The board of directors of the Capital Region Development Authority shall adopt written procedures, in accordance with the provisions of section 1-121, for:

1. (1) Adopting an annual budget and plan of operations, which shall include a requirement of board approval before the budget or plan may take effect;
2. (2) hiring, dismissing, promoting and compensating employees of the authority, which shall include an affirmative action policy and a requirement of board approval before a position may be created or a vacancy filled;
3. (3) acquiring real and personal property and personal services, which shall include a requirement of board approval for any nonbudgeted expenditure in excess of five thousand dollars;
4. (4) contracting for financial, legal, bond underwriting and other professional services which shall include a requirement that the authority solicit proposals at least once every three years for each such service which it uses;
5. (5) issuing and retiring bonds, notes and other obligations of the authority;
6. (6) providing financial assistance, which shall include eligibility criteria, the application process and the role played by the authority's staff and board of directors; and
7. (7) the use of surplus funds.

(P.A. 98-179, S. 4, 30; P.A. 12-147, S. 12.)

History: P.A. 98-179 effective June 1, 1998; P.A. 12-147 replaced “Capital City Economic Development Authority” with “Capital Region Development Authority”, effective June 15, 2012.