09 - Amendment to PEDC Bylaws - Laserfiche WebLink

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Item No. 9 M'emoran'dum TO: City Council FROM: Maureen Hammond, Executive Director, Paris Economic Development Corporation SUBJECT: Amendment to PEDC Bylaws DATE: July 6, 2022 BACKGROUND: During the April 19th board meeting, the PEDC board reviewed and discussed amendments to the bylaws as recommended by the Policy Review Committee. The attached amended bylaws are the final version approved by the board during the meeting. A summary of amendments and rationale follows (additions in blue, deletions in red): PROPOSED AMENDMENTS TO PEDC BYLAWS Section 4.03 General Duties of the Board 5. The Board shall expend, in accordance with St,:. iaw 11 hie U �,f, 'm"4'Coi ,,orafiw'1i, the tax funds received by it on direct economic development where such expenditures will have a direct benefit to the citizens of Paris, Lamar County, Texas. RATIONALE: The board operates under a specific State Local Government code. Updating the language to reflect the specific subtitle allows the provisions governing the organization to be easily and quickly accessible to interested parties. 7. The Corporation shall make an annual report to the City Council on oij, ,,ew �e,.Ik�aii�::�aaa.F7...:1�,,9..4..e�,a:.6 :M.a.�,��.m RATIONALE: Compilation and presentation of year-end data on or before Feb. 1 is currently challenging. Affording staff an additional 30 days will offer adequate time to prepare and coordinate with City staff on presentation date. Section 5.01 Annual Meeting. There shall be held in Jai' of each year an annual meeting of the Board of Directors. At the meeting, the annual work plan and budget for the coming year shall be presented, considered and acted upon along with such other business as has been properly noticed for said meeting. RATIONALE: See proposed budget amendment on following page. This change coincides with budget approval by the Board in July.