2024-022 - Approving Amendments to PEDC Bylaws

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reasonable time. The Texas Public Information Act and Open Meetings Act shall apply to disclosure of information. Section 9.03 Audit. The Board shall provide for an annual financial audit to be performed by a competent independent audit firm employed by the City for the City's audit. Section 9.04 Quarterly Reports. The Corporation shall provide quarterly financial reports, summaries of activities, anticipated projects, and proposed dispersal of funds of $50,000 of more. Quarterly reports will be due on the 10"' day of the month of January, April, July and October. SECTIONX CORPORATE SECURITY Section 10.01 Seal. The seal of the Corporation shall be a star circled with the name of the Corporation and Paris, Texas. Section 10.02 Authorization. The Corporation shall carry out its program subject to its Articles of Incorporation, these Bylaws, and such resolutions as the Board may from time to time authorize. Section 10.03 Program. The program of the Corporation shall be to assist, stimulate, and enhance economic development in Paris, Texas, subject to applicable State and Federal law, these Bylaws, and the Articles of Incorporation. Section 10. 04 A mendments to Bylaws. "Che Bylaws :may at any time and from. time to time be amended, provided. that the Board files with the City a written application approved by the affirmative vote of four (4) or more members of the voting Board requesting that the City approve such amendment to these Bylaws, specif -ing in. such application the amendment or amendments proposed to be made. if the City Council finds, by resolution approved by an affirmative vote of five (5) or moremembers of the City Council that it is advisable to approve the Amended Bylaws, the Board shall proceed to amend these Bylaws as so approved. The Bylaws of the Corporation may also be amended independently at any time by the City Council by adopting a resolution. supported by the affirmative vote of no less than five (5) members of the City Council amending said Bylaws and by delivery of the Amended Bylaws to the Secretary -Treasurer of the Corporation. Section 10.05 Oath. The Directors of the Corporation shall take the following oath: "1, z do soleninly swear (or affirm), that I will faithfully execute the duties of the office of Director of the Paris Economic Development Corporation, Paris, Texas. and will to the best of my ability preserve, protect, and defend the Constitution and laws of the United States and of this State and of this City; and :1 furthermore solemnly swear (or affirm), that I have not directly nor indirectly paid, offered, or promised to pay, contributed, nor promised to contribute any money, or valuable thing or promised any public office or employment, as a BYLAR'S -PARIS ECONOMIC DEVELOPMENT CORPORATION Updated and Approved by the City Council on 4-22-2024, PEDC Board on 3-19-2024