16-17 - Amend Bylaws of the Paris Economic Development Corporation & Amend Articles of Incorporation

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SECTION IX BOOKS AND RECORDS Section 9.01 Books and Records The City Finance Director shall keep correct and complete books and records for the Corporation in accordance with Section 4.13 and Section 6.04C of these Bylaws. Section 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 Public Information Act and Open Meetings Act shall apply to disclosure of information. Section 9.03 Audit. The Board shall provide for an annual financial audit to be performed by a competent independent audit firm employed by the City for the City's audit. Section 9.04 Quarterly Reports The Corporation shall provide quarterly financial reports, summaries of activities, anticipated projects, and proposed dispersal of funds of $50,000 ormmore. Quarterly reports will be due on the 10' day of the month of January, April, July and October. SECTION X CORPORATE SECURITY Section 10.01 Seal The seal of the Corporation shall be a star circled with the name of the Corporation and Paris, Texas. Section 10.02 Authorization. The Corporation shall carry out its program subject to its Articles of Incorporation, these Bylaws, and such resolutions as the Board may from time to time authorize. Section 10.03 Program. The program of the Corporation shall be to assist, stimulate, and enhance economic development in Paris, Texas, subject to applicable State and Federal law, these Bylaws, and the Articles of Incorporation. Section 10.04 Amendments to Bylaws The Bylaws may at anytime and from time to time be amended, provided that the Board files with the City a written application approved by the affirmative vote of four (4) or more members of the voting Board requesting that the City approve such amendment to these Bylaws, specifying in such application the amendment or amendments proposed to be made. If the City Council finds, by resolution approved by an affirmative vote of five (5) or more members of the City Council that it is advisable to approve the Amended Bylaws, the Board shall proceed to amend these Bylaws as so approved. BYLAWS -PARIS ECONOMIC DEVELOPMENT CORPORATION Updated and Approved by PEDC Board of Directors on 6-16-2020 Res. 2020-001