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09-104 - R TOWN OF PROSPER, TEXAS RESOLUTION NO. 09-104 A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS, HEREBY AUTHORIZING AND APPROVING THE RESTATEMENT AND AMENDMENT TO THE ARTICLES OF INCORPORATION AND THE BYLAWS OF THE PROSPER ECONOMIC DEVELOPMENT CORPORATION. WHEREAS, the Town Council of the Town of Prosper, Texas authorized the Prosper Economic Development Corporation ("PEDC") to Act on its behalf and approved the Articles of Incorporation and Bylaws at the time of creation of the PEDC by Resolution No. 96-26 dated November 12, 1996; and WHEREAS, the Board of Directors of the PEDC has filed a request for approval of amendments to the Articles of Incorporation and Bylaws and the restatement thereof. NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS: SECTION 1: The Town Council of the Town of Prosper, Texas, hereby authorizes the amendment and restatement of the PEDC's Articles of Incorporation and Bylaws, and specifically approves the Restated Articles of Incorporation, attached hereto as Exhibit "A" and incorporated herein for all purposes, and the Restated Bylaws, attached hereto as Exhibit "B" and incorporated herein for all purposes. SECTION 2: This Resolution shall take effect immediately upon its passage. RESOLVED THIS the 25th day of August, 2009. RLES WANGER, Mayor ATTHEW DENTON, Town Secretary ®�®ookitlii////® ®®®moo® OF PRO�O®ss® • • i • • e . Resolution '® ........•°•• oe 2821003.1/SP/17606/0100/070909 ®®B®®/ ®� A�®®oo•% EXHIBIT"A" Restated Articles of incorporation of PEDC Resolution 2821003.1/SP/17606/0100/070909 RESTATED ARTICLES OF INCORPORATION OF PROSPER ECONOMIC DEVELOPMENT CORPORATION A TEXAS NON-PROFIT CORPORATION I, THE UNDERSIGNED natural person being at least 18 years of age and a qualified elector of the Town of Prosper, Texas (which is a duly established municipal corporation), acting as the authorized agent of a public instrumentality and non-profit Type A development corporation (the "Corporation") under the provisions of the Development Corporation Act, Tex. Local Govt. Code, Title 12,,as amended (the "Development Corporation Act"), with the approval of the governing body of the Town of Prosper, Texas (the "Town"), as evidenced by the Resolution attached hereto and made a part hereof for all purposes, do hereby adopt the following Restated Articles of Incorporation for the Corporation: ARTICLE I. NAME The name of the Corporation is Prosper Economic Development Corporation. ARTICLE II. NON-PROFIT CORPORATION The Corporation is a non-profit,Type A (former Section 4A) development corporation specifically governed by the Development Corporation Act. ARTICLE III. DURATION The period of duration of the Corporation is perpetual. ARTICLE IV. PURPOSE The Corporation is organized exclusively and may issue bonds on behalf of the Town for the public purposes of the promotion and development of new and expanded business enterprises to provide and encourage employment in the furtherance of the public welfare. The Corporation shall have and exercise all of the rights, powers, privileges, authority, and functions given by the general laws of Texas to non-profit corporations by the Texas Nonprofit Corporation Act, Tex. Civ. Stat. Ann. Art. 1396-1.01 et seq., and beginning January 1, 2010 the Business Organizations Code, as amended, and the additional powers as provided in the Development Corporation Act, including, without limitation, the issuance of bonds. The Corporation shall be subject to any limitations imposed by such Development Corporation Act upon Type A corporations. If any conflict should arise between the Texas Nonprofit Corporation Act, or beginning January 1, 2010 the Business Organizations Code, regarding the Corporation's powers, the Development Corporation Act shall control and govern the Corporation; and to the extent of a conflict between RESTATED ARTICLES OF INCORPORATION OF PROSPER ECONOMIC DEVELOPMENT CORPORATION Page 1 of 4 2809883.3/SP/17606/0100/072709 the Development Corporation Act, the provisions of such Development Corporation Act shall prevail. ARTICLE V. REGISTERED OFFICE AND AGENT The street address of the registered office of the Corporation is 170 N. Preston Road, Suite 50, Prosper, Texas 75078, and the name of the registered agent at such address is Dan Tolleson. ARTICLE VI. DIRECTORS The affairs of the Corporation shall be managed by a Board of Directors consisting of seven (7) in number whom shall be appointed by and shall serve at the pleasure of the Town Council of the Town (the "Council"). The length of office for the Directors shall be three (3) year terms, with the terms staggered so that two (2) Directors per year are appointed, but with three (3) Directors being appointed in every third year, as designated by the Council. One (1) Director shall be a member of the Town Council or the Mayor. The Town Council may, if desired, appoint one (1) additional member of the Town Council or the Mayor to be a Director, for a maximum of two (2) Directors total being members of the Town Council and/or the Mayor. Any vacancy occurring shall be filled by appointment by the Town Council and the appointee shall serve for the remaining portion of the term for which their predecessor in office was appointed. Each of the Directors shall reside within the Town. Each Director shall be eligible for reappointment. Directors are removable by the Town Council for cause or at will. The Directors shall serve as such without compensation except that they shall be reimbursed for their actual expenses incurred in the performance of their duties as Directors. ARTICLE VII. MEMBERSHIP/STOCK The Corporation has no members and is a non-stock corporation. ARTICLE