R-1984-02 - Laserfiche WebLink

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... I e e ARTICLE NINE The initial bylaws of the Issuer shall be adopted by its board of directors, and the power to alter, amend or repeal the bylaws or adopt new bylaws shall be vested in the board of directors provided that the initial bylaws and all amendments thereto, substitutes therefor, and repeals thereof, shall be subj ect to the approval of the Governing Body. ARTICLE TEN Whenever all bonds and obligations of the Issuer have been paid and dis- charged or adequate provision has been made therefor and the Governing Body shall have by written resolution authorized and directed the dissolution of the corporation, the corporation shall be dissolved as provided in the Health Facilities Development Act. Whenever dissolution occurs, the title to all funds and properties then owned by the Issuer shall not be transferred to private ownership, but shall automatically vest in the City of La Porte, Texas, without any further conveyance, transfer or act of any kind whatsoever. ARTICLE ELEVEN The name and street address of each incorporator is as follows: NAME ADDRESS Virginia Cline 328 South Blackwell Ia Porte,. Texas 77571 805 South Iowa Street Ia Porte, Texas 77571 Jack Owen 326 Falk. Street Ia Porte, Texas 77571 Cherie Black ARTICLE TWELVE The name and address of the sponsoring entity is City Council of the City of La Porte, Texas, 604 West Fainront, Parkway, , , La Porte, Texas 77571 The Governing Body has by resolution specifically authorized the Issuer to act on its behalf to further the public purpose set forth in such resolution and these Articles of Incorporation and has approved these Articles of Incorporation. -4-