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

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8.10 Bonds Any bonds issued by the CORPORATION shall be in accordance with the statute governing this CORPORATION, but in any event, no bonds shall be issued without approval of the CITY after review and comment by the CITY's bond counsel and financial advisor. 8.11 Uncommitted Funds Any uncommitted funds of the CORPORATION at the end of the fiscal year shall be considered a part of the Fund Balance. The Fund Balance shall be made up of two parts: Undesignated Fund Balance and Permanent Reserve Fund. The Undes ignated Fund Balance may be commi tted for any legal purpose provided the corporation's BOARD approves such commi tment. The Permanent Reserve Fund shall be accumulated for the purpose of using the interest earnings of such fund to finance the operation of the CORPORATION. 8.12 Fund Raising The CORPORATION shall be authorized to raise funds by subscriptions, solicitation, promotions and other legitimate methods which are not in violation of statutes governing exempt organizations under Section 501 (c) (3) of the Internal Revenue Code of 1986. Funds shall be expended only in furtherance of the Corporation's purposes. SECTION IX BOOKS AND RECORDS 9.01 Books and Records The Secretary-Treasurer of the CORPORATION shall keep correct and complete books and records in accordance with Section 4.13 and Section 6.04C of these Bylaws. 9.02 Inspections All books and records of the CORPORATION may be inspected by Directors of the CORPORATION or his agent or attorney at any reasonable time, and any information which may be designated as public information by law shall be open to public inspection at any reasonable time. The Texas Open Records Act and Open Meetings Act shall apply to disclosure of information. PARIS ECONOMIC DEVELOPMENT CORP. BYLAWS - page 13