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A budget for the forthcoming fiscal year shall be submitted to, and approved by the <br />Board in June and delivered to the City on or before June 30. In submitting the budget to the <br />City, the Board shall submit the budget on forms prescribed by the City Manager and in <br />accordance with the annual budget preparation schedule as set forth by the City Manager. The <br />budget shall be submitted to the City Manager for inclusion in his annual budget to be presented <br />to the City Council in accordance with the Charter of the City of Paris. The budget proposed for <br />adoption shall include the projected operating expenses, and such other budgetary information as <br />shall be useful to or appropriate for the Board and the City. <br />Section 8.04 Contracts. <br />A. As provided in Section VI above, the Chairman, whose signature shall be attested <br />by the Secretary-Treasurer, shall execute any contract or other instruments which <br />the Board by resolution has approved and authorized to be executed, provided <br />however, that the Board may, by appropriate resolution, authorize any other <br />officer or officers to enter into contracts or execute and deliver instruments in the <br />name of and on behalf of the Corporation, in all such cases the signature shall be <br />attested by the Secretary-Treasurer. Such authority may be confined to specific <br />instances or defined in general terms. When appropriate, the Board may grant to <br />a Director of the Corporation a specific or general power of attorney to carry out <br />action on behalf of the Board, provided, however, that no such power of attorney <br />may be granted unless an appropriate resolution of the Board authorizes the same. <br />B. The Corporation may, with approval of the City, contract with any qualified and <br />appropriate person, association, Corporation or governmental entity to perform <br />and discharge designated tasks which will aid or assist the Board in the <br />performance of its duties; however, no such contract shall ever be approved or <br />entered into which seeks or attempts to divest the Board of its decision-making <br />and policy-making functions in discharging its duties in accordance with these <br />Bylaws. <br />Section 8.05 Checks and Drafts. All checks, drafts, or orders for the payment of money, <br />notes, or other evidences of indebtedness issued in the name of the Corporation shall be signed <br />or bear the facsimile of the Chairman and the Secretary-Treasurer and shall be issued by the <br />Director of Finance of the City of Paris. <br />Section 8.06 Deposits. All funds of the Corporation shall be deposited on a regular basis <br />to the credit of the Corporation in the City's Depository Bank. <br />Section 8.07 Gifts. The Corporation may accept on behalf of the Corporation any <br />contribution, gift, bequest, or device for the general purpose or for any special purposes of the <br />Corporation. <br />Section 8.08 Purchasing All purchases made and contracts executed by the <br />Corporation shall be made in accordance with the requirements of the Texas Constitution, <br />Statutes of the State of Texas, and these Bylaws. <br />BYLAWS-PARIS ECONOMIC DEVELOPMENT CORPORATION <br />ii <br />- C <br />je~'~.I u <br />