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5. The Board shall expend, in accordance with State law, the tax funds received by it on <br />direct economic development where such expenditures will have a direct benefit to the <br />citizens of Paris, Lamar County, Texas. As used in this section, "direct economic <br />development" shall mean the expenditure of such tax funds for programs that directly <br />accomplish or aid in the accomplishment of creating identifiable new jobs or retaining <br />identifiable existing jobs, including job training or planning and research activities <br />necessary to promote said new job creation. The Corporation be shall direct its focus <br />primarily in the areas of: <br />a. Business retention and expansion <br />b. Formation of new business <br />C. Business attraction <br />6. The Board shall develop qualification parameters for the evaluation of economic <br />development projects prior to accepting funding requests. These parameters for <br />evaluating funding requests may be amended from time to time. <br />7. The Corporation shall make an annual report to the City Council on or before February <br />1St of each year. <br />8. The Board Chairman may designate one or more committees of Directors, each <br />consisting of two or more Directors. The committees may be formed to study certain <br />projects or proposals before the Board and to report their findings and/or <br />recommendations back to the entire Board as directed by the Board Chairman. <br />Section 4.04 Implied Duties. The Board is authorized to do that which the Board deems <br />desirable to accomplish any of the purposes or duties set out or alluded to in Section 4.03 of <br />these Bylaws and in accordance with State law. <br />Section 4.05 Tenure. The term of office for each Director shall be three (3) years and <br />shall be limited to two (2) consecutive full terms. The number of Directors shall be ����^�:),,��„��n <br />f ve. The City shall appoint the Directors at thesecondCity Council meeting in June of <br />f each <br />year with all terms beginning on Jul 1 and endingon June 30 of each year. The City Council <br />may appoint new members to the Board to a shorter term (less than 3 years) as necessary to <br />ensure staggered terms on the Board. <br />Section 4.06 Vacancies Any vacancy occurring on the Board shall be filled by <br />appointment by the City Council to the unexpired term of the vacated position. The resigning <br />Board member may continue to serve until their replacement is appointed and sworn in. <br />Section 4.07 Quorum. A majority of the voting members of the Board shall constitute a <br />quorum. The act or vote of a majority of the voting Directors present at a meeting at which a <br />quorum is present shall be the act or vote of the Board unless the act or votes of a greater number <br />is required by the Bylaws. <br />BYLAWS -PARIS ECONOMIC DEVELOPMENT CORPORATION <br />Updated and Approved by PEDC Board of Directors on 6-16-2020 Res. 2020-001 <br />