Res. 17-01 Amending Subsection (c) of Section 3 Article IV Functional Coorporate Duties & Requirements 03.22.17PROSPER ECONOMIC DEVELOPMENT CORPORATION
RESOLUTION
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PROSPER ECONOMIC
DEVELOPMENT CORPORATION AMENDING SUBSECTION (c) OF SECTION 3, "BOOKS,
RECORDS, AUDITS," OF ARTICLE IV, "FUNCTIONAL CORPORATE DUTIES AND
REQUIREMENTS," OF THE RESTATED BYLAWS OF THE PROSPER ECONOMIC
DEVELOPMENT CORPORATION RELATIVE TO THE ANNUAL AUDIT; MAKING FINDINGS;
AND PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the current Restated Bylaws of the Prosper Economic Development
Corporation (the "PEDC") provide in Subsection (c) of Section 3, "Books, Records, Audits," of
Article IV, "Functional Corporate Duties and Requirements," that the PEDC may not utilize the
same auditor as engaged by the Town of Prosper for the current or immediately preceding
three (3) years"; and
WHEREAS, the PEDC's auditor has determined that the foregoing provision is not
necessary and that it would be more cost-effective for the Town and the PEDC to utilize the
same auditing firm, as has been the case in previous years, and during such time no issues
have arisen; and
WHEREAS, the Board of Directors agrees that the amendment referenced below in this
Resolution is in the best interests of the Town and the PEDC and will result in cost -savings for
the PEDC and the Town.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
PROSPER ECONOMIC DEVELOPMENT CORPORATION THAT:
SECTION 1
The findings set forth above are incorporated into the body of this Resolution as if fully set
forth herein.
SECTION 2
Subject to Town Council approval, Subsection (c) of Section 3, "Books, Records, Audits,"
of Article IV, "Functional Corporate Duties and Requirements," of the Restated Bylaws of the
Prosper Economic Development Corporation is hereby amended to read as follows:
"(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, certified public accounting firm. Such auditing and
accounting firm may not perform the Corporation's annual audit for more than five
(5) consecutive years. The report of the audit, with the auditor's recommendations,
will be made to the Town Council. Upon completion of the audit, copies of the
Independent Auditor's Report and Annual Financial Report will be made available
in the office of the person performing the duties of Town Secretary, as a public
record."
Board of Directors Resolution No. _--Page 1
SECTION 3
Any and all resolutions, rules, regulations, policies, or provisions in conflict with the
provisions of this Resolution are hereby repealed and rescinded to the extent of any conflict
herewith.
SECTION 4
This Reso1L3t1011 was approved by the Board of Directors Y.filc Prosper Economic
Development Corporation on Z1 day of _j'j(112 fr—P ,y1 , 20
J' ATTEST? A Wicker, President
ii .
Robyn B aILN�;� pvufl y
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Board of Directors Resolution --Page 2