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• The legal name of the Authority would be "Everett Ventures, A Public <br /> Development Authority," with the more commonly used name being "Everett <br /> Ventures." <br /> • The Authority would be managed by an eleven—member Board of Directors <br /> selected as follows: <br /> a. Two of the directors would act only in a non—voting, ex—officio <br /> capacity, with one selected by the Mayor and one by the Port <br /> Commission. <br /> b. The Mayor would select one of the nine voting Directors from the <br /> membership. <br /> c. The Port Commission would select one of the nine voting members <br /> from the membership. <br /> d. The remaining seven voting members would be selected by and from <br /> the membership of the PDA. <br /> • A "member" would be defined as any individual , corporation, partnership <br /> or public agency which contributes $500.00 or more to the PDA. <br /> • With the exception of the ex—officio members, all Board Directors would <br /> be selected for three—year terms, with no restrictions on members of <br /> the Board serving successive terms. <br /> • An annual meeting would be held of the entire membership to adopt an <br /> annual budget, certify the annual reports and statements that must be <br /> filed with the City, propose amendments or changes to the charter or <br /> rules and regulations, and elect officers and new members of the Board <br /> of Directors. <br /> • The PDA would acquire insurance to protect the Board of Directors and <br /> employees from any costs resulting from any claim or action. <br /> • The members of the corporation could not directly profit from the net <br /> earning of PDA, although the PDA could compensate Board members and <br /> officers for services and expenses. <br /> -2- <br />