(A) Composition. Pursuant to I.C. 36-7-12-6, the Economic Development Commission shall consist of a board of three (3) members, appointed as follows:
(1) One (1) of the members shall be selected by the President of the Town Council; one (1) member shall be nominated by the Hendricks County Council; and one (1) member shall be nominated by the Town Council. The Commissioners shall take office upon their appointment, and their terms of office shall run from February 1.
(2) At the expiration of the respective terms of each of the Commissioners originally appointed, their respective successors shall be selected and nominated in the same manner as the original Commissioner before the expiration of the term, and each shall serve for a term of four (4) years. A Commissioner shall hold over after the expiration of his or her term until his or her successor is appointed and has qualified.
(B) Qualifications. No person shall be appointed as a Commissioner to the Economic Development Commission who is not a resident of Hendricks County, or who is not an owner of a business in the county. If any appointed Commissioners shall cease to qualify in one (1) of the above categories, his or her appointment on the Board shall thereby terminate and his or her office shall become vacant. (`92 Code, § 2-162)
(C) Pecuniary interests.
(1) Pursuant to I.C. 36-7-12-16, a Commissioner shall disclose any pecuniary interest in any employment, financing agreement, or other contract made under I.C. 36-7-12 before any action by the commission on it, and shall not vote on any such matter.
(2) Notwithstanding any other law, a member of the Town Council may have a pecuniary interest in any employment, financing agreement, or other contract made under I.C. 36-7-12 if he or she discloses his or her pecuniary interest before any action by the Town Council on it and does not vote on any such matter.
(3) If any property in which a Commissioner or Town Council member has a pecuniary interest is property required for the purposes of I.C. 36-7-12, that property may be acquired, but only by gift or condemnation.
(Ord. 1, 1976, passed 3-15-76; Am. Ord. 2016-26, passed 10-13-16)