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RESOLUTION 1988-143R 9 A RESOLUTION OF THE CITY COU!\lCT L OF THE CITY OF SAN MARCOS, TEXAS, RELATING TO THE APPROVAL OF THE ISSUANCE OF BONDS OR BORROWING MONEY BY THE CENTRAL TEXAS HIGHER EDUCATION AUTHORITY, INC.; APPROVING THE ISSUANCE OF BONDS OR BORROWING MONEY; MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the Central Texas Higher Education Authority, Inc. has heretofore issued bonds with the approval of this governing body; and, WHEREAS, said Authority has proceeded to utilize bond proceeds in accordance with the indentures securing said bonds and in that connection has obtained the cooperation of area lending institutions in making loans available to students under the Guaranteed Student Loan Program which loans prior to the issuance of the bonds were virtually unobtainable; and, WHEREAS, the Central Texas Higher Education Authority, Inc. has fully utilized all available bond proceed funds from which student loan notes of students who reside in or attend school within the service area of the Authority are acquired, and this City Council finds and determines that it would be in the best interest of the citizens of the City of San Marcos, Texas and the central Texas area, for the Central Texas Higher Education Authority, Inc. to continue its program by the acquisition of additional Guaranteed Student Loans made pursuant to the Higher Education act of 1965, as amended, so that students may continue to have an opportunity to obtain financing for their education at the post secondary level; now, there fore, BE IT RESOLVED BY THE CITY TEXAS: COUNCIL OF THE CITY OF SAN MARCOS, SECTION 1. That all of the recitals contained in the peamble hereof are found to be true and are adopted as the findings and judgment of this City Council. SECTION 2. That the Central Texas Higher Education Authority, Inc. is hereby commended for the manner in which loan funds have been made available for students wishing to obtain a higher education and this Council again hereby approves the utilization of bonds or loan proceeds and the interest income and earnings of the student loan program by the Central Texas Higher Education Authörity, Inc. for the continued acquisition of Guaranteed Student Loans, the payment of the expenses of the program, the retirement of bonds and the furtherance of education opportunities. SECTION 3. That the issuance of additional bonds or the borrowing of money in any other manner, either or both, by the Central Texas Higher Education Authority, Inc. for the purpose of refinancing outstanding bonds and for providing funds for the acquisition of additional student loan notes by or for the benefit of students which are guaranteed under the Higher Education Act of 1965, as amended, is hereby approved and authorized; provided, however, in no event does the City Council agree to assume any responsibility (financial or otherwise) in connection with the administration and operation of the Student Loan Program of the Authority or the issuance and delivery of bonds or loan obligations in connection therewith, it being understood these responsibilities are solely those of the Authority. Such refinancing and/or financing may be accomplished in one or more transactions over a period of three years from the date of the adoption of this Resolution, but in no event shall the principal amount of such borrowing exceed the principal sum of $100,000,000 (irrespective of the form of the borrowing) for the purpose of acquiring additional student loan notes without the prior written consent of this Council. SECTION 4. That this Resolution shall be in full force and effect from and after its passage. ADOPTED this 16 day of , 1988. or~ ~. . est.:.., A ) íJ1£.. . ).. íi/J1~ !:7 /I/Ñ~.,h/ J nis K. Womack Ci ty Secretary