02-09-15 amended Bylaws/City of La Porte Development Corp

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one year; all bond issues or other debt extending beyond one year; and, contracts, expenditures, or debts over $15,000.00. The Board of Directors shall have the authority to enter into all other budgeted transactions without prior or additional City Council approval. Notwithstanding the foregoing, the Board of Directors shall have the authority to approve all budgeted Enhancement Grant expenditures for an amount equal to or less than $25,000, without prior or additional approval of City Council. Amendments to the Corporation's budget must be approved by the City Council. Purchasing 5.05. Contracts for goods or services entered into by the Corporation and requiring the expenditure of $50,000.00 or more shall be subject to competitive bidding and/or or competitive proposal procedures as established in Chapter 252 of the Texas Local Government Code, for municipal purchasing. ARTICLE VI BOOKS AND RECORDS Required Books and Records 6.01. The Corporation shall maintain: ♦ Correct and complete books and records of account. ♦ The Corporation's books and records shall include a file endorsed copy of all documents filed with the Texas Secretary of State relating to the Corporation, including, but not limited to, the Articles of Incorporation, any articles of amendment, restated articles, articles of merger, articles of consolidation, and statement of change of registered office or agent. ♦ A copy of the bylaws and any amended versions or amendments to the bylaws. ♦ Minutes of the proceedings of the Board of Directors. ♦ A list of names and addresses of the directors and officers of the Corporation. ♦ A financial statement showing the assets, liabilities, and net worth of the Corporation at the end of the three most recent fiscal years. ♦ A financial statement showing the income and expenses of the Corporation for the three most recent fiscal years. ♦ All rulings, letters, and other documents relating to the Corporation's federal, state and local tax status. ♦ The Corporation's federal, state and local information or income tax returns for each of the Corporation's three most recent tax years. ♦ Annual budget which is approved by City Council.