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l2l RESOLUTION #l983-46R A RESOLUTION by the City Council of the city of San Marcos, Texas relating to the approval of the issuance of certain refunding and new money bonds by the Central Texas Higher Education Authority, Inc.; approving the issuance of such bonds and making certain findings in connection therewith. WHEREAS, the Central Texas Higher Education Authority, Inc. has heretofore authorized the issuance of three series of bonds which remain outstanding known as "Central Texas Higher Education Authority, Inc. Student Loan Bonds Series A," "Central Texas Higher Education Authority, Inc. Student Loan Bonds Series B, " "Central Texas Higher Education Authority, Inc. Student Loan Bonds Series D; and, WHEREAS, the Directors of the Authority have advised this council that it would be in the best interest of the Authority if the aforesaid three series of bonds were refunded in the manner provided by Article 717K VATCS with the under- standing that the proceeds of the refunding bonds and money and securities (in- cluding income therefrom) held under the respective indenture securing the out- standing bonds be utilized with the payment of expenses, debt service, reserve for the same, and for the purchase of student loan notes that contemplated by the said law in section 103 of the Internal Revenue Code of 1954 as amended; and, WHEREAS, the Directors of the Authority can further advise this council that the refunding of such outstanding bonds would enhance the ability of the Author- ity to issue additional bonds, the proceeds of which will be utilized to purchase guaranteed student loans; Now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: Section I: That all of the recitals contained in the preamble hereof are found to be true and are adopted as the judgement and finding of the City Council. Section 2: That the issuance of the proposed refunding bonds in order to provide for the payment of the outstanding bonds in the utilization of the money and securities held under the respective indenture securing the outstanding bonds in the manner and for the purposes permitted under Article 717K VATCS and Section 103 of the Internal Revenue Code of 1954 as amended (as set forth in the preamble hereof) is hereby approved and authorized. The issuance of proposed new money bonds in order to provide continuation of the program of providing funds for the purchase of guaranteed student loans is likewise approved and authorized. It is understood that the refunding and new money bonds proposed to be issued in one or more installments will not exceed $ 70, 000, 000 (seventy million dollars). Section 3: At such time as the bonds are approved by the Attorney General of Texas, a copy of the Attorney General's approving opinion shall be filed (by the Authority) with the City Secretary. Section 4: In no event does the city assume any responsibility in connec- tion with (i) the administration of the student loans program; (ii) the issuance and delivery of bonds in connection herewith; for (iii) payment of any of the