(A) An ecomonic development corporation shall be created as a non-profit corporation authorized by the State of Texas for the purpose of administering the sales and use tax revenues collected under Tex. Rev. Civ. Stat. Art. 5190.6 § 4B, as amended, for economic development of the city.
(B) The directors of the non-profit corporation shall be seven in number, all of whom shall be residents of the city and shall serve at the pleasure of the governing body. No more than four of the directors may be elected city officials or city employees. Three of the initial members shall be appointed for one year terms and four of the members shall be appointed for two year terms. After the initial terms, directors shall serve for two year terms. The Board of Directors shall conduct its meetings within the boundaries of the city.
(C) The directors shall be appointed by the City Council and after such appointment, are authorized to file the proposed articles of incorporation with the State of Texas, which articles are hereby approved, and to propose to the governing body of the city by- laws for the corporation's organization.
(D) The non-profit corporation created under this section shall have such authority as provided under Tex. Rev. Civ. Stat. Art. 5190.6 § 4B, and the Non-Profit Corporation Statutes of the State of Texas, as now existing or as may be amended.
(E) An ex officio member of the Board of Directors, serving in an advisory capacity, shall be the City Administrator.
(Ord. 816, passed 6-9-98)