A public corporation is created to carry out the purposes of the provisions of 1981 Wash. Laws Chapter 300 (the "act"), to promote local economic development. The public corporation shall be subject to the provisions of the act.
(Ord. 1244 § 1, 1982)
The name of the public corporation shall be the city of Prosser public corporation (the "corporation").
(Ord. 1244 § 2, 1982)
The charter of the corporation, containing such provisions as are authorized by and not in conflict with the act, is hereby approved. The corporation shall conduct its affairs in accordance with said charter and the provisions of the act.
(Ord. 1244 § 3, 1982)
A board of trustees is established to govern the affairs of the corporation. All corporate powers of the corporation shall be exercised by or under the authority of, and the business, property and affairs of the corporation shall be managed under the direction of the board of directors, except as may be otherwise provided in the charter, the bylaws of the corporation or the act. The number of directors of the board of directors shall be five, until such number shall be changed by resolution of the city council of the city.
No person shall be eligible to serve as a director except a person who has been initially appointed as a director by resolution of the city council. Each director so appointed, including the initial directors, shall serve a term of office not to exceed six years.
(Ord. 1244 § 5, 1982)
At all meetings of the board of directors, a majority of the directors in office at the time shall be sufficient to constitute a quorum. Every act or decision, done or made by a majority of the entire board of directors, at a meeting of the corporation duly held shall be regarded as the act of the board of directors.
(Ord. 1244 § 6, 1982)