09 - Amendment to PEDC Bylaws - Laserfiche WebLink

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,'Vection 8.05 Checks and Drajis. Ali checks, drafts, or orders for the imyrn.ent of money, notes, or other evidences of indebtedness issued in t1w name of the Corporatiot'l sliall be signed or bear the facsimile oft o (2) of the followin&: Chainan, Vice Chaimian, Secretary TreaSUrer, or City F inance Director and sihaH be issued by the Finance Department ofthe City of Paris, Section 8.06 Deposift. All funds of the Corl,)oration shall hie deposited on a. regular basis to the credit of the Corporation in the City's Depository Bank, Section 8.07 Gyis. The Corporation may accept on behalf of the �-.'orporation. any contribution, gift, bequest, or device for the general purpose or for ainy special purposes of the Corporation. Section 8. 08 Purchasing. A] i pu irchases made and contracts executed by the Corporad on shall be made in accordance with the requirements of theTexas ConstitUtion., Statutes of the State ofTexas, and these Bylaws. S'ection 8.09 Mveshnents. 'rernporary and idle funds Aihich are not needed -for, imirnediate obhgations of the Cori..)oradon may be invested in any legal rnanner as set out in the Public'Funds, Investment Act, Section 2256 Texas Glovernment Code, and in. accordance with the Articles of Incorporation and these Bylaw& �,Tection 8.10 Bonds. Any [.)onds issued by th,e (.'otporation shall be in accordance with the requirements of tfie Texas Development (...orporalion Act and all other applicable state Or, federal law, but in. any event, no boinds shall be issued without approval of the City Council ofthe City of Paris after review and connnent by the City's bond counsel and financial advisor. Section 8. 11 1hicommitted 17unds. Any Uncommitted furids of the Corporation at the end of the fiscal, year shall be considered as part ofthe Fiand Balance. The Fi.iind Balanr.,,e shall be made up of t"To parts: I.Jndesignated Fund Mance and Permaii.ent Reserve Fund, 'rhe Undesigtiated Fund Balance may lie committed for any legal purpose prfwided the Corporation's Board approves suclih cominitmetiL The Permanent Reserve Fund sha ll. be aCCUMUlated for the purpose of using the interest 11, 6-,4 by such fund to finance the operation of the Corj:)oraflon. Need on 8.12 Fund Raising, The Corporation shall be authorized to raise funds by subscriptions, solicitation, prornatio ns and other legitimate methods which are not in violation of statutes governing exerript organizations under Section 501 (c) (3) of the Internal Revenue Code of 1986. Funds shall be expended only in frutherance of the Corporation's purposes,. BYLAWS -PARIS ECONOMIC DEVELOPMENT CORPORATION Updated and Approved by the City Council on 8-10-2020