VIII. AMENDMENTS These Restated Articles of Incorporation may at any time and from time to time be amended as provided in the Development Corporation Act and other applicable law so as to make any changes therein and add any provisions thereto which are lawful under the Development Corporation Act and other applicable law as then in effect. Any such amendment shall be effected in either of the following manners: (i) the members of the Board of Directors of the Corporation shall file with the Council a written application requesting approval of the amendments to these Restated Articles of Incorporation, specifying in such application the amendments proposed to be made, the Council shall consider such application and, if it shall be RESTATED ARTICLES OF INCORPORATION OF PROSPER ECONOMIC DEVELOPMENT CORPORATION Page 2 of 4 2809883.3/SP/17606/0100/072709 appropriate resolution duly find and determine that it is advisable that the proposed amendments be made and shall approve the form of the proposed amendments, then the Board of Directors of the Corporation may amend these Restated Articles of Incorporation by adopting such amendments at a meeting of the Board of Directors and delivering articles of amendment and/or restatement to the Secretary of State, or (ii) the Council may, at its sole discretion, and at any time, amend these Restated Articles of Incorporation, and alter or change the structure, organization, programs or activities of the Corporation, or terminate or dissolve the Corporation (subject to the provisions of the Development Corporation Act, and subject to any limitation provided by the constitutions and laws of the State of Texas and the United States of America on the impairment of contracts entered into the corporation) by written resolution adopting the amendment to the Restated Articles of Incorporation of the Corporation or articles of dissolution at a meeting of the governing body to the Secretary of State, as provided in the Development Corporation Act or upon election as provided in the Act. Amended or restated articles of incorporation may be filed with the Secretary of State as provided in the Development Corporation Act and other applicable law. ARTICLE IX. AUTHORIZATION The Town specifically authorized the Corporation by Resolution to act on its behalf to further the public purposes stated in said Resolution and the Articles of Incorporation, and the Town has now by Resolution approved these Restated Articles of Incorporation. ARTICLE X. DIVIDENDS No dividends shall ever be paid by the Corporation and no part of its net earnings remaining after payment of its expenses shall be distributed to or inure to the benefit of its Directors or officers or any individual, firm, corporation or association. ARTICLE XI. INTERNAL AFFAIRS The Corporation's internal affairs shall be regulated by a set of Bylaws, not inconsistent with the laws of this State or with these Restated Articles of Incorporation, which Bylaws have been approved by the Town Council,under whose offices the Corporation is created. ARTICLE XII. DISSOLUTION If the Corporation ever should be dissolved when it has, or is entitled to, any interest in any funds or property of any kind, real, personal or mixed, such funds or property or rights thereto shall not be transferred to private ownership, but shall be transferred and delivered to the Town after satisfaction or provision for satisfaction of debts and claims. [signature page follows] RESTATED ARTICLES OF INCORPORATION OF PROSPER ECONOMIC DEVELOPMENT CORPORATION Page 3 of 4 2809883.3/SP/17606/0100/072709 Presi ent Lu, Print name: cs4A a APPROVED BY THE TOWN OF PROSPER on the o2 day of nGL6e.S , 2009. MAYOR ®®� O F Pq Ave Z. o f :13 *• o ••......••• � s, SXAS,,�`‘,% 11111 RESTATED ARTICLES OF INCORPORATION OF PROSPER ECONOMIC DEVELOPMENT CORPORATION Page4of4 2809883.3/SP/17606/0100/072709 EXHIBIT"B" Restated Bylaws of PEDC Resolution 2821003.1/S P/17606/0100/070909 RESTATED BYLAWS OF PROSPER ECONOMIC DEVELOPMENT CORPORATION A TEXAS NON-PROFIT CORPORATION ARTICLE I PURPOSE AND POWERS Section 1. Purpose. The Corporation is incorporated for the purposes set forth in Article Four of its Restated Articles of Incorporation, the same to be accomplished on behalf of the Town of Prosper, Texas (the "Town") as its duly constituted authority and instrumentality in accordance with the Development Corporation Act, Tex. Local Govt. Code, Title 12, as amended (the"Act"), and other applicable laws. Section 2. Powers. In the fulfillment of its corporate purpose, the Corporation shall be a Type A (previously Section 4A) Corporation governed by the Act, and shall have all of the powers set forth and conferred in its Restated Articles of Incorporation, in the Act, and in other applicable law. ARTICLE II BOARD OF DIRECTORS Section 1. 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 Restated 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 Town Council (the "Council") of the Town. Each of the Directors shall reside within the Town. One (1) Director shall be a member of the Town Council or the Mayor. The Town Council may, if desired, appoint one (1) additional member of the Town Council or the Mayor to be a Director, for a maximum of two (2) Directors total being members of the Town Council and/or the Mayor. (c) The length of office for the Directors shall be three (3) year terms, with the terms staggered so that two (2) Directors per year are appointed, but with three (3) Directors being appointed in every third year, as designated by the Council. (d) Any director may be removed from office by the Council at will or for cause. (e) Any vacancy shall be filled by appointment by the Council and the appointee shall serve for the remaining