Chapter 2.56


2.56.010    Purpose – General provisions.

2.56.020    Board of directors.

2.56.030    Conflict of interest.

2.56.010 Purpose – General provisions.

For the purpose of facilitating economic development and employment opportunities within the city, there is created the city of Snoqualmie Economic Development Corporation (the “corporation”) to exist under the authority of and for the purposes authorized by Chapter 300, Laws of 1981, as the same may be amended from time to time (“Chapter 300”). The corporation shall operate under Chapter 300 and under the provisions of the charter, on file with the clerk-treasurer and by this reference incorporated in this chapter, which the city council is authorized to and does issue to the corporation and by this chapter is approved. The city council reserves the right in its discretion and at any time to alter or change the structure, organizational programs or activities of the corporation, including dissolving the corporation if the contracts entered into by the corporation are not impaired. Any net earnings of the corporation beyond those necessary for the retirement of the indebtedness incurred by it shall not inure to the benefit of any person other than the city. Upon dissolution of the corporation, title to all property owned by the corporation shall vest in the city. (Ord. 515 § 1, 1982).

2.56.020 Board of directors.

There is established a board of directors composed of seven members to govern the affairs of the corporation. The board shall be subject to the Open Public Meetings Law of the state. A majority of the directors shall constitute a quorum for the transaction of business at any board meeting, but if less than such majority be present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice. The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the board. The board shall conduct the affairs of the corporation but may delegate administrative and managerial duties to employees of the corporation. The board shall have authority to employ its own staff and independent professional consultants to carry out its duties, provide for their compensation and the compensation of members of the board, designate one or more depositories, provide for reimbursement for expenses, provide for board meetings, the principal office of the corporation. The powers and limitations of the corporation shall be as set forth in Chapter 300 and other applicable law. (Ord. 528 § 1, 1983; Ord. 515 § 2, 1982).

2.56.030 Conflict of interest.

It shall be illegal for a director, officer, agent or employee of the corporation to have directly or indirectly any financial interest in any property to be included in or any contract for property, services or materials to be furnished or used in connection with any industrial facility financed through the corporation. Violation of any provision of this section is a gross misdemeanor under state law. (Ord. 515 § 4, 1982).