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<br />179 <br /> <br />RESOLUTION 1987-99R <br /> <br />A RE~OLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, AUTHORIZING A REQUEST TO THE INTERNAL <br />REVENUE SERVICE FOR A DETERMINATION OF CERTAIN MATTERS <br />RELATING TO CENTRAL TEXAS HIGHER EDUCATION AUTHORITY, <br />INC., AND CONTAINING OTHER PROVISIONS RELATED THERETO. <br /> <br />WHEREAS, legal questions have been raised regarding permissible <br />dispositions of funds and assets of Central Texas Higher Education <br />Authority, Inc. (IICTHEA") and the legal effects of any such <br />dispositions under current federal tax law; and, <br /> <br />WHEREAS, the City Council finds and determines that it will be in <br />the best interests of the City of San Marcos, Texas (the "City") and <br />its citizens for the City to seek and obtain a determination from the <br />Internal Revenue Service with respect to disposition of such funds and <br />assets and the legal consequences of any such dispositions, as <br />hereinafter provided; now, therefore, <br /> <br />BE <br />TEXAS: <br /> <br />IT <br /> <br />RESO LVED <br /> <br />BY <br /> <br />THE <br /> <br />CITY COUNCIL OF THE CITY OF SAN MARCOS, <br /> <br />SECTION 1. That the statements contained in the preamble of this <br />resolution are true and correct and are adopted hereby as findings of <br />fact and operative provisions hereof for all purposes. <br /> <br />SECTION 2. That the City shall seek a determination from the <br />Internal Revenue Service as to dispositions of funds and assets of <br />CTHEA and the legal effects of such dispositions, under currently <br />applicable federal tax law. <br /> <br />SECTION 3. That Hutchison Price Boyle & Brooks, bond counsel <br />for the City ("Bond Counsel") is hereby authorized and requested to <br />make application to the Internal Revenue Service for such <br />determination, by way of a request for private letter ruling or other <br />procedure deemed appropriate by Bond Counsel; and Mr. Rick P. Fisher <br />and Mr. Kenneth R. Artin of such firm are each named attorney-in-fact <br />for the City for all purposes of seeking, prosecuting and obtaining <br />such determination on behalf of the City. <br /> <br />SECTION 4. That the Mayor, J.E. Younger, and other appropriate <br />officers and employees of the City are hereby authorized and directed <br />to execute any and all powers of attorney and other authorizations and <br />other evidences of authority on behalf of the City deemed necessary or <br />appropriate by, and to cooperate fully with, Bond Counsel in the <br />preparation, submission and prosecution of such application for <br />determination. <br /> <br />SECTION 5. That this Resolution shall be in full force and effect <br />from and after its passage. <br /> <br />ADOPTED this <br /> <br />27 <br /> <br />day of <br /> <br />~... . Ul.,!.... .. ' 19 87 <br />ï <br />'- ~v.~ <br />I . <br />, . Yo 19 e . <br />Mayor <br /> <br /> <br />J is K. Womack <br />City Secretary <br />