portion of the term for which their predecessor in office was appointed. Section 2. Meetings of Directors. The directors may hold their meetings at such place or places in the Town 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 registered BYLAWS OF PROSPER ECONOMIC DEVELOPMENT CORPORATION-Page 1 2809970.3/SP/17606/0 100/072709 office of the Corporation as specified in the Restated Articles of Incorporation. Section 3. Notice of Meetings. (a) Regular meetings of the Board shall be held without the necessity of written notice to the Directors at such times and places as shall be designated from time to time by the 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 Town, or by a majority of the Town Council. Nothing contained in this Section 3 shall negate the notice requirements contained in Section 4 hereafter. (b) The secretary shall give notice to each director of each Special Meeting in person or by mail, telephone or telegraph, at least seventy-two (72) hours before the meeting. However, if the Special Meeting is for an emergency in accordance with Section 551.045 of the Texas Open Meetings Act, as amended, such notice shall be given to each director 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. (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 constitute 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 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, Tex. Govt. Code Chapter 551, as amended. Section 5. Quorum. A total of four (4) the directors shall constitute a quorum for the conduct of the official business of the Corporation, including during any period(s) where there is any vacancy(ies) on the Board. The act of a majority of the directors 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 customary practice of the Board, or if existing, rules of procedure as from time to time prescribed by the Board. BYLAWS OF PROSPER ECONOMIC DEVELOPMENT CORPORATION-Page 2 2809970.3/SP/17606/0100/072709 (b) At all meetings of the Board, the president shall preside, and in the absence of the president, the vice president shall exercise the powers of the president. (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, by written resolution, may create any committee and delegate to such committee(s) such authority as the Board deems necessary or desirable, provided that such delegation is specified in written resolution duly adopted by the Board. Anything to the contrary contained herein notwithstanding, 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. 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 duties hereunder. Section 9. Ex-Officio Members. The Town Manager or his designee may attend all meetings of the Board of Directors or Committees, including executive, private or public. The representative shall not have the power to vote in the meetings he attends; however, he shall have the right to take part in any discussion. ARTICLE III OFFICERS Section 1. 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 same person shall not serve as both president and secretary. Terms of office shall be one (1) year with the right of an officer to be reelected. Officers shall be elected by the Board at the first meeting of the Board following the annual appointment of Director(s) by the Town Council. (b) The president, vice president, and the secretary shall be elected from among the members of the Board. The treasurer and any assistant secretaries or assistant treasurers may, at the option of the Board, be persons other than members of the Board if such persons are employees of the Town or the Corporation. (c) All officers shall be subject to removal from office at any time by a vote of a majority of the entire Board. (d) 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 BYLAWS OF PROSPER ECONOMIC DEVELOPMENT CORPORATION-Page 3 2809970.3/SP/17606/0 100/072709 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 Restated 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 or banks or depositories as shall be designated by the Board consistent with these Restated 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 Council may require. Upon written resolution approved by the Board, the treasurer may delegate daily administrative and bookkeeping tasks to an assistant treasurer. 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, documents and instruments, except the papers as the Board may direct, all of which shall at all reasonable 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. Upon written resolution approved by the Board, the secretary may delegate daily administrative and notice-giving tasks to an assistant secretary. Section 6. 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 duties hereunder. Other officers may be compensated as directed by the Board. ARTICLE IV FUNCTIONAL CORPORATE DUTIES AND REQUIREMENTS Section 1. General Development Plan. (a) The Board shall research, develop, prepare, and submit to the Council for its approval, an economic development plan for the Town, which shall include proposed methods and the expected costs of implementation. The plan shall include both short-term and long-term goals for the economic development of the Town, proposed methods for the elimination of BYLAWS OF PROSPER ECONOMIC DEVELOPMENT CORPORATION-Page 4 2809970.3/SP/17606/0 100/072709 unemployment and underemployment, and the promotion of employment, through the expansion and development of a sound industrial, manufacturing, and retail base within the Town. (b) The Board shall review and update the plan each year prior to submission of the annual budget required by other provisions of these bylaws. 