2020-025 - Amending the Bylaw of the Paris Economic Development Corporation

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ARTICLE IV BOARD OF DIRECTORS Section 4.01 Board. The business and affairs of the Corporation and all corporate powers shall be exercised by or under authority of the Board, appointed by and serving at the pleasure of the governing body of the City and subject to the applicable limitations imposed by the Texas Non -Profit Corporation Act, the Texas Business Corporation Act, the Texas Development Corporation Act of 1979, the Articles of Incorporation, and these Bylaws. The Board may, by contract authorized by Board resolution, give general, limited or special power and authority to Directors of the Corporation to transact the general business of the Corporation or transact any special business of the Corporation, and may give powers of attorney to Directors of the Corporation authorized by Board resolution to transact any special business requiring such authorization. Section 4.02 Number and Qualifications. The authorized number of Directors of this Board shall be seven (7). The City Council shall appoint the Directors of the Corporation. Six (6) Directors will be nominated and approved by the City Council, and shall serve terms of three years as set forth in Section 4.05 herein. One (1) Director shall be nominated by Corporation's Board of Directors by majority vote prior to the City Council Meeting at which Board appointments are made. Said nomination must be of a sitting City Council member, and the nomination shall be subject to Council approval. The Director nominated by the Corporation's Board of Directors and approved by City Council shall serve a term of one (1) year. Each Director shall be a bona fide resident and shall reside within Lamar County, Texas, with the exception of the Director appointed from the City Council, who shall be a bona fide resident of the City of Paris as required by law. These seven (7) Directors shall constitute the Governing Body of the Paris Economic Development Corporation. The City shall consider an individual's experience, accomplishments, and educational background in appointing members to the Board. With the exception of the City Council member appointed and approved pursuant to the preceding paragraph, no former or sitting member of the City's Council shall be eligible for appointment to the Board until they have ceased to serve on City's Council for a period of at least one (1) year. Section 4.03 General Duties of the Board. The Board is hereby required to perform the following duties: 1. The Board shall vote on all matters coming before the Board for action. 2. The Board shall develop an overall economic development plan for the City which shall include and set forth both long and short term goals which the board deems necessary to accomplish compliance with its overall economic development plan. Such plan shall be approved by the City. BYLAWS -PARIS ECONOMIC DEVELOPMENT CORPORATION Updated and Approved by the City Council on 6-22-2020