1992 RES AUTHORIZING CREATION OF COP INDUSTRIAL DEVELOPMENT CORPORATION

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BYLAWS OF CITY OF PARIS INDUSTRIAL DEVELOPMENT CORPORATION ARTICLE I POWERS AND PURPOSES Section l. Firiancina of Industrial Develo ment Pro'ects. In order to implement the nurposes or which t e Corporation caas formed as set forth in the Articles of Incorporation, the Cor- poration shall issue obligations to finance a11 or part of the cost of one or more cor.imercial, industrial or manufacturing pro- jects to promote and develop commercial, industrial and manufact- uring enterprises to promote and encourage employment and the public welfare, pursuant to the provisions of the Development Corporation Act of 1979, Section 1 through 37, Article 5190.6, Vernon's Texas Civil Statutes. Section 2. Conditions Precedent to Issuance of Obliga~ tions. The Corporation shall not issue any obligations unless: 1) The City Council of the City of Paris, Texast a Unit under Article 5190.6, Vernon's Texas Civi1 Statutes, has approved by written resolution any agreement to issue obligations adopted by the Corporation, which agreement and resolution sha11 set out the amount and purpose of the obligations. No issue of obligations, including re- funding bonds, shall be sold and delivered by the Corporr ation with a written resolution of the City Council adopted no more than sixty (60) days prior to the date of sale of the obligations specifically approving the resolution of the Corporation providing for the issuance of the obli- gations; and 2) The Texas Industrial Commission, or the executive director thereof, has approved the contents of any lease, sale or loan agreement made by the Corporation under the Act in connection with the issuance of obligations by affirmatively finding that the lessee, purchaser or borrower has the business experience, financial resources and responsibility to provide reasonable assurance that all obligations and interest thereon to be paid from or by reason of such agreement will be paid as the same be- come due. Section 3. Books and Records; A roval of Pro rams and Financial Statements. T e Corporation s a eep correct an complete books and records of account and sha11 also keep minutes of the proceedings of its Board of Directors and committees having any of the authority of the Board of Directors. A11 books and re- cords of the Corporation may be inspected by any director or his agent or attorney for any proper purpose at any reasonable time; and at a11 times the City Council will have access to the books and records of the Corporation. The Unit shall be entitled to approve all programs and expenditures of the Corporation and ann- ually review any financial statements of the Corporation. Section 4. Non-profit Corp.oration. The Corporation shall be a non-pro it corporation, and no part of its net earnings re- maining after payment of its expenses shall inure to the benefit of any individual, firm or corporation, except that in the event the Board of Directors of the Corporation shall determine that sufficien.t provision has been made for the full payment of the E'X7_ HIB IT B ~