HomeMy WebLinkAboutResolution - 3991 - Amendment To Bylaws - LHFDC - Limitation Of Purposes - 10/06/1992Resolution No. 3991
October 6, 1992
Item #23
RESOLUTION
A RESOLUTION APPROVING AN AMENDMENT TO SECTION 1.3 OF THE BY-LAWS OF
LUBBOCK HEALTH FACILITIES DEVELOPMENT CORPORATION.
WHEREAS, the Board of Directors of the Lubbock Health Facilities
Development Corporation has approved an amendment to Sec. 1.3 of its by-
laws; and
WHEREAS, Section 221.027 of the Texas Health & Safety Code requires
all amendments to the By-laws of Lubbock Health Facilities Development
Corporation be approved by the City Council of the City of Lubbock; and
WHEREAS, the City Council has reviewed the amendment to the By-laws
heretofore set forth; and
WHEREAS, the City Council finds that it would be in the best interest
of the Lubbock Health Facilities Development Corporation and the citizens of
the City of Lubbock to approve said amendment; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the amendment to Sec. 1.3 of the By-laws of Lubbock Health
Facilities Development Corporation as set forth below be and is in all
things approved by the City Council of the City of Lubbock.
"Limitation on Purposes. In the exercise of its powers and the
accomplishment of the purposes of the corporation, no real, personal,
or mixed property shall be acquired, constructed, provided, improved,
financed, or refinanced unless such property constitutes a "health
facility", as defined in the Health Facilities Development Act,
Chapter 221, Tex. Health & Safety Code; and
(a) the "user" of such "health facility" is a "non-profit
corporation" and such user is an organization described in
Section 501(c)(3) of the Internal Revenue Code of 1954, as
amended, and is exempt from tax under Section 501(a) of such
Code; or
(b) the transaction involves the refinancing or refunding of
obligations previously,the corporation, including
costs associated with such refina 'ng �r-re+mtd4-qg."
Passed by the City Council this
City ecretary Ranette Bo
DGV:dw/Agenda-D2/By1aws.Res
September 30, 1992
tober ,f/ , 1
10
ED AS TO FORM:
ucm aia u. vanalver, firs
Assistant City Attorney