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<br />SECTION 4: That the City of San Marcos, Texas, agrees <br />to accept cash that may be conveyed to it by the Corporation <br />when such funds are not encumbered afrd all bonds of the <br />Corporation are paid and retired, but in no event does the <br />City agree to assume any responsibility in connection with <br />the administration of this student loan program; it being <br />understood this responsibility is being assumed by the <br />Corporation. <br /> <br />SECTION 5: It is recognized by this governing body that <br />the instruments which authorize the issuance of bonds by the I <br />Corporation will specifically state that the City of San Marcos, <br />Texas, is not obligated to pay the principal of or interest <br />on the bonds proposed to be issued by the Corporation. Nothing <br />in this resolution shall be construed as an indication for the <br />payment of any obligation of the said Corporation whether <br />heretofore or hereafter incurred, and in this connection, <br />attention is called to the Constitution of Texas wherein it is <br />provided that a City may incur no indebtedness without having <br />made provision for its payment, and the City of San Marcos <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 Corporation. <br /> <br />SECTION 6: This resolution shall be effective from and <br />after its passage. <br /> <br />ADOPTED this 5th <br /> <br />day of <br /> <br />March <br /> <br />, 1979. <br /> <br />~~L9~ <br /> <br />Mayor <br /> <br />I <br /> <br />~~ <br /> <br />Doriss Hambrick <br />City Secretary <br /> <br />APPROVED: <br /> <br />4!;~r::.t~~ <br /> <br />City Attorney <br /> <br />I <br />