Res 1977-009 - Laserfiche WebLink

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\ 183 RESOLUTION NO. 1977-9-R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AUTHORIZING THE CREATION, ORGANIZATION OR REORGANIZA- TION OF A NON-PROFIT CORPORATION FOR THE PURPOSE OF FINANCING STUDENT LOAN NOTES; MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH; APPOINTING A BOARD OF DIRECTORS; SPECIFYING TERMS OF OFFICE; AND PROVIDING AN EFFECTIVE DATE. I I WHEREAS, the members of this governing body recognize that a college education is a valuable asset and a student's inability to meet all of the financial commitments. should not prevent the obtaining of an education when it is possible to obtain financing for such educational opportunities; and WHEREAS, it has been called to the attention of this governing body that a program for financing student educational loans through the United States Office of EWlcation may be made available to residents and students of tlii:s_ area through the formation of a non-profit corporation with the power to sell bonds in order to provide student loan notes and it appears that under present procedures the interest on bonds issued by the corporation would betekempte~efrom federal income tax and the income of the corporation I would not be subject to federal income tax; and WHEREAS, it is the understanding of this governing body that the formation of said non-profit corporation is in full compliance with Texas and Federal law; and WHEREAS, it is theffunthetaundebstandfung of this governing body that the City of San Marcos, Texas will in no way or manner become financially liable as a result of the creation and operation of said non-profit corporation, and will incur no liability for the payment of any debt created through the subsequent issuance of bonds; and WHEREAS, this governing body desires to assist in the furtherance of the education and I aspirations of young people in the area; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: I Part l. That the following named persons: a. Walter Burnett f. Lee Smith b. Tom Haley g. Robert Thornton c. Bruce Harper h. Herbert Yarbrough d. Patty Sullivan i. Soila Rodriguez e. Ernest Morgan j. Guadalupe Carbajal k. John Cunningham are requested, on behalf of this governing body, to review the proposed student loan program and establish, re-establish or reorganize a non-profit corporation with the power to operate and finance a student loan program. Part 2. That such persons are further requested to act as Directors of such corpora- tion in the development and implementation of a plan to determine the econo~Lc feasibility and viability of the plan and report to this Council together with a detailed plan of the implementation thereof. Part 3. That the terms of office of such Directors be apportioned so as to have five persons serve for one year and six persons serve for two years. Part 4. That the following named person is requested to serve as a special, non-vat in advisor to the Board of Directors: I Mr. Hollis Smith, Financial Aids Director, Southwest Texas State University. Part 5. That the firm of Hatcher & Co., Inc., Dallas, Texas, as Financial Advisors and the firm of Dumas, Huguenin, Boothman and Morrow, Dallas, Texas, as Bone, Counsel, or. any other du~y qualifiedffirm be commended to such persons for consideration as consultants to develop arid implement the proposed program.