Title
Consider/Discuss/Act on a Resolution Approving the Fifth Amended Bylaws of the McKinney Community Development Corporation
Summary
MEETING DATE: March 6, 2012
DEPARTMENT: City Manager
CONTACT: Jason Gray
RECOMMENDED CITY COUNCIL ACTION: Approve Resolution
ITEM SUMMARY:
· Resolution proposes the following change as the Fifth Amended Bylaws of the MCDC:
· Adds the following language to Article VI. Section 6:
Any budget amendment, including but not limited to the amendment of the amount or percentage of identified discretionary funds under Article VI, Sec. 5(e) below, shall also require the approval of the City Council.
· Clarifies language that funds cannot be spent for any non-discretionary project without Council approval.
Section 5:
(e) For any specific project costing One Hundred Thousand and No/100 Dollars ($100,000.00) or less, the Board has sole approval authority and may begin making expenditures sixty (60) days subsequent to the date that the public hearing notice is published as required by Sec. 5 (d), unless the Project is protested as provided in the Act. For any specific Project utilizing discretionary funds, as such funds are identified in the corporation’s City Council-approved annual budget, the Board has sole approval authority and may begin making expenditures sixty (60) days subsequent to the date that the public hearing notice is published as required by Sec. 5(d), unless the Project is protested as provided in the Act. Any non-discretionary Project’s approval shall require the affirmative vote of four (4) City Council members. The Board shall not expend any funds for a non-discretionary Project that fails to receive the required approval from the City Council. For any Project costing One Hundred Thousand and 01/100 Dollars ($100,000.01) or more, the City Council shall also conduct a public hearing and approve the Project by majority vote. The Board shall not expend any funds for a Project that fails to receive required approv...
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