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<br />." .:.. <br /> <br />I <br /> <br />I, <br /> <br />106 <br /> <br />(e) the authorization of the Series A Bonds of the <br />said Corporation in the principal amount of $5,000,000 as <br />they exist as of the date hereof are hereby approved. <br /> <br />SECTION 4: That the City of San Narcos, Texas, agrees <br />to .accept cash that may be conveyed to it by the Corporation when <br />such funds are not encumbered and all bonds of the Corporation <br />are paid and retired, but in no event does t~e City agree to <br />assume any responsibility in connection with the administration <br />of this student loan program; it being understood this responsi- <br />bility is being assumed by the Corporation. <br /> <br />SECTION 5: It is recognized by this governing body <br />that the ~nstruments which authorize the issuance of bonds <br />by the Corporation will specifically state that the City of <br />San Marcos, Texas, is not obligated to pay the principal of <br />or inter.est on the bonds proposed to be issued by the Corporation I <br />Nothing in this resolution shal,l be construed as as indication <br />by the City of San Marcos, Texas, that it will payor provide <br />,for the payment of any obligation of the said Corporation 'whether I <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 <br />or obligation of the Corporation, <br /> <br />SECTION 6: This resolution shall be effective from <br />and after its passage. <br /> <br />PASSED AND APPROVED this theol~ day of March, 1978. <br /> <br /> <br /> <br />arcos, Texas <br /> <br />(City Seal) <br /> <br /> <br />San Marcos, Texas <br />