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 of 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 Town Manager for inclusion with the annual budget submitted to the Council. The budget shall not be effective until the same has been approved by the Council. 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 Council, the books, records, accounts, and financial statements of the Corporation may be maintained for the Corporation by the Town. In such event, the Corporation shall pay to the Town reasonable compensation for such services. (c) The Corporation, at its own expense, 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. Such auditing and accounting firm may not be the same as engaged by the Town for the audit of the Town's current or immediately preceding three (3) fiscal years; nor may any auditing and accounting firm perform the Corporation's annual audit for more than three (3) consecutive years. Section 4. Deposit and Investment of Corporate Funds. (a) All proceeds 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 the issuance. (b) All other monies of the Corporation shall be deposited, secured, and/or invested in the manner provided for the deposit, security, and/or investment of the public funds of the Town. The Board shall designate the accounts and depositories to be created for such purposes, and the methods of withdrawal of funds therefrom for use by and for the purposes of the Corporation upon the signature of its treasurer and the Town Manager. The accounts reconciliation and investment of such funds and accounts shall be performed by the Finance Department of the Town. The Corporation shall pay reasonable compensation for such services to the Town. Section 5. Expenditures of Corporate Money. The monies of the Corporation, including sales and use taxes collected pursuant to the Act, monies derived from the repayment of loans, 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 from the sale of BYLAWS OF PROSPER ECONOMIC DEVELOPMENT CORPORATION-Page 5 2809970.3/SP/17606/0100/072709 Obligations, may be expended by the Corporation for any of the purposes authorized by the Act, subject to the following limitations: (a) 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 Town Council prior to the sale and delivery of the Obligations to the purchasers thereof required by Section 6 of this Article; (b) 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 the Act. The specific expenditures shall be described in an resolution or order of the Board and shall be made only after the approval thereof by the Town Council; (c) 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. Section 6. Issuance of Obligations. No Obligations, including refunding Obligations, shall be sold and delivered by the Corporation unless the Council shall approve such Obligations by action taken no more than 60 days prior to the date of sale of the Obligations. Section 7. Staff. The Corporation shall have explicit power to employ, terminate, set compensation and direct the activities of the Director of the Corporation. The Director serves at the pleasure of the Board and may employ, terminate, set compensation and direct the activities of additional staff as approved by the Board and provided in the Corporation's approved budget. ARTICLE V MISCELLANEOUS PROVISIONS Section 1. Principal Office. (a) The principal office of the Corporation shall be the registered office of the Corporation specified in the Restated 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 Town. Section 3. Seal. The seal of the Corporation shall be as determined by the Board. 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 acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the resignation. BYLAWS OF PROSPER ECONOMIC DEVELOPMENT CORPORATION-Page 6 2809970.3/SP/17606/O 100/072709 Section 5. Approval or Advice and Consent of the Council. To the extent that these Restated Bylaws refer to any approval by the Town or the Council or refer to advice and consent by the Council, such approval, or advice and consent, shall be evidenced by a certified copy of a resolution, order, or motion duly adopted by the Council. Section 6. Services of Town Staff and Officers. Subject to approval from the Town Manager, the Corporation shall have the right to utilize the services of the Town Attorney, the Town Secretary, and the Finance Department of the Town, provided (i)that the Corporation shall pay reasonable compensation to the Town for such services, and (ii) the performance of such services does not materially interfere with the other duties of such personnel of the Town. Section 7. Indemnification of Directors, Officers and Employees. (a) As provided in the Act, 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. (b) The Corporation shall indemnify each and every member of the Board, its officers, and its employees, and each member of the Council and each employee of the Town, 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 Restated Bylaws shall become effective upon the occurrence of the following events: (a) the adoption of these Restated Bylaws by the Board; and (b) the approval of these Restated Bylaws by the Town Council. Any references to the Corporation's "Bylaws" within documents of the Corporation shall mean these Restated Bylaws, as they exist or may be amended. Section 2. Amendments to Restated Articles of Incorporation and Restated Bylaws. The Restated Articles of Incorporation of the Corporation and these Restated Bylaws may be amended only in the manner provided in the Restated Articles of corporation and t e Act. 11111/ President '`e% OF. PA fi°, APPROVED BY THE TOWN OF PROSPER ®� '••. S',O si on the a o uc1 , 2009. 0 • • Aor MAYOR • •• • i o e ®�� g'se •Q•; BYLAWS99 o. s iO 6 6 0O0 PROSPER ECONOMIC CONOMIC DEVELOPMENT CORPORATION-Page 7 '®� �� �X� ` %N t S ®•>