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<br />9.03 Audit <br /> <br />The BOARD shall provide for an annual financial audit to <br />be performed by a competent independent audit firm employed <br />by the CITY for the CITY's audit. <br /> <br />9.04 Quarterly Reports <br /> <br />The CORPORATION shall provide quarterly financial <br />reports, summaries of activities, anticipated projects, and <br />proposed dispersal of funds over $50,000. Quarterly reports <br />will be due on the 10th day of the month of January, April, <br />July and October. <br /> <br />SECTION X <br />CORPORATE AUTHORITY <br /> <br />10.01 Seal <br /> <br />The seal of the CORPORATION shall be a star circled with <br />the name of the CORPORATION and Paris, Texas. <br /> <br />10.02 Authorization <br /> <br />The CORPORATION shall carry <br />its Articles of Incorporation, <br />resolutions as the BOARD may from <br /> <br />out its <br />these <br />time to <br /> <br />program subject to <br />Bylaws, and such <br />time authorize. <br /> <br />10.03 Program <br /> <br />The program of the CORPORATION shall be to assist, <br />stimulate, and enhance economic development in Paris, Texas, <br />subject to applicable State and Federal law, these Bylaws, <br />and the Articles of Incorporation. <br /> <br />10.04 Amendments to Bylaws <br /> <br />The Bylaws may at any time and from time to time be <br />amended, provided that the BOARD files with the CITY a <br />written application approved by three-fourths (3/4) vote of <br />the entire membership of the BOARD requesting that the CITY <br />approve such amendment to these Bylaws, specifying in such <br />application the amendment or amendments proposed to be made. <br />If the CITY by resolution approved by a three-fourths (3/4) <br />vote finds and determines that it is advisable that the <br />proposed Bylaws amendment be made, authorizes the same to be <br />made, and approves the form of the proposed amendment, the <br />BOARD shall proceed to amend these Bylaws as so approved. <br />The Bylaws of the CORPORATION may also be amended at any <br />time by the CITY by adopting an amendment to the Bylaws of <br /> <br />PARIS ECONOMIC DEVELOPMENT CORP. BYLAWS - page 14 <br />