Res 1993-155 - Laserfiche WebLink

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67 RESOLUTIùN 1993-l55R A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, RELATING TO THE ISSUANCE OF REFUNDING REVENUE OBLIGATIONS BY THE CENTRAL TEXAS HIGHER EDUCATION AUTHORITY, INC.; APPROVING THE ISSUANCE OF SUCH OBLIGATIONS; AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH. WHEREAS, Central Texas Higher Education Authority, Inc. (the II Author i ty") was established as 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; WHEREAS, the Authority has proceeded in the development of a plan of doing business and has issued obligations for the aforesaid purposes, and additional funds are needed to continue the program both to refund and refinance certain previously issued obligations of the Authority and it is now appropriate for this governing body to approve the issuance of obligations for such purpose; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. That the Authority has advised this Council of the Authority's intention of borrowing an amount not to exceed $111,300,000 (the II Bonds ") to be issued to refund or refinance outstanding bonds of the Authority issued for the purpose of purchasing student loan notes, and setting aside certain funds for the payment and security of the Bonds and certain expenses in connection with the issuance of the Bonds, as provided and limited by the Internal Revenue Code of 1986, as amended, and the Texas Education Code, as amended. Student loan notes are notes executed by students (or parents of students) who are residents of the State of Texas or who have been admitted to an "accredited institution" in the State of Texas (as defined in the Texas Education Code). The loans are insured or guaranteed pursuant to the Higher Education Act of 1965, as amended,. The loans are to enable students to finance post-secondary education. The Bonds will be limited obligations of the Authority payable solely from the net revenues derived from the student loans in the trust estate for the bonds and from certain reserve funds. They are not payable out of taxes. SECTION 2. That the governing body of the city hereby approves the issuance and delivery of such Bonds and the use of the proceeds of such Bonds for the purposes aforesaid. The city requests that the Authority exercise the powers enumerated and provided in Section 53.47 of the Texas Education Code, as amended¡ that such non-profit corporation shall, in this connection, exercise such powers for an on behalf of the city and the State of Texas, as contemplated by Section 53.47(e) of the Texas Education Code, as amended. 0115411