10-03-11 Meeting of the La Porte Development Corporation Board of Directors

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>Write checks and disburse funds to discharge obligations of the Corporation. >Maintain the financial books and records of the Corporation. >Prepare financial reports at least annually. >Perform other duties as assigned by the Board of Directors. >Prepare an annual budget. >Perform all duties incident to the office of treasurer. Compensation of Officers 4.07. The officers shall not receive any salary or compensation for their services. Officers may be reimbursed for their actual expenses incurred in the performance of their duties. Travel expenses shall be reimbursed under the City's travel policy. ARTICLE V TRANSACTIONS OF THE CORPORATION Contracts 5.01. The Board of Directors may authorize any officer or agent of the Corporation to enter into a contract or execute and deliver any instrument in the name of or on behalf of the Corporation. This authority may be limited to a specific contract or instrument or it may extend to any number and type of possible contracts and instruments. Depository Bank 5.02. All funds of the Corporation shall be deposited with the City's depository bank. Potential Conflicts of Interest 5.03. The members of the Board of Directors are local public officials within the meaning of Texas Local Government Code Chapter 171. If a director has a substantial interest in a business entity or real property which is the subject of deliberation by the Board of Directors, the director shall file an affidavit with the secretary of the Corporation stating the nature and extent of the interest. Such affidavit shall be filed prior to any vote or decision upon the matter by the Board of Directors, and the interested director shall abstain from any vote or decision upon the matter. Council Approval 5.04. The Board of Directors shall obtain prior City Council approval of all real estate acquisitions, real estate leases for over one year and or any long -term leases; contracts, expenditures, or debts over $15,000.00; and bond issues or other debt extending beyond one year. The Board of Directors shall have the authority to enter into all other budgeted transactions without prior City Council approval. Amendments to the budget must be approved by the City Council.