R2019-135 Resolution Authorizing Agreement-Central Illinois Land Bank Authority

Home Browse Search

Board can permit electronic or remote attendance in accordance with the Open Meetings Act. Section 5.07. Records of Meetings. Minutes shall be transcribed at all meetings, approved by the Land Bank Board, and maintained by the Land Bank. Section 5.08. Executive Committee. The Land Bank Board may choose Directors to serve on an Executive Committee. The Executive Committee shall include the officers of the Land Bank. The Executive Committee shall exercise such powers and responsibilities as are granted it in the motion creating the Committee, and in later amendments to the motion. Section 5.09. Other Committees. The Board of Directors may provide for such other committees consisting in whole or in part of persons who are not directors of the Land Bank, as it deems necessary or desirable, and discontinue any such committee at its pleasure. To the extent allowed by this Agreement, each such committee shall have such powers and perform such specific duties or functions prescribed to it by the Land Bank Board. Section 5.10. Fiduciary Duty. The members of the Land Bank Board have a fiduciary duty to conduct the activities and affairs of the Land Bank in the Land Bank's best interests. The members of the Land Bank Board shall discharge their duties in good faith and with the care an ordinarily prudent individual would exercise under similar circumstances. Section 5.11. Compensation. The members of the Land Bank Board shall receive no compensation for the performance of their duties. The Land Bank may reimburse members of �, the Land Bank Board for actual and necessary expenses incurred in the discharge of their i official duties. Section 5.12. Conflict of Interest. No member of the Land Bank Board shall vote on any matter in which such Director or any parent, spouse, child,partner, employer(notwithstanding an employer who is a Member of the Land Bank), client or similar business or personal relationship or entity has an interest in any property or business that would be affected by such action. Directors shall annually disclose all known conflicts of interest. In the event that a Director abstains from a specific vote due to a conflict of interest, the conflict shall be identified in the Board's meeting minutes. ARTICLE VI PROVISIONS FOR STAFFING AND RETENTION OF OUTSIDE SERVICES Section 6.01. Employment and Compensation of Staff. The Land Bank shall directly employ, through contract or otherwise, any staff deemed necessary to carry out the duties and responsibilities of the Land Bank. In the event that the Land Bank employs any individual, by contract or otherwise, the Land Bank Board shall have the authority to set the terms and conditions of employment, including benefits and compensation. The Land Bank, its Board and Executive Committee may also retain independent contractors. ARTICLE VII PROPERTY ACOUISITION.MANAGEMENT.AND DISPOSITION 8