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City of Paris Paris Tax Increment Financing Reinvestment Zone No. 1 Board of Directors BYLAWS ARTICLE I POWERS AND PURPOSE Section 1. Financia Development or Redevelo went in the Zone. In order to implement the purposes for which Tax Increment Financing Reinvestment Zone No. 1, City of Paris, Texas (the "Zone") was formed, as set forth in Ordinance No. 2019-045, dated November 11, 2019, creating the Zone, the City of Paris, Texas (the "City") may issue obligations to finance all or part of the cost of implementing the "project plan" for the Zone as defined in the Tax Increment Financing Act of the Tax Code, Chapter 311, Vernon's Texas Codes Annotated (the "Act"). Section 2. Books and Records: Aroval of Pro rams and Financial Statements. The Board of Directors shall keep correct and complete books and records of account and shall also keep minutes of its proceedings and the proceedings of committees having any of the authority of the Board of Directors. All books and records of the Zone may be inspected by any director or his agent or attorney for any proper purpose at any reasonable time; and at all times the City Council and the City Finance Director will have access to the books and records of the Zone. The City Council must approve all programs and expenditures for the Zone and annually review any financial statements of the Zone. ARTICLE II BOARD OF DIRECTORS Section 1. Powers Number, and Term of Office. The property and affairs of the Zone shall be managed and controlled by the City Council based on the recommendations of the Board of Directors of the Zone ("Board of Directors" or "Board"), which shall function in an advisory capacity subject to the restrictions imposed by law, the ordinance creating the Zone, and these Bylaws. The Board of Directors shall consist of five (5) directors appointed by the City Council of the City. Its membership shall include two staff directors employed by the City of Paris and three non -staff directors. Three directors of first Board of Directors shall serve for an initial term ending December 31, 2021 or until his or her successor is appointed. The remaining two