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HomeMy WebLinkAboutResolution - 032863E - Amendment To By-Laws Of Southeast Lubbock Development Corporation - 03/28/1963R,SL:Ikm I RESOLUTION OU$43e WHEREAS, it has been brought to the attention of the City Commission that the Board of Directors of Southeast Lubbock Development Corporation in a regular meeting_ has voted by a majority vote to amend Article XII of the by-laws of said corporation, in accordance with the provisions of said by -Jaws; and, WHEREAS, the by-laws of said corporation provide that no amendment the shall become effective until the same has been approved by a written resolution passed by the City Commission of the City of Lubbock, Texas; and, WHEREAS, ' the City Commission of the City of Lubbock finds that it will be essential in the carrying out of future projects by Southeast Lubbock Development Corporation for said corporation to have the power to execute promissory notes, deeds of trust and any other instruments necessary to secure the assistance of federal housing agencies and federally operated or insured lending institutions and the. City Commission further finds that it will be in the best interest of said cor- poration that said Article XII be amended to include such powers; NOW THEREFO7 BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK: THAT Article XII of the by-laws of Southeast Lubbock Development Corpor- ation be and the same is hereby amended to read as follows; if ARTICLE XII.' p The President or either of the vice-presidents shall have the power to execute promissory notes. tbothe City of Lubbock, Texas, only, and such notes shall be valid only when signed by the president or either of the vice- presidents, sealed with the seal of the Corporation, and attested by the Secretary -Treasurer of the Corporation; provided, however that with regard to the project located in the Urban Renewal Area on or near Weber Avenue between 24th Street and Quirt Avenue, and being approximately 19 acres. (designated unofficially as the Weber Arms Project), and as to such project only, the president or either of the vice-presidents shall have the power to execute promissory notbs to the City of Lubbock, Texas and to such lending institutions only, together with such deeds of trust and such other necessary mortgage instruments, as may be authorized m d approved by the City Commission of the City of Lubbock, Texas, and such notes, deeds of trust, and other mortgage instruments shall be valid only when signed by the president or either of the vice presidents, sealed with the seal of the cor- poration and attested by the secretary -treasurer of the corporation." Approved and passed by the City Commission this28th day of a 1963. ATTE • a n , March J C F. STRONG, Mayor 0"