ided in Sec t ion VI above, the Pres ident, whose signature shall be attested by the Secretary-Treasurer, shall execute any contract or other instruments which the BOARD by resolution has approved and authorized to be executed, provided however, that the BOARD may, by appropr iate resolution, authorize any other officer or officers to enter into contracts or execute and deliver instruments in the name of and on behalf of the CORPORATION, in all such cases the PARIS ECONOMIC DEVELOPMENT CORP. BYLAWS - page 11