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pleasure of the governing body of the City and subject to the applicable limitations imposed by <br />the Texas Non-Profit Corporation Act, the Texas Business Corporation Act, the Texas <br />Development Corporation Act of 1979, the Articles of Incorporation, and these Bylaws. The <br />Board may, by contract authorized by Board resolution, give general, limited or special power <br />and authority to Directors of the Corporation to transact the general business of the Corporation <br />or transact any special business of the Corporation, and may give powers of attorney to Directors <br />of the Corporation authorized by Board resolution to transact any special business requiring such <br />authorization. <br />Section 4.02 Number and Qualifications. The authorized number of Directors of this <br />Board shall be five (5). <br />The City shall appoint the Directors of the Corporation. Each Director shall be a bona <br />fide resident and shall reside within the corporate limits of the City of Paris. <br />The City shall consider an individual's experience, accomplishments, and educational <br />background in appointing members to the Board. <br />No former or sitting member of the City's Council shall be eligible for appointment to the <br />Board until they have ceased to serve on City's Council for a period of at least one (1) year. <br />Section 4.03 General Duties of the Board. The Board is hereby required to perform the <br />following duties: <br />The Board shall vote on all matters coming before the Board for action. <br />2. The Board shall develop an overall economic development plan for the City which shall <br />include and set forth both long and short term goals which the board deems necessary to <br />accomplish compliance with its overall economic development plan. Such plan shall be <br />approved by the City. <br />3. The Board shall review and update its overall economic development plan by June 30 of <br />each year to ensure that said plan is up to date with the current economic climate and is <br />capable of ineeting Paris' current economic development needs. <br />4. The Board shall develop an annual plan of work outlining the activities, tasks, projects, <br />and programs to be undertaken by the Board during the upcoming fiscal year. The annual <br />plan of work shall be submitted with the annual budget as outlined in Section 8.03 of <br />these Bylaws. <br />5. The Board shall expend, in accordance with State law, the tax funds received by it on <br />direct economic development where such expenditures will have a direct benefit to the <br />citizens of Paris, Lamar County, Texas. As used in this section, "direct economic <br />development" shall mean the expenditure of such tax funds for programs that directly <br />accomplish or aid in the accomplishment of creating identifiable new jobs or retaining <br />identifiable existing jobs, including job training or planning and research activities <br />BYLAWS-PARIS ECONOMIC DEVELOPMENT CORPORATION <br />- ~~~24~i <br />