An economic development corporation shall he created as a nonprofit
corporation authorized by the state for the purpose of administering
the sales and use tax revenues collected under the Development Corporation
Act of 1979, as amended, as a type B corporation for economic development
of the city.
(Ordinance 2015-12-18-01 adopted 12/18/15)
(a) The organization and appointment of members of the board of directors of the economic development corporation is set forth in and governed by chapter
1 "general provisions", article
1.04 "boards, commissions, and committees", of the city code.
(b) The
board of directors shall conduct its meetings within the city limits.
(Ordinance 2018-05-14-01 adopted 5/14/18; Ordinance
2022-12-14-04 adopted 12/14/2022)
The directors shall be appointed by the city council, and after
such appointment are authorized to file the proposed articles of incorporation
with the state, which articles are hereby approved, and to propose
to the governing body of the city bylaws for the corporation's organization.
(Ordinance 2015-12-18-01 adopted 12/18/15)
The nonprofit corporation created under the authority of this
division shall have such authority as provided to type B corporations
under the Development Corporation Act, chapter 501, et seq., Local
Government Code, and the nonprofit corporation statutes of the state,
as now existing or as may he amended.
(Ordinance 2015-12-18-01 adopted 12/18/15)