The Schulenburg Economic Development Corporation was created in 1997 and organized exclusively for the purpose of benefiting and accomplishing public purposes, to act on behalf of the city, the specific purposes for which the corporation was organized, the issuance of bonds on behalf of the city and to expend the proceeds of any sales and use tax levied for the benefit of the corporation for the promotion and development of commercial, industrial and manufacturing enterprises to promote and encourage employment and public welfare. The corporation was organized under Vernon’s Ann. Civ. St. art. 5190.6, the Development Corporation Act of 1979 (the Act), and is governed by section 4B of the Act.
(Ordinance adopted 10/3/00; 1989 Code, sec. 2-129)
The Schulenburg Economic Development Corporation is governed by a board of directors. Their duties and responsibilities are outlined by section 4B of the Act, the articles of incorporation and the bylaws of the Schulenburg Economic Development Corporation, which are on file in the city secretary’s office.
(Ordinance adopted 10/3/00; 1989 Code, sec. 2-129.1)
The board of directors of the Schulenburg Economic Development
Corporation shall consist of seven (7) members and shall be appointed
by the city council for two-year terms. The terms shall be staggered
so that, absent a resignation or removal pursuant to this section,
four (4) members will be appointed in one (1) year and three (3) members
in the next year. Directors shall be removable by the city council
without cause. Any vacancy occurring on the board of directors through
death, resignation or otherwise shall be filled by appointment by
the city council for the remainder of the term of the former director.
At least three (3) of the directors shall be persons who are not officers
or employees of the city nor members of the city council. All directors
must be residents of the city. City council members appointed to the
board shall serve for terms that shall coincide with their terms on
the city council. In the event a council member’s term shall
expire, the council member’s term on the board shall also expire,
and if a vacancy is thereby created, the vacancy shall be filled by
a majority vote of the city council.
(Ordinance adopted 10/3/00; 1989 Code, sec. 2-129.2)
The business and affairs of the corporation and all corporate
powers shall be exercised by or under authority of the board of directors
(the “board”), appointed by the governing body of the
city, and subject to applicable limitations imposed by the Texas Nonprofit
Corporation Act, the Texas Business Corporation Act, the Texas Development
Corporation Act, the articles of incorporation, and/or the bylaws
of the Schulenburg Economic Development Corporation. In accordance
with state law, the city council shall require that the corporation
be responsible to it for the proper discharge of its duties. All policies
for program administration shall be submitted for council approval,
and the board shall administer said programs accordingly.
(Ordinance adopted 10/3/00; 1989 Code, sec. 2-129.3)
