HomeMy WebLinkAboutBylaws - 05/27/1999BYLAWS OF
COLLEGE STATION ECONOMIC
DEVELOPMENT AUTHORITY, INC.
ARTICLE 1
PURPOSE AND POWERS
Section 1. Purpose. The Corporation is incorporated for the purposes set
forth in Article Four of its Articles of Incorporation, the same to be accomplished on
behalf of the City of College Station, Texas (the "City") as its duly constituted authority
and instrumentality in accordance with the Development Corporation Act of 1979, as
amended, Article 5190.6, Tex. Rev. Civ. Stats., Ann., as amended, (the "Act"), and other
applicable laws.
Section 2. Powers. In the fulfillment of its corporate purpose, the Corporation
shall be governed by Section 4B of the Act, and shall have all of the powers set forth and
conferred in its Articles of Incorporation, in the Act, and in other applicable law, subject
to the limitations prescribed therein and herein and to the provisions thereof and hereof.
Section 1.
ARTICLE II
BOARD OF DIRECTORS
Powers. Number and Term of Office.
(a) The property and affairs of the Corporation shall be managed and
controlled by a Board of Directors (the "Board") and, subject to the restrictions imposed
by law, by the Articles of Incorporation, and by these Bylaws, the Board shall exercise all
of the powers of the Corporation.
(b) The Board shall consist of seven (7) directors, each of whom shall be
appointed by the City Council (the "City Council") of the City.
( c) The directors constituting the first Board shall be those directors named in
the Articles of Incorporation. Successor directors shall have the qualifications, shall be of
the classes of directors, and shall be appointed to the terms set forth in the Articles of
Incorporation.
( d) Any director may be removed from office by the City Council at will.
Section 2. Meetings of Directors. The directors may hold their meetings at
such place or places in the City as the Board may from time to time determine; provided,
however, in the absence of any such determination by the Board, the meetings shall be
held at the principal office of the Corporation as specified in Article V of these Bylaws.
Section 3. Notice of Meetings.
(a) Regular meetings of the Board shall be held without the necessity of notice
to directors at such times and places as shall be designated from time to time by the
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Board. Special Meetings of the Board shall be held whenever called by the president, by
the secretary, by a majority of the directors, by the Mayor of the City, or by a majority of
the City Council.
(b) The secretary shall give notice to each director of each Special Meeting in
person or by mail, telephone or telegraph, at least two (2) hours before the meeting.
Unless otherwise indicated in the notice thereof, any and all matters pertaining to the
purposes of the Corporation may be considered and acted upon at a Special Meeting. At
any meeting at which every director shall be present, even though without any notice, any
matter pertaining to the purpose of the Corporation may be considered and acted upon
consistent with applicable law.
( c) Whenever any notice is required to be given to the Board, said notice shall
be deemed to be sufficient if given by depositing the same in a post office box in a sealed
postpaid wrapper addressed to the person entitled thereto at his or her post office address
as it appears on the books of the Corporation, and such notice shall be deemed to have
been given on the day of such mailing. Attendance of a director at a meeting shall consti
tute a waiver of notice of such meeting, except where a director attends a meeting for the
express purpose of objecting to the transaction of any business on the grounds that the
meeting is not lawfully called or convened. Neither the business to be transacted at nor
the purpose of any Regular or Special Meeting of the Board need be specified in the notice
to directors or waiver of notice of such meeting, unless required by the Board. A waiver
of notice in writing, signed by the person or persons entitled to said notice, whether before
or after the time stated therein, shall be deemed equivalent to the giving of such notice.
Section 4. Open Meetings Act. All meetings and deliberations of the Board
shall be called, convened, held, and conducted, and notice shall be given to the public, in
accordance with the Texas Open Meetings Act, Article 6252-17, Tex. Rev. Civ. Stat.
Ann., as amended.
Section 5. Quorum. A majority of the directors shall constitute a quorum for
the conduct of the official business of the Corporation. The act of a majority of the direc
tors present at a meeting at which a quorum is in attendance shall constitute the act of the
Board and of the Corporation, unless the act of a greater number is required by law.
Section 6. Conduct of Business.
(a) At the meetings of the Board, matters pertaining to the business of the
Corporation shall be considered in accordance with rules of procedure as from time to
time prescribed by the Board.
(b) At all meetings of the Board, the president shall preside.
