(a)
There
is hereby created the city economic development corporation, which
shall act on behalf of the city to carry out the public purposes of
section 4A of the Development Corporation Act of 1979 ([Vernon’s
Ann. Civ. St.] article 5190.6). Said corporation shall be organized
and governed in accordance with the provisions of said act, and shall
have all the powers, and shall be subject to any limitations, provided
for said corporations by said act. The city shall be considered the
unit under whose auspices the city economic development corporation
is created and the city council shall be considered to be the governing
body. The corporate existence of the city economic development corporation
shall begin upon the issuance of a certificate of incorporation by
the secretary of state.
(b)
At
any time, the city council may in its sole discretion alter the structure,
organization, programs, or activities of the corporation or terminate
or dissolve the corporation, subject only to any limitation provided
by the constitution and laws of the state on the impairment of contracts
entered into by the corporation. Such alteration or dissolution shall
be made by an ordinance duly passed and approved by the city council.
(c)
The
corporation shall have and exercise all of the rights, powers, privileges,
authority, and functions given by section 23 of the Development Corporation
Act of 1979 ([Vernon’s Ann. Civ. St.] article 5190.6).
(1998 Code, sec. 13.001)
The corporation shall have a board of directors in which all
powers of the corporation shall be vested and which shall consist
of five directors who shall be appointed by the city council for a
term of two years, and [all] of whom shall be removable by the city
council for cause or at will. The directors shall serve without compensation
except that they shall be reimbursed for their actual expenses incurred
in the performance of their duties.
(1998 Code, sec. 13.002)
(a)
The
board of directors is subject to the Open Meetings Act (Govt. Code,
chapter 551) and the Open Records Act (Govt. Code, chapter 552).
(b)
The
initial bylaws of the corporation shall be adopted by its board of
directors and approved by resolution of the city council.
(1998 Code, sec. 13.003)
(a)
The
city council will approve all programs and expenditures of the corporation
and annually review any financial statements of the corporation, and
at all times the city council will have access to the books and records
of the corporation.
(b)
The
corporation shall be a nonprofit corporation, and no part of its net
earnings remaining 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 shall determine that sufficient provision
has been made for the full payment of the expenses, bonds, and other
obligations of the corporation, then any net earnings of the corporation
thereafter accruing shall be paid to the city.
(1998 Code, sec. 13.004)
