Res 121-98 8/18/1998•
RESOLUTION NO. aj I -Ge
RESOLUTION AMENDING ARTICLE III, SECTION 6 OF THE BY -LAWS
OF THE WICHITA FALLS ECONOMIC DEVELOPMENT CORPORATION
CONCERNING BOND REQUIREMENTS FOR THE PRESIDENT AND
SECRETARY - TREASURER.; DETERMINING THAT THE MEETING AT
WHICH THIS RESOLUTION WAS PASSED WAS OPEN TO THE
PUBLIC AS REQUIRED BY LAW.
WHEREAS, Article IV, Section 3(b) of the Wichita Falls Economic Development
Corporation's By -laws provide that the Board may request that the City of Wichita Falls
maintain its books, records, accounts and financial statements; and
WHEREAS, the Board has made such a request which has been approved by
the City Council of the City of Wichita Falls; and
WHEREAS, the Board deems that the provision in Article III, Section 6 of the By-
laws requiring a $100,000 bond for the president and the secretary- treasurer is not
necessary as long as the City of Wichita Falls is maintaining the finances of the Board.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF WICHITA FALLS, TEXAS, THAT:
SECTION 1. Article III, Section 6 of the By -laws of the Wichita Falls Economic
Development Corporation is hereby amended as follows:
Section 6. Bonds. The president and secretary/treasurer of the Board shall each give
an official bond in the sum of not less than One Hundred Thousand ($100,000) Dollars.
The bonds referred to in this section shall be considered for the faithful accounting of all
monies and things of value coming into the hands of such officers. The bonds shall be
procured from some regularly accredited surety company authorized to do business in
the State of Texas. The premiums therefor shall be paid by the Corporation. A copy of
each officer's bond shall be filed with the City Clerk. However, no bond shall be
required of either the president or secretary- treasurer if, and as long as, the
books, records, accounts and financial statements are maintained by the City of
Wichita Falls in accordance with Article IV, Section 3(b).
SECTION 2. It is hereby officially found and determined that the meeting at
which this resolution was passed was open to the public as required by law
PASSED AND APPROVED this the 18th day of August, 1998.
ATTEST:
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City Clerk
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