[HISTORY: Adopted by the Town Council of the Town of Appomattox 10-16-2013. Amendments noted where applicable.]
STATE LAW REFERENCES
Authority for creation of economic development authority, Code of Virginia, § 15.2-4900 et seq.
There is hereby created, pursuant to the provisions of §§ 15.2-4900 through 15.2-4920, inclusive, of the Code of Virginia, 1950, as amended, a political subdivision of the Commonwealth, to be known as an Economic Development Authority, with such public and corporate powers as are set forth in such sections of the Code of Virginia.
The name of the Authority shall be the "Economic Development Authority of the Town of Appomattox, Virginia."
The Authority shall have the same powers, duties and obligations as set forth in §§ 15.2-4900 through 15.2-4920, inclusive, of the Code of Virginia, 1950, as amended.
The Authority shall be governed by a Board of Directors in which all powers of the Authority shall be vested and which Board shall be composed of seven directors, appointed by the Town Council.
The seven Directors shall be appointed initially for terms of one, two, three, and four years; two being appointed for one-year terms; two being appointed for two-year terms; two being appointed for three-year terms and one being appointed for a four-year term. Subsequent appointments shall be for terms of four years, except appointments to fill vacancies which shall be for the unexpired terms. All terms of office shall be deemed to commence upon the date of the initial appointment to the Authority and, thereafter, in accordance with the provisions of the preceding sentence. If at the end of any term of office of any Director a successor thereto has not been appointed, then the Director whose term of office has expired shall continue to hold office until his successor is appointed and qualified. Each Director shall, upon appointment or reappointment, before entering upon his duties, take and subscribe the oath prescribed by § 49-1 of the Code of Virginia, 1950, as amended. No Director shall be an officer or employee of the Town, except that members of the Town Council may serve as Directors, provided they do not comprise a majority of the Board.
Every Director shall, at the time of his appointment and thereafter, reside in the Town of Appomattox or an adjoining locality. When a Director ceases to be a resident of the Town of Appomattox or an adjoining jurisdiction, the Director's office shall be vacant and a new Director may be appointed for the remainder of the term.
A member of the Board of Directors of the Authority may be removed from office by the Town Council of Appomattox without limitation in the event that the Board member is absent from any three consecutive meetings of the Authority, or is absent from any four meetings of the Authority within any twelve-month period. In either such event, a successor shall be appointed by the Town Council for the unexpired portion of the term of the member who has been removed.
The Directors shall elect from their membership a Chairman, a Vice Chairman and, from their membership or not, as they desire, a Secretary and Treasurer, or a Secretary-Treasurer, who shall continue to hold such office until their respective successors shall be elected. The Directors shall receive no salary but may be compensated such amount per regular, special or committee meeting or per each official representation as may be approved by the Town Council, not to exceed two hundred dollars ($200.00) per meeting or official representation, and shall be reimbursed for necessary traveling and other expenses incurred in the performance of their duties.
Four members of the Board of Directors shall constitute a quorum of the Board for the purposes of conducting its business and exercising its powers and for all other purposes, except that no facilities owned by the Authority shall be leased or disposed of in any manner without a majority vote of the members of the Board of Directors. No vacancy in the membership of the Board shall impair the right of a quorum to exercise all the powers and perform all the duties of the Board.
The Board shall keep detailed minutes of its proceedings, which shall be open to public inspection at all times. It shall keep suitable records of all its financial transactions and, unless exempted by § 30-140 of the Code of Virginia, 1950, as amended, it shall arrange to have the records audited annually. Copies of each such audit shall be furnished to the Town Council and shall be open to public inspection.
Two copies of the report concerning issuance of bonds required to be filed with the United States Internal Revenue Service shall be certified as true and correct copies by the Secretary or Assistant Secretary of the Authority. One copy shall be furnished to the Town Council and the other copy mailed to the Department of Business Assistance until January 1, 2014. After January 1, 2014, one copy shall be furnished to the Town Council and the other copy mailed to the Department of Small Business and Supplier Diversity.