TCA § 11-8-105 — Authority of board — Meetings — Bylaws — Conflicts of interest policy — Annual report — Audit of nonprofit entity
AI-assisted research summary: The board may spend and manage development fund resources, but it must meet at least twice a year, adopt bylaws, adopt and implement a conflicts-of-interest policy, and file an annual report by June 30.
The board is authorized to: Apply for and receive grants and matching funds to carry out the purposes of this chapter; Request and receive gifts, contributions, bequests, and donations from public and private sources to effectuate its purpose. Any such funds received shall be deposited into the development fund; provided, that, if any such gifts, contributions, bequests, and donations are not in the form of funds, any income, rents, or proceeds generated from the items received shall be deposited into the development fund; Create or establish a nonprofit organization, which shall also be eligible to request and receive gifts, contributions, bequests, donations, and grants from any legal and appropriate source to effectuate the development fund's purpose; Enter into contracts and cooperative agreements with state, federal, and local governments, with private individuals and corporations, and with associations and organizations, as the board may deem necessary to carry out the purposes of this chapter; Adopt policies and guidelines for the use of the development fund; Make such studies and recommendations to the department concerning the Ocoee River management zone; and Take any other necessary actions to carry out this chapter. The board shall meet not less than twice a year. The board shall adopt bylaws. The board chairperson and other officers shall be selected as provided in the bylaws. The board shall adopt and implement a policy related to conflicts of interest, to ensure that all board members avoid any situation that creates an actual or perceived conflict of interest related to the work of the development fund board. The board shall submit an annual report to the governor, speaker of the house of representatives, speaker of the senate, the chair of the energy, agriculture and natural resources committee of the senate, and the chair of the agriculture and natural resources committee of the house of representatives by June 30 of each year. The report shall include detailed information on the operation and financial status of the development fund and any nonprofit entity created pursuant to subdivision (a)(3). Any nonprofit entity created pursuant to subdivision (a)(3) shall be subject to an annual audit by the comptroller of the treasury, and the entity shall bear the full costs of the audit.