( c) The secretary of the Corporation shall act as secretary of all meetings of
the Board, but in the absence of the secretary, the presiding officer may appoint any
person to act as secretary of the meeting.
Section 7. Committees of the Board. The Board may designate two or more
directors to constitute an official committee of the Board to exercise such authority of the
Board as may be specified in the resolution. It is provided, however, that all final, official
actions of the Corporation may be exercised only by the Board. Each committee so
designated shall keep regular minutes of the transactions of its meetings and shall cause
such minutes to be recorded in books kept for that purpose in the principal office of the
Corporation.
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Section 8. Compensation of Directors. Directors shall not receive any salary
or compensation for their services as directors. However, they shall be reimbursed for
their actual expenses incurred in the performance of their official duties as directors.
ARTICLE III
OFFICERS
Section I. Titles and Term of Office.
(a) The officers of the Corporation shall be a president, a vice president, a
secretary and a treasurer, and such other officers as the Board may from time to time elect
or appoint. One person may hold more than one office, except that the president shall not
hold the office of secretary. Terms of office shall be one (I) year with the right of an
officer to be reelected.
(b) All officers shall be subject to removal from office at any time by a vote of
a majority of the entire Board.
( c) A vacancy in the office of any officer shall be filled by a vote of a majority
of the directors.
Section 2. Powers and Duties of the President. The president shall be the
chief executive officer of the Corporation, and, subject to the paramount authority of the
Board, the president shall be in general charge of the properties and affairs of the
Corporation, shall preside at all meetings of the Board, and may sign and execute all
contracts, conveyances, franchises, bonds, deeds, assignments, mortgages, notes and other
instruments in the name of the Corporation.
Section 3. Vice President. The vice president shall have such powers and
duties as may be prescribed by the Board and shall exercise the powers of the president
during that officer's absence or inability to act. Any action taken by the vice president in
the performance of the duties of the president shall be conclusive evidence of the absence
or inability to act of the president at the time such action was taken.
Section 4. Treasurer. The treasurer shall have the responsibility to see to the
handling, custody, and security of all funds and securities of the Corporation in accordance
with these bylaws. When necessary or proper, the treasurer may endorse and sign, on
behalf of the Corporation, for collection or issuance, checks, notes and other obligations in
or drawn upon such bank, banks or depositories as shall be designated by the Board
consistent with these Bylaws. The treasurer shall see to the entry in the books of the
Corporation full and accurate accounts of all monies received and paid out on account of
the Corporation. The treasurer shall, at the expense of the Corporation, give such bond
for the faithful discharge of his duties in such form and amount as the Board or the City
Council may require.
Section 5. Secretary. The secretary shall keep the minutes of all meetings of
the Board in books provided for that purpose, shall give and serve all notices, may sign
with the president in the name of the Corporation, and/or attest the signature thereto, all
contracts, conveyances, franchises, bonds, deeds, assignments, mortgages, notes and other
instruments of the Corporation, shall have charge of the corporate books, records, docu
ments and instruments, except the books of account and financial records and securities,
and such other books and papers as the Board may direct, all of which shall at all reason-
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able times be open to public inspection upon application at the office of the Corporation
during business hours, and shall in general perform all duties incident to the office of
secretary subject to the control of the Board.
Section 6. The president, each vice president, and the secretary shall be named
from among the members of the Board. The treasurer and any assistant secretaries may,
at the option of the Board, be persons other than members of the Board, but they may be
employees of the City.
Section 7. Compensation. Officers who are members of the Board shall not
receive any salary or compensation for their services, except that they shall be reimbursed
for their actual expenses incurred in the performance of their official duties as officers.
ARTICLE IV
FUNCTIONAL CORPORATE DUTIES AND REQUIREMENTS
Section 1.
ment Plan.
General Economic Northgate Hotel Conference Center Develop-
(a) It shall be the duty and obligation of the Board, in coordination with the
necessary contracting parties, to research, develop, prepare, finance, and implement the
hotel/conference center facilities development plan described in and in accordance with the
terms of that certain "Preliminary Agreement of Intent to Enter Into a Development
Agreement" (the "Preliminary Agreement"), entered into as of the day of
____ ,,.._.
1997, by and between the City and ., and to
assume and to undertake all of the City's obligations thereunder, and to succeed to the
rights of the City to enforce the same, subject to the rights of the respective parties
thereto.
