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<br /> PART 2. That said City hereby approves the issuance and <br /> delivery of such Bonds and the entering into the line of credit <br /> agreement for the purposes aforesaid, and in this connection <br /> requests that the said Authority exercise the powers enumerated <br /> and provided in Section 53.47 of the Texas Education Code; that <br /> such non-profit corporation shall, in this connection, exercise <br /> such powers for and on behalf of the City and the State of Texas, <br /> as contemplated by Section 53.47(e) of the Texas Education Code. <br /> PART 3. That said City does not agree to assume any <br /> responsibility in connection with the administration of this <br /> student loan program, it being understood that this responsibility <br /> is being assumed by the Authority. <br /> PAR'I' 4. That the instruments which authorize the obligations <br /> to be incurred by the Authority will specifically state that said <br /> City is not obligated to pay the principal of or interest on the <br /> Bond s proposed to be issued by the Authority, and nothing in this <br /> Resolution shall be construed as an indication by said City that <br /> it will payor provide for the payment of any obligations of the <br /> said Authority whether heretofore or hereafter incurred, and in <br /> this connection, attention is called to the Constitution of Texas <br /> wherein it is provided that a City may incur no indebtedness <br /> without having made provisions for its payment, and said City <br /> hereby specifically refuses to set aside any present or future <br /> funds, assets or money for the payment of any indebtedness or <br /> obligation of the Authority. <br /> PART 5. That the Mayor or Mayor Pro Tempore of said City is <br /> hereby authorized and directed to assist the Authority in the <br /> preparation and execution of a request for an allocation of the <br /> state "cap" under Section lO3(n) of the Internal Revenue Code of <br /> 1954, as amended, and the assignment to the Authority of any <br /> allocation made or to be made to this City in the calendar year <br /> the Bonds are issued and delivered is hereby made and approved. <br /> PART 6. That it is hereby officially found and determined <br /> that the meeting at which this Resolution is passed is open to the <br /> public as required by law and that public notice of the time, <br /> place and purpose of said meeting was given as required. <br /> PART 7. That this Resolution shall be in full force and <br /> effect from and after its adoption. <br /> ADOPTED this the 14 day of November , <br /> 1985. <br /> ~& <br /> Emmie craddo~ <br /> Attest: Mayor ---~ <br /> s K. Womack <br /> City Secretary <br />