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Purchasing <br /> 5.05. Contracts for goods or services entered into by the Corporation and requiring the <br /> expenditure of $50,000.00 or more shall be subject to competitive bidding and /or or <br /> competitive proposal procedures as established in Chapter 252 of the Texas Local <br /> Government Code, for municipal purchasing. <br /> ARTICLE VI <br /> BOOKS AND RECORDS <br /> Required Books and Records <br /> 6.01. The Corporation shall maintain: <br /> ♦ Correct and complete books and records of account. <br /> ♦ The Corporation's books and records shall include a file endorsed copy of all <br /> documents filed with the Texas Secretary of State relating to the Corporation, <br /> including, but not limited to, the Articles of Incorporation, any articles of amendment, <br /> restated articles, articles of merger, articles of consolidation, and statement of <br /> change of registered office or agent. <br /> ♦ A copy of the bylaws and any amended versions or amendments to the bylaws. <br /> ♦ Minutes of the proceedings of the Board of Directors. <br /> • A list of names and addresses of the directors and officers of the Corporation. <br /> • A financial statement showing the assets, liabilities, and net worth of the Corporation <br /> at the end of the three most recent fiscal years. <br /> ♦ A financial statement showing the income and expenses of the Corporation for the <br /> three most recent fiscal years. <br /> ♦ All rulings, letters, and other documents relating to the Corporation's federal, state <br /> and local tax status. <br /> ♦ The Corporation's federal, state and local information or income tax returns for each <br /> of the Corporation's three most recent tax years. <br /> ♦ Annual budget which is approved by City Council. <br /> Records Open to Public <br /> 6.02. The Corporation shall be considered a "governmental body" within the meaning <br /> of the Texas Government Code, Sec. 552.003 and all records of the Corporation shall <br /> be made available to the public for inspection or reproduction in accordance with the <br /> requirements of the Texas Government Code, Chapter 552 (The Texas open Records <br /> Act). <br /> Audits <br />