2024-022 - Approving Amendments to PEDC Bylaws

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The fiscal year of the Corporation shall begin on October 1, and end on September 30, of the following year. Section 8.03 Budget. A budget for the forthcoming fiscal year shall be submitted to, and approved by the Board in July and delivered to the City on or before August I. In submitting the budget to the City, the Board shall submit the budget on forms prescribed by the City Manager and in accordance with the annual budget preparation schedule as set forth by the City Manager. The budget shall be submitted to the City Manager for inclusion in his annual budget to be presented to the City Council in accordance with the Charter of the City of Paris. The budget proposed for adoption shall include the projected operating expenses, and such other budgetary information as shall be useful to or appropriate for the Board and the City. Section 8.04 Contracts. A. As provided in Section VI above, the Chairman, whose signature shall be attested by the Secretary -Treasurer, shall execute any contract or other instruments which the Board by resolution has approved and authorized to be executed, provided however, that the Board may, by appropriate resolution, authorize any other officer or officers to enter into contracts or execute and deliver instruments in the name of and on behalf of the Corporation, in all such cases the signature shall be attested by the Secretary - Treasurer. Such authority may be confined to specific instances or defined in general terms. When appropriate, the Board may grant to a Director of the Corporation a specific or general power of attorney to carry out action on behalf of the Board, provided, however, that no such power of attorney may be granted unless an appropriate resolution of the Board authorizes the same. B. The Corporation may, with approval of the City, contract with any qualified and appropriate person, association, Corporation or governmental entity to perform and discharge designated tasks which will aid or assist the Board in the performance of its duties: however, no such contract shall ever be approved or entered into which seeks or attempts to divest the Board of its decision-making and policy-making functions in discharging its duties in accordance with these Bylaws. 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. BYLAW'S -PARIS ECONOMIC DEVELOPMENT CORPORATION Updated and Approved by the City Council on 4-22-2024, PEDC Board on 3-19-2024