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78, NO. 2003-203R A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, RELATING TO THE AUTHORIZATION, ISSUANCE AND DELIVERY OF A NOTE OR NOTES IN AN AGGREGATE PRINCIPAL AMOUNT OUTSTANDING AT ANY TIME NOT TO EXCEED $17,500,000 BY THE CENTRAL TEXAS HIGHER EDUCATION AUTHORITY, INC.; APPROVING THE ISSUANCE OF SUCH OBLIGATIONS; AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH. WHEREAS, Central Texas Higher Education Authority, Inc. (the "Authority") was established as a non profit corporation pursuant to the Texas Non Profit Corporation Act for the purpose of furthering educational opportunities of students by providing funds for the acquisition of student loans and the refunding of revenue bonds issued by the Authority to acquire such student loans; and WHEREAS, the Authority will issue obligations for the aforesaid purposes and it is now appropriate for this governing body to approve the issuance of certain of such obligations for such purpose; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: Section '1. That the Authority has advised this Council of the Authority's intention of borrowing an amount not to exceed $17,500,000 (the "Notes"). The proceeds of the Notes will be utilized by the Authority for the purpose of refunding a portion of the Authority's revenue bonds issued for the purpose of acquiring student loans. The student loans are insured or guaranteed pursuant to the Higher Education Act of 1965, as amended. The loans are to enable students to finance post-secondary education. The Notes will be limited obligations of the Authority. They are not payable out of taxes. Section 2. That the City does not agree to assume any responsibility in connection with the administration of the Authority's student loan program. Sole responsibility for the administration of the Authority's student loan program is being assumed by the Authority. Section 3. That it is recognized by this governing body that the instruments which authorize the issuance of Notes by the Authority will specifically state that this City is not obligated to pay the principal of or interest on the Notes proposed to be issued by the Authority. Nothing in this resolution shall be construed as an indication by this City that it will pay or provide for the payment of any obligations of the said Authority whether heretofore or hereafter incurred, and in this connection, attention is called to the Constitution of Texas wherein it is provided that a City may incur no indebtedness without having made provision for its payment, and this City Council hereby specifically refuses to set aside any present or future funds, assets or money for the payment of any indebtedness or obligation of the Authority. Section 4. That this resolution shall be effective from and after its passage and approval. Section 5. That it is hereby officially found and determined that the meeting at which this resolution is passed is open to the public as required by law and that public notice of the time, place and purpose of said meeting was given as required. 45378841.1