(b) In carrying out its obligations under subsection (a), the Corporation shall
be authorized to exercise all rights and powers granted under the Act, including, but not
limited to Section 4B thereof, subject to the terms of the Preliminary Agreement and
subsequent related agreements, and with the objective and for the purpose of developing
and diversifying the economy of the State of Texas and the City, and the elimination of
unemployment in the State and the City and the expansion of commerce within the State.
( c) The Board shall periodically submit reports to the City Council as to the
status of its activities in carrying out its obligations under this Section.
( d) Any and all agreements between the Corporation and other parties shall be
authorized, executed, approved, and delivered in accordance with applicable law.
Section 2. Annual Corporate Budget. At least 60 days prior to the
commencement of each fiscal year of the Corporation, the Board shall adopt a proposed
budget of expected revenues and proposed expenditures for the next ensuing fiscal year.
The budget shall contain such classifications and shall be in such form as may be
prescribed from time to time by the City Council. The budget shall not be effective until
the same has been approved by the City Council.
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Section 3. Books, Records. Audits.
(a) The Corporation shall keep and properly maintain, in accordance with
generally accepted accounting principles, complete books, records, accounts, and financial
statements pertaining to its corporate funds, activities, and affairs.
(b) At the direction of the City Council, the books, records, accounts, and
financial statements of the Corporation may be maintained for the Corporation by the
accountants, staff and personnel of the City.
( c) The Corporation, or the City if the option described in subsection (b) is
selected, shall cause its books, records, accounts, and financial statements to be audited at
least once each fiscal year by an outside, independent, auditing and accounting firm
selected by the Corporation and approved by the City Council. Such audit shall be at the
expense of the Corporation.
Section 4. Deposit and Investment of Corporate Funds.
(a) All proceeds from loans or from the issuance of bonds, notes, or other debt
instruments ("Obligations") issued by the Corporation shall be deposited and invested as
provided in the resolution, order, indenture, or other documents authorizing or relating to
their execution or issuance.
(b) Subject to the requirements of contracts, loan agreements, indentures or
other agreements securing Obligations, all other monies of the Corporation, if any, shall be
deposited, secured, and/or invested in the manner provided for the deposit, security,
and/or investment of the public funds of the City. The Board shall designate the accounts
and depositories to be created and designated for such purposes, and the methods of with
drawal of funds therefrom for use by and for the purposes of the Corporation upon the
signature of its treasurer and such other persons as the Board shall designate. The
accounts, reconciliation, and investment of such funds and accounts shall be performed by
the Fiscal Services Department of the City.
Section 5. Expenditures of Corporate Money. The monies of the Corporation,
including sales and use taxes collected pursuant to Section 4B of the Act, monies derived
from rents received from the lease or use of property, the proceeds from the investment of
funds of the Corporation, the proceeds from the sale of property, and the proceeds derived
form the sale of Obligations, may be expended by the Corporation for any of the purposes
authorized by the Act, subject to the terms of the Master Agreement and to the following
limitations:
(i) Expenditures from the proceeds of Obligations shall be identified and
described in the orders, resolutions, indentures, or other agreements
submitted to and approved by the City Council prior to the execution of
loan or financing agreements or the sale and delivery of the Obligations to
the purchasers thereof required by Section 6 of this Article;
(ii) Expenditures that may be made from a fund created with the proceeds of
Obligations, and expenditures of monies derived from sources other than
the proceeds of Obligations may be used for the purposes of financing or
otherwise providing one or more "Projects," as defined in Section 4B of
the Act. The specific expenditures shall be described in a resolution or
order of the Board and shall be made only after the approval thereof by the
City Council;
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(iii) All other proposed expenditures shall be made in accordance with and shall
be set forth in the annual budget required by Section 2 of this Article or in
contracts meeting the requirements of Section I ( d) of this Article.
Section 6. Issuance of Obligations. No Obligations, including refunding Obli-
gations, shall be authorized or sold and delivered by the Corporation unless the City
Council shall approve such Obligations by action taken prior to the date of sale of the
Obligations.
Section 1.
ARTICLE V
MISCELLANEOUS PROVISIONS
Principal Office.
(a) The principal office and the registered office of the Corporation shall be the
registered office of the Corporation specified in the Articles of Incorporation.
(b) The Corporation shall have and shall continually designate a registered
agent at its registered office, as required by the Act.
