Res 1979-015 - Laserfiche WebLink

Home Browse Search

I I I 14,1~ !- 34 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS; TEXAS; RELATING TO THE CENTRAL TEXAS HIGHER EDUCATION AUTHORITY, INC.; APPROVING CERTAIN ACTIONS TAKEN BY THE BOARD OF DIRECTORS OF THE CORPORATION; APPROVING THE DIRECTORS THEREOF; PROVIDING AN EFFECTIVE DATE. WHEREAS, the governing body of the City of San Marcos, Texas, on the 14th day of February, 1977, requested that certain individuals proceeded to re-organize and re-establish 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; that such has been accomplished, the corporation being known as the "Central Texas Higher Education Authority, Inc."; and, WHEREAS, the Central Texas Higher Education Authority, Inc. has proceeded in the development of a plan of doing business and it is now appropriate for this governing body to approve the actions taken and the composition of the Board of Directors of the said Corporation; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION I: This governing body has been advised by the Central Texas Higher Education Authority, Inc. that such Corporation, upon approval thereof by the governing body of the City of San Marcos, Texas, proposes to issue revenue bonds in order to obtain funds to purchase student loan notes which are insured under the provisions of the Higher Education Act of 1965 (Public Law 89-329), as amended, as provided by Chapter 53 of the Texas Education Code; that such bonds would be initially issued as "Series B" bonds in the aggregate principal amount of $15,000,000 and that such bonds would be payable from and be 'secured by a pledge of revenues derived from or by reason of the ownership of student loan notes and investment income after deduction of such expenses for operating the loan program as may be specified by the bond resolution or trust indenture authorizing or securing such bonds and the payment thereof. SECTION 2: This governing body hereby requests that the Central Texas Higher Education Authority, Inc., proceed with the issuance and delivery of such bonds for the purpose aforesaid, and in this connection requests that the said Corporation exercise the powers enumerated and provided in Section 53.47 of the Texas Education Code; that such non-profit corporation shall, in this connection, exercise such powers for and on behalf of the City and the State of Texas, as contemplated by Section 53.47(e) of the Texas Education Code. SECTION 3: That the following instruments or actions, to-wit: (a) the By-Laws of the Corporation, as adopted by th~ Board of Directors; (b) the Articles of Amendment to the Articles of Incor- poration of the Corporation; (c) the Plan of Doing Business of the Corporation, as adopted by the Board of Directors; (d) the election or designation of the eleven Directors of the Corporation; and, (e) the authorization of the Series B bonds of the said Corporation in the principal amount of $15,000,000; are herebyO approved.