Res 2007-043 - Laserfiche WebLink

Home Browse Search

I issue bonds, notes or other obligations, and otherwise exercise its borrowing power to accomplish the purposes for which it was created, provided that the Agency shall not issue bonds or notes or incur debt for a particular project without the consent of those Sponsors who are entering into a contract with the Agency for the particular project. Section 3.5 The Agency was created for the public purposes stated in the Act and will be operated not for profit. The Agency shall not permit any part of the net earnings of the Agency to inure to the benefit of any private individual, except that reasonable cornpensation rnay be paid for personal services rendered to or for the Agency affecting one or more of its purposes. ARTICLE IV BOARD OF DIRECTORS Section 4.1 Appointment, Classes, Powers. Number. and Term of Office. I A. All powers of the Agency shall be vested in the Board of Directors (the "Board"). The Board shall initially consist of thirteen (13) persons. The Agency's directors (the "Director" or "Directors") shall be appointed by position to the Board by the Sponsors in accordance with concurrent ordinances (together, the "Ordinance") creating the Agency adopted by each Sponsor in accordance with Section 422.055 of the Act. The Chair ofthe Board shall be selected by the Board from among the Directors. The City of San Marcos, Texas appoints five (5) Directors, Canyon Regional Water Authority appoints four (4) Directors, the City of Kyle, Texas appoints three (3) Directors, and the City of Buda, Texas appoints one (1) Director. The cornposition of the Board shall be based upon the arnount of water acquired for each Sponsor pursuant to the terms of the water supply contracts and shall be revised as necessary. B. Each initial Director shall serve for a term which expires on the date set forth in the Ordinance, or until his or her successor is appointed by a Sponsor, unless such Director has been appointed to fill an unexpired term in which case the term of the Director shall expire on the expiration date of the term ofthe Director whose position he or she was appointed to fill. The terms of Directors appointed by the Sponsors subsequent to the initial Directors shall expire on the date which is at least two (2) years after the date of the appointment ofthat Director. The appointment of Directors by each Sponsor may be evidenced by rninute entry or by adoption of an ordinance or resolution. The terms of Directors shall expire on September 30. Any Director may be removed frorn office at any tirne, with or without cause, by the Sponsor who appointed that Director. The number of Directors or expiration date of the terms may be increased or decreased only by an amendment to these Bylaws and with the written consent of all of the Sponsors. The Sponsors which appoint more than one mernber to the Board shall appoint rnernbers with staggered terms that expire on September 30. Directors, unless removed from office by the Sponsor who appointed them, shall continue to perform the duties of their offices until their successors are appointed and duly qualified. I Section 4.2 Meetings of Board. The Board may hold its meetings and may have an office and keep the books of the Agency at such place or places as the Board may from time to time determine; provided, however, in the absence of any such determination, such place shall be the registered office of the Agency in the State of Texas. Meetings of the Board shall be subject to -2-