Section 2. Fiscal Year. The fiscal year of the Corporation shall be the same as
the fiscal year of the City.
Board.
Section 3. Seal. The seal of the Corporation shall be as determined by the
Section 4. Resignations. Any director or officer may resign at any time. Such
resignation shall be made in writing and shall take effect at the time specified therein, or, if
no time be specified, at the time of its receipt by the president or secretary. The accep
tance of a resignation shall not be necessary to make it effective, unless expressly so
provided in the resignation.
Section 5. Approval or Advice and Consent of the City Council. To the
extent that these bylaws refer to any approval by the City or refer to advice and consent by
the Council, such advice and consent shall be evidenced by a certified copy of a resolution,
order or motion duly adopted by the City Council.
Section 6. Services of City Staff and Officers. Subject to the paramount
authority of the City Manager under the Charter of the City, the Corporation shall have
the right to utilize the services of the City Attorney, the City Secretary, and the staff and
employees of the Finance Department of the City, provided (I) that the Corporation shall
pay reasonable compensation to the City for such services, and (ii) the performance of
such services does not materially interfere with the other duties of such personnel of the
City.
Section 7. Indemnification of Directors, Officers and Employees.
(a) As provided in the Act and in the Articles of Incorporation, the
Corporation is, for the purposes of the Texas Tort Claims Act (Subchapter A, Chapter
101, Texas Civil Practices and Remedies Code), a governmental unit and its actions are
governmental functions.
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(b) The Corporation shall indemnify each and every member of the Board, its
officers, and its employees, and each member of the City Council and each employee of
the City, to the fullest extent permitted by law, against any and all liability or expense,
including attorneys fees, incurred by any of such persons by reason of any actions or
omissions that may arise out of the functions and activities of the Corporation.
ARTICLE VI
EFFECTIVE DATE, AMENDMENTS
Section 1. Effective Date. These Bylaws shall become effective upon the
occurrence of the following events:
(1) the approval of these Bylaws by the City Council� and
(2) the adoption of these Bylaws by the Board.
Section 2. Amendments to Articles oflncorporation and Bylaws. The Articles
of Incorporation of the Corporation and these Bylaws may be amended only in the manner
provided in the Articles of Incorporation and the Act.
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RESOLUTION N0.1-28-99-13.1
A RESOLUTION AUTHORIZING THE CREATION OF THE COLLEGE
STATION BUSINESS DEVELOPMENT CORPORATION, INC., AS AN
INSTRUMENTALITY OF THE CITY OF COLLEGE STATION; AND
CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT.
WHEREAS, the Development Corporation Act of 1979, Article 5190.6, Tex Rev.
Civ. Stats. Ann., as amended (the "Act"), authorizes cities to create industrial
development corporations to act on their behalf in the promotion and :financing of
projects so as to eliminate unemployment and underemployment and to promote
and encourage employment and the public welfare; and
WHEREAS, the City of College Station (the "City") is authorized to create a
corporation under the Act that is governed by Section 4B of the Act, and the City
Council intends hereby to approve the Articles of Incorporation creating the
College Station Business Development Corporation, Inc. (the "Corporation"); and
WHEREAS, the City Council has determined to authorize and approve the incor
poration of the Corporation as its constituted authority and instrumentality to act
on its behalf in accomplishing the public purposes described in the Act, in the
Articles of Incorporation, and in Article III, Section 52-a, of the Texas Constitu
tion.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF COLLEGE STATION, TEXAS:
SECTION 1. That the incorporation of the Corporation is hereby authorized and
approved as an industrial development corporation under the provisions of the Act,
with the same to be governed by Section 4B thereof.
SECTION 2. That the Articles of Incorporation of the Corporation, in the form
attached hereto, are hereby approved; the initial directors named therein are hereby
appointed as directors of the Corporation for the terms therein stated, and the
incorporators are authorized to file the same with the Secretary of State as
provided by the Act.
SECTION 3. That, upon dissolution of the Corporation, the City hereby agrees
to and shall accept title to any and all real, personal, or other property owned by
the Corporation at such time, subject to all rights of third parties that may then
exist.
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RESO LUTIONNO. 1-28-99-13.1 Page2
PASSED AND APPROVED by the City Council of the City of College Station,
Texas, on this 28th day of JANUARY 1999.
ATTEST:
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[SEAL]
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APPROVED:
APPROVED AS TO FORM:
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