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<br />+ Compensation of Officers <br /> <br />4.07. The officers shall not receive any salary or compensation for their services. Officers <br />may be reimbursed for their actual expenses incurred in the performance of their duties. Travel <br />expenses shall be reimbursed under the City's travel policy. <br /> <br />ARTICLE V <br /> <br />TRANSACTIONS OF THE CORPORATION <br /> <br />Contracts <br /> <br />5.01. The Board of Directors may authorize any officer or agent of the Corporation to enter <br />into a contract or execute and deliver any instrument in the name of or on behalf of the <br />Corporation. This authority may be limited to a specific contract or instrument or it may extend <br />to any number and type of possible contracts and instruments. <br /> <br />Depository Bank <br /> <br />5.02. All funds of the Corporation shall be deposited with the City's depository bank. <br /> <br />Potential Conflicts of Interest <br /> <br />5.03. The members of the Board of Directors are local public officials within the meaning of <br />Texas Local Government Code Chapter 171. If a director has a substantial interest in a <br />business entity or real property which is the subject of deliberation by the Board of Directors, <br />the director shall file an affidavit with the secretary of the Corporation stating the nature and <br />extent of the interest. Such affidavit shall be filed prior to any vote or decision upon the matter <br />by the Board of Directors, and the interested director shall abstain from any vote or decision <br />upon the matter. <br /> <br />Council Approval <br /> <br />5.04. The Board of Directors shall obtain prior City Council approval of all real estate <br />acquisitions, real estate leases for over one year and or any long-term leases; contracts, <br />expenditures, or debts over $15,000.00; and bond issues or other debt extending beyond one <br />year. The Board of Directors shall have the authority to enter into all other budgeted <br />transactions without prior City Council approval. Amendments to the budget must be approved <br />by the City Council. <br /> <br />* <br /> <br />6 <br />