13-Motion to approve Amended Bylaws of the PEDC

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Section 8.09 Investments. Temporary and idle funds which are not needed for immediate obligations of the Corporation may be invested in any legal manner as set out in the Public Funds Investment Act, Section 2256 Texas Government Code, and in accordance with the Articles of Incorporation and these Bylaws. Section 8.10 Bonds. Any bonds issued by the Corporation shall be in accordance with the requirements of the Texas Development Corporation Act and all other applicable state or federal law, but in any event, no bonds shall be issued without approval of the City Council of the City of Paris after review and comment by the City's bond counsel and financial advisor. Section 8.11 Uncommitted Funds. Any uncommitted funds of the Corporation at the end of the fiscal year shall be considered a part of the Fund Balance. The Fund Balance shall be made up of two parts: Undesignated Fund Balance and Permanent Reserve Fund. The Undesignated Fund Balance may be committed for any legal purpose provided the Corporation's Board approves such commitment. The Permanent Reserve Fund shall be accumulated for the purpose of using the interest earning of such fund to finance the operation of the Corporation. Section 8.12 Fund Raising. The Corporation shall be authorized to raise funds by subscriptions, solicitation, promotions and other legitimate methods which are not in violation of statutes governing exempt organizations under Section 501 (c) (3) of the Internal Revenue Code of 1986. Funds shall be expended only in furtherance of the Corporation's purposes. SECTION IX BOOKS AND RECORDS Section 9.01 Books and Records. The City Finance Director shall keep correct and complete books and records for the Corporation in accordance with Section 4.13 and Section 6.04C of these Bylaws. Section 9.02 Inspections. All books and records of the Corporation may be inspected by Directors of the Corporation or his agent or attorney at any reasonable time, and any information which may be designated as public information by law shall be open to public inspection at any 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 BYLAWS-PARIS ECONOMIC DEVELOPMENT CORPORATION ia ~ u0 0 1