HomeMy WebLinkAboutResolution - 2128 - Amend By Laws - Civic Lubbock - Article XIV - 08/12/1985MH:da
RESOLUTION
Resolution #2128
September 12, 1985
Agenda Item #8b
WHEREAS, the By-laws of Civic Lubbock, Inc. provide that any amendment
of such By-laws shall not become effective until the same has been approved
by a written resolution passed by the City Council of the City of Lubbock;
and
WHEREAS, the City Council of the City of Lubbock has determined that
it is in the best interest of the citizens of Lubbock, Texas to approve the
attached amendment to the By-laws of Civic Lubbock, Inc.; NOW THEREFORE:
BE IT RESOLVED THE BY CITY COUNCIL OF THE CITY OF LUBBOCK that the
amendment to Article XIV of the By-laws of Civic Lubbock, Inc., attached
herewith, is approved.
Passed by the City Council this 12th day c -F
ATTEST:
anettO✓Boyo, ulty 5ecreLary
A D AS TO CONTENT:
Weston, Director of Community
Facilities
APPROVED AS TO FORM:
Miche e Hart,
Assistant City Attorney
September 1Qn1;
MH: da
RESOLUTION OF THE BOARD OF DIRECTORS
OF CIVIC LUBBOCK, INC.
BE IT RESOLVED by the Board of Directors of Civic Lubbock, Inc. that
the By -Laws of Civic Lubbock, Inc. be amended so that Article XIV of such
By -Laws shall read as follows:
"Article XIV.
No profit shall ever be realized by any person in the
operation of this corporation. Twenty (20) percent of all monies
or 150,000, whichever is greater, coming into the hands of the
corporation shall be paid over to the City of Lubbock for use by
said City 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 sum not to exceed $100,000.
At such time as the funds "of the corporation shall, after
deducting the outstanding bonafide obligations thereof, exceed
the sum of $100,000, such excess over and above said reserve sum
of $100,000, shall be placed and held indefinitely in an account
entitled "Major Projects Reserve" to be expended, with the
approval of the Board of Directors and with concurrence and
approval of the City Council, on capital expenditures for
improvements to the auditorium -coliseum or the Lubbock Memorial
Civic Center for the purposes of promoting the cultural and
educational welfare of the City of Lubbock, subject to existing
policies and procedures applicable to the making of City pur-
chases. 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
purposes of promoting the educational and cultural improvement
and welfare of the citizens of the City of Lubbock and surround-
ing areas."
Motion by Jeff Klotzman; seconded by Mavis Miller.
Resolution passed on August 20, 1985.
Secretary President