Title
Consider/Discuss/Act on the Election of Officers and Establishing Officer Term Lengths
Summary
COUNCIL GOAL: Operational Excellence
MEETING DATE: September 6, 2022
DEPARTMENT: City Secretary Office
CONTACT: Empress Drane, City Secretary
RECOMMENDED CITY COUNCIL ACTION: Elect a President, Vice President, Secretary, and Treasurer of the Corporation, and determine whether officer terms will be one (1) or two (2) years in length.
ITEM SUMMARY:
• In accordance with MPFC Bylaws,
o 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.
o Terms of office shall not exceed two (2) years, provided that an officer may be re-elected to such position by the Board of Directors.
o All officers must be a member of the Board.
BACKGROUND INFORMATION:
• The McKinney Public Facility Corporation was formed on June 21, 2022, for the purpose of financing, refinancing, or providing the costs of public facilities.
• The MPFC Articles of Incorporation and Bylaws were approved on June 21, 2022, under Resolution No. 2022-06-085(R).
• The MPFC shall endeavor to have at least directors with financial experience and at least one director with real estate law experience.
FINANCIAL SUMMARY: N/A
BOARD OR COMMISSION RECOMMENDATION: N/A