HomeMy WebLinkAboutResolution - 092762F - Amend Civic Lubbock, Inc. By-Laws, Article XIV - 09/27/1962Copy given
Mr Gandy,
Mgr.Audito
Coliseuzp,
11-6-1962
:wg
RESOLUTION MR F
WHEREAS, it has been brought to the attention of the City Commission that
the Board of Directors of Civic Lubbock, Inc. in a meeting called for the purpose
of consideration of an amendment of Article XIV, of the By -Laws of said Corpora-
tion, has by an affirmative vote of nine of its members voted to amend said
Article XIV; and,
WHEREAS, the By -Laws of said Corporation require that no supplement,
amendment or change shall become effective unless and 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 it to be in the
best interest of said Corporation that said Article XIV be amended; NOW THERE-
FORE:
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LUBBOCK:
THAT Article XIV of the By -Laws of Civic Lubbock, Inc., be and the same
is hereby amended to read as foIbws:
ARTICLE XIV.
No profit shall ever be realized by any person in the operation of this Corpor
tion. All moneys coming into the hands of the Corporation above that reasonably
necessary for use by the Corporation in carrying out its corporate purposes of
promoting the cultural and educational welfare of the citizens of the City of Lubbocl
and surrounding area, shall be paid over to the City of Lubbock for use by said Cit;
in the furtherance of the educational and cultural improvement of the citizens of the
City of Lubbock and the surrounding area. It shall be the policy of the Corporation
to seek to maintain a sum of money in reserve, over and above current obligations,
for various contingencies in connection with the operation thereof, such reserve su
not to exceed $50, 000. At such time as the funds of the corporation shall, after
deducting the outstanding bonafide obligations thereof exceed the sum of $50, 000,
the treasurer shall pay such excess over and above said reserve sum of $50, 000
to the City of Lubbock to be deposited by such City in an account or fund to be ex-
pended for the payment of bonded indebtedness upon the City of Lubbock Auditorium
Coliseum or for any other expenses incident to providing educational and cultural
programs and attractions for the City of Lubbock and the surrounding area. In the
event of dissolution of this Corporation, all funds or assets of said Corporation,
after the payment of all corporate debts, shall vest in the City of Lubbock for the
purpose of promoting the educational and cultural improvement and welfare of the
citizens of the City of Lubbock and surrounding areas.
Approved and passed by the City Comm
1962.
ATTEST:
i this27th day of
F. S BONG, Mayor Far, r5t^3
City N
A for .y