2024-022 - Approving Amendments to PEDC Bylaws

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the governing body of the City and subject to the applicable limitations imposed by the Texas NonProfit Corporation Act, the Texas Business Corporation Act, the Texas Development Corporation Act of 1979, the Articles of Incorporation, and these Bylaws. The Board may, by contract authorized by Board resolution, give general, limited or special power and authority to Directors of the Corporation to transact the general business of the Corporation or transact any special business of the Corporation, and may give powers of attorney to Directors of the Corporation authorized by Board resolution to transact any special business requiring such authorization. Section 4.02 Number and Qualifications. The authorized number of Directors of this Board shall be seven (7). The City shall appoint the Directors of the Corporation. Each Director shall be a bona fide resident and shall reside within Lamar County, Texas. These seven Directors shall constitute the Governing Body of the Paris Economic I:Development Corporation. The City shall consider an individual's experience, accomplishments, and educational background in appointing members to the Board. No former or sitting member of the City Council shall be eligible for appointment to the Board until they have ceased to serve on City's Council for a period of at .least one (1) year. Section 4.03 General Duties of the Board The Board is hereby required to perform the following duties: 1. The Board shall vote on all matters coining before the Board .for action. 2. The Board. shall develop an overall economic development plan for the City which shall include and set forth both long and short term goals which the board deems necessary to accomplish compliance with. its overall, economic development plan.. Such plan shall be approved by the City. 3. The Board shall review and update its overall economic development plan by June 30 of each year to ensure that said plan is up to date with the current economic climate and is capable of meeting Paris' current economic development needs. 4, The Board shall develop an annual plan of work outlining the activities, tasks, projects, and. programs to be undertaken by the Board during the upcoming fiscal year. The annual plan of work shall be submitted with the annual budget as outlined in Section 8.03 of these Bylaws. 5. The Board shall expend, in accordance with The Development Corporation Act of 1979, Type A Economic Development Corporation, the tax funds received by it on direct economic developin.e.n.t where such expenditures will. have a direct benefit to the citizens of Paris. Lamar County, Texas. As used in this section, "direct economic development" BYLAWS -PARIS ECONOMIC DEVELOPMENT CORPORATION Updated and Approved by the City Council on 4-22-2024, PEDC Board on 3-19-2024