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City of Paris <br />Paris Tax Increment Financing Reinvestment Zone No. I Board of <br />Directors <br />BYLAWS <br />ARTICLE I <br />POWERS AND PURPOSE <br />Section 1. Financin Development or Redeveloment in the Zone. In order to implement <br />the purposes for which Tax Increment Financing Reinvestment Zone No. 1, City of Paris, Texas <br />(the "Zone") was formed, as set forth in Ordinance No. 2019-045, dated November 11, 2019, <br />creating the Zone, the City of Paris, Texas (the "City") may issue obligations to finance all or <br />part of the cost of implementing the "project plan" for the Zone as defined in the Tax Increment <br />Financing Act of the Tax Code, Chapter 311, Vernon's Texas Codes Annotated (the "Act"). <br />Section 2. Books and Records: Ajjmroval of Programs and Financial Statements. The <br />Board of Directors shall keep correct and complete books and records of account and shall also <br />keep minutes of its proceedings and the proceedings of committees having any of the authority <br />of the Board of Directors. All books and records of the Zone may be inspected by any director <br />or his agent or attorney for any proper purpose at any reasonable time; and at all times the City <br />Council and the City Finance Director will have access to the books and records of the Zone. <br />The City Council must approve all programs and expenditures for the Zone and annually review <br />any financial statements of the Zone. <br />ARTICLE II <br />BOARD OF DIRECTORS <br />Section 1. Powers Number and Term of Office. The property and affairs of the Zone <br />shall be managed and controlled by the City Council based on the recommendations of the Board <br />of Directors of the Zone ("Board of Directors" or "Board"), which shall function in an advisory <br />capacity subject to the restrictions imposed by law, the ordinance creating the Zone, and these <br />Bylaws. <br />The Board of Directors shall consist of (, 5)��4 ��,�r e „ directors appointed by the City Council <br />ofthe City. llts°'°N�°�a���r"iP��.fi.n��...;w�t.r,f� <br />r. <br />Three directors of first Board of Directors shall serve for an initial term ending December 31, <br />2021 or until his or her successor is appointed. The remaining two directors shall serve an initial <br />term ending December 31, 2022. Subsequent directors shall be appointed by the City Council, <br />