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2.28.020: NAME:
The name of the public corporation shall be the Industrial Development Corporation of the city of Hailey, Idaho (corporation). (Ord. 942 § 1, 2006)
2.28.030: POWERS:
The corporation shall have all the powers and be subject to all the limitations and provisions contained in the act. Such powers shall include, without limitation, all powers set forth in the charter. (Ord. 942 § 1, 2006)
2.28.040: GRANT OF CHARTER:
A charter (charter) is hereby issued by the city to the corporation. The charter grants to the corporation all powers authorized by the act. A charter, a copy of which is attached to the ordinance codified herein, has been presented to the city council for inclusion in the minutes of the meeting where this ordinance is being adopted and is incorporated herein by reference. The charter is hereby approved pursuant to Idaho Code section 50-2703(1), as amended. The charter may be amended from time to time by the city council. The existence of the corporation commences at the time the enactment of this ordinance becomes effective. (Ord. 942 § 1, 2006)
2.28.050: BOARD OF DIRECTORS:
   A.   The board of directors of the corporation (board) shall be comprised of five (5) members appointed by the city council, consisting of a minimum of four (4) residents of the city while one member may be a resident of Blaine County. Of the members first appointed, one member shall serve for a term of one year, two (2) members shall serve for a term of two (2) years, and two (2) members shall serve for a term of three (3) years. Thereafter, upon expiration of a term of appointment, each member shall be appointed to a three (3) year team. If a vacancy occurs during an unexpired term, the city council shall appoint a member to serve the remainder of the unexpired term. A majority of the members of the board shall constitute a quorum, and the approval of a majority of a quorum shall be necessary for the board to take any action.
   B.   The affairs of the corporation shall be conducted and carried out by the board of directors. The board shall elect officers from among its own members. Such officers shall be elected at the initial meeting of the board in each calendar year, shall serve until their successors have been duly elected, and shall include a president and a secretary and may include a vice president and an assistant secretary. The board may elect such other officers as it shall from time to time determine to be necessary or desirable. The board shall adopt bylaws and/or rules and regulations governing the election of officers, the powers and duties of such officers, the scheduling, giving notice of, and conduct of meetings, and the conduct of the corporation. Such bylaws, rules and regulations may be amended from time to time by the board; provided, that any such amendments shall be consistent with the provisions hereof.
   C.   Members of the board shall serve without compensation but with reimbursement of expenses as may be provided in the bylaws, rules and regulations of the board. (Ord. 942 § 1, 2006)
2.28.060: CONFLICT OF INTEREST:
No director, officer, agent, employee or official of the corporation shall have a direct or indirect financial interest in any property to be included in or any contract for property, service or materials to be furnished or used in connection with any industrial development facility financed through the corporation. (Ord. 942 § 1, 2006)
2.28.070: MUNICIPAL FUNDS AND PROPERTY:
The city may not give or lend any money or property in aid of the corporation except as expressly authorized by the act. This provision shall not preclude the city from dealing with the corporation on an arms length basis. (Ord. 942 § 1, 2006)
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