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/~~ I I I. .:J I 105 I RESOllll'ION NO. 1978-33-R A RESOLUTION by 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; provi9ing 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 proceed to re-organize and re-establish a non- profit corporation pursuant to the Texas Non-Profit Corporation Act, for the purpose of furthering educational opportunites 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. It; ~d . WHEREAS, the Central 7exas 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 1: 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 guaranteed 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 issued as "Series A" bonds in the aggregate principal amount of $5,000,000; 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 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 purposes aforesai and in this connection requests that the said Corporation exercis the power 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 53.4- (e) of the Texas Education Code. SECTIOH 3: That the following instruments. to wit: (a) the By-Laws of the Corporation, as adopted by the Board of Directors; (b) the Articles of Amendment to the Articles of Incor- poration of the Corporation; 1c) 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