Res 094-99 8/17/1999z
RESOLUTION NO.
RESOLUTION APPROVING AN AMENDMENT TO ARTICLE IV,
SECTION 3(C), BOOKS, RECORDS, AUDITS, OF THE BY -LAWS OF
THE WICHITA FALLS ECONOMIC DEVELOPMENT (4A)
CORPORATION; DETERMINING THAT THE MEETING AT WHICH THIS
RESOLUTION WAS PASSED WAS OPEN TO THE PUBLIC AS
REQUIRED BY LAW.
WHEREAS, the Board of Directors of the Wichita Falls Economic Development
Corporation met on July 19, 1999 and approved an amendment to the corporation's by-
laws; and
WHEREAS, the proposed amendment would allow the corporation to avoid
duplication of auditing expenses as long as the City of Wichita Falls was maintaining
the finances as permitted by the by -laws; and
WHEREAS, any change to the corporation's by -laws must be approved by the
City Council.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. An amendment to Article 1V, Section 3(c), Books Records Audits,
of the By -laws of the Wichita Falls Economic Development (4A) Corporation is hereby
approved as follows.
Section 3. Books, Records, Audits.
(a) The Corporation shall keep and properly maintain, in accordance with
generally accepted accounting principals, complete books, records, accounts, and
financial statements pertaining to its corporate funds, activities and affairs.
(b) At the request of the Board, the Council may direct that 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. In such event, the
Corporation shall pay to the City reasonable compensation for such services.
(c) The Corporation 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. Such audit shall be at the
expense of the Corporation. If the option described in subsection (b) is selected, then
this subsection shall not be required.
(d) All books, records, accounts, and financial statements shall be kept and
administered in accordance with the Texas Public Information Act, Chapter 552, Texas
Government Code
SECTION 2. It is hereby officially found and determined that the meeting at
which this resolution was passed was open to the public as required by law.
PASSED AND APPROVED this the 17th day of August 1999.
ATTEST: