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RESOLUTION 2020-026 <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, <br />TEXAS, ADOPTING AND APPROVING AN AMENDMENT TO THE <br />ARTICLES OF INCORPORATION, NOW REFERRED TO AS THE <br />CERTIFICATE OF FORMATION, OF THE PARIS ECONOMIC <br />DEVELOPMENT CORPORATION TO INCREASE THE SIZE OF THE BOARD <br />OF DIRECTORS FROM FIVE (5) MEMBERS TO SEVEN (7) MEMBERS, ONE <br />OF WHOM SHALL BE A SITTING MEMBER OF THE CITY COUNCIL WHO <br />SHALL SERVE A ONE-YEAR TERM, MAKING OTHER FINDINGS AND <br />PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN <br />EFFECTIVE DATE. <br />WHEREAS, the citizens of the City of Paris did at an election held on May 1, 1993, <br />provide for the funding of a Type A economic development corporation by the passage of a <br />one-fourth (1/4) of one percent (1%) sales and used tax to carry out industrial development <br />programs; and <br />WHEREAS, on July 12, 1993, by Resolution No. 93-076, the City Council of the City of <br />Paris adopted the Articles of Incorporation of the Paris Economic Development Corporation <br />which Articles were subsequently accepted for filing by the Secretary of State of the State of <br />Texas, who issued a Certificate of Incorporation on July 19, 1993; and <br />WHEREAS, in said Articles of Incorporation, the City Council set the number of <br />directors constituting the Board of Directors at five (5); and <br />WHEREAS, it has become desirable for the City to increase the number of directors <br />sitting on the Board of Directors from five (5) directors to seven (7) directors appointed by <br />the City Council, one of which directors shall be a sitting member of the Paris City Council <br />serving a one (1) year term; and <br />WHEREAS, on June 16, 2020, the Board of Directors of the Paris Economic <br />Development Corporation requested that the City Council approve a change to the bylaws of <br />the corporation to increase the number of directors sitting on the Board of Directors from <br />five (5) directors to seven (7) directors appointed by the City Council, one of which directors <br />shall be a sitting member of the Paris City Council serving a one (1) year term; and <br />WHEREAS, at its regular meeting on June 22, 2020, the City Council approved said <br />bylaws change; and <br />WHEREAS, to accomplish the aim of the amendment to the Corporation's bylaws, it <br />is necessary to amend the Corporation's Articles of Incorporation, now referred to as the <br />Certificate of Formation, to reflect said changes; and <br />WHEREAS, Texas Local Government Code Sec. 501.302 of the Development <br />Corporation Act provides that the governing body of the authorizing unit of such a <br />