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<br />2. The BOARD shall develop an overall economic development <br />plan for the City which shall include and set forth both <br />long and short term goals which the BOARD deems <br />necessary to accomplish compliance with its overall <br />economic development plan. Such plan shall be approved <br />by the CITY. <br /> <br />3. The BOARD shall review and update its overall economic <br />development plan by June 30 of each year to ensure that <br />said plan is up to date with the current economic <br />climate and is capable of meeting Paris' current <br />economic development needs. <br /> <br />4. The BOARD shall develop an annual plan of work outlining <br />the activities, tasks, projects and programs to be <br />undertaken by the BOARD during the upcoming fiscal year. <br />The annual plan of work shall be submitted with the <br />annual budget as outlined in Section 8.03 of these <br />Bylaws. <br /> <br />5. The BOARD shall expend, in accordance with State law, <br />the tax funds received by it on direct economic <br />development where such expenditures will have a direct <br />benefit to the citizens of Paris. As used in this <br />section, "direct economic development" shall mean the <br />expenditure of such tax funds for programs that directly <br />accomplish or aid in the accomplishment of creating <br />identifiable new jobs or retaining identifiable existing <br />jobs, including job training or planning and research <br />activities necessary to promote said new job creation. <br />The corporation's focus will be primarily in the areas <br />of: <br /> <br />a. Business retention and expansion <br /> <br />b. Formation of new businesses <br /> <br />c. Business attraction <br /> <br />6. <br /> <br />The BOARD shall <br />evaluation of <br />requests. <br /> <br />develop qualification parameters for the <br />projects prior to accepting funding <br /> <br />7. The CORPORATION shall make an annual report to the CITY <br />on or before February 1, 1995, and each year thereafter. <br /> <br />8. The BOARD President may designate one or more committees <br />of Directors, each consisting of two Directors. The <br />committees, to the extent provided in the President's <br />instructions, shall have and exercise the authority of <br />the BOARD. <br /> <br />PARIS ECONOMIC DEVELOPMENT CORP. BYLAWS - page 3 <br />