2022-049 - Consider Amending the PEDC Bylaws Making Other Fiindings and Provisios Related to the Subject and Declariing an Effective Date

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Section 8.05 Checks and Drafts. All checks, drafts, or orders for the payment of money, notes, or other evidences of indebtedness issued in the name of the Corporation shall be signed or bear the facsimile of two (2) of the following: Chairman, Vice -Chairman, Secretary -Treasurer, or City Finance Director and shall be issued by the Finance Department of the City of Paris. Section 8.06 Deposits. All funds of the Corporation shall be deposited on a regular basis to the credit of the Corporation in the City's Depository Bank. Section 8.07 Gifts. The Corporation may accept on behalf of the Corporation any contribution, gift, bequest, or device for the general purpose or for any special purposes of the Corporation. Section 8.08 Purchasing. All purchases made and contracts executed by the Corporation shall be made in accordance with the requirements of the Texas Constitution, Statutes of the State of Texas, and these Bylaws. Section 8.09 Investments. Temporary and idle funds which are not needed for immediate obligations of the Corporation may be invested in any legal manner as set out in the Public Funds Investment Act, Section 2256 Texas Government Code, and in accordance with the Articles of Incorporation and these Bylaws. Section 8.10 Bonds. Any bonds issued by the Corporation shall be in accordance with the requirements of the Texas Development Corporation Act and all other applicable state or federal law, but in any event, no bonds shall be issued without approval of the City Council of the City of Paris after review and comment by the City's bond counsel and financial advisor. Section 8.11 Uncommitted Funds. Any uncommitted funds of the Corporation at the end of the fiscal year shall be considered a part of the Fund Balance. The Fund Balance shall be made up of two parts: Undesignated Fund Balance and Permanent Reserve Fund. The Undesignated Fund Balance may be committed for any legal purpose provided the Corporation's Board approves such commitment. The Permanent Reserve Fund shall be accumulated for the purpose of using the interest -a�.r..�earned of -_by such fund to finance the operation of the Corporation. Section 8.12 Fund Raising. The Corporation shall be authorized to raise funds by subscriptions, solicitation, promotions and other legitimate methods which are not in violation of statutes governing exempt organizations under Section 501 (c) (3) of the Internal Revenue Code of 1986. Funds shall be expended only in furtherance of the Corporation's purposes. BYLAWS -PARIS ECONOMIC DEVELOPMENT CORPORATION Updated and Approved by the City Council on 8-10-2020