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<br />15 <br /> <br />RESOLUTION 1987-145R <br /> <br />A RESOLUTION OF THE CITY COUNCI L OF THE CITY OF SAN <br />MARCOS, TEXAS, CLARIFYING THE STATUS OF THE CENTRAL <br />TEXAS HIGHER EDUCATION AUTHORITY AND DECLARING AN <br />EFFECTIVE DATE. <br /> <br />WHEREAS, the City Council of the City of San Marcos, Texas <br />("City"), heretofore resolved to deny approval of the issuance of bonds <br />by the Central Texas Higher Education Authority, Inc. ("CTHEA") after <br />August 15,1987, pending determination of the proper application of the <br />Authority's income under Federal tax law, and, <br /> <br />WHEREAS, under the authority granted to City by applicable law, <br />the City Council has replaced the Board of Directors of the Authority <br />in order to establish a cooperative relationship between City and <br />Au thor i ty; and, <br /> <br />WHEREAS, the City has taken no further action than that noted <br />above with respect to the Authority or the Authority's present or <br />future activities; and, <br /> <br />WHEREAS, the City has been accused of having undertaken <br />proceedings to liquidate Authority and its program, although the City <br />has never expressed any such intention; and, <br /> <br />~ffiEREAS, the City Council is aware that such characterization <br />of the City's actions could have a detrimental effect on the <br />marketability of the Authority's presently outstanding bonds, and finds <br />and determines that it is necessary and proper to affirm publically, <br />by official action, that the City has no present intention to <br />liquidate the Authority or its program and that the said City does <br />not propose or intend to take any action with respect to the Authority <br />or its program that would cause harm to the tax-exempt status or <br />marketability of the Authority's outstanding bonds; now, therefore, <br /> <br />BE <br />TEXAS: <br /> <br />IT <br /> <br />RESO L VED <br /> <br />BY <br /> <br />THE <br /> <br />CITY COUNCIL OF THE CITY OF SAN MARCOS, <br /> <br />PART 1. Finding: That the statements contained in the preamble <br />part of this Resolution are true and correct and are adopted as <br />findings of fact hereby. <br /> <br />PART 2. City's Intentions. That the intention of the City <br />Council is that the tax-exempt status and marketability of the <br />outstanding bonds of the Authority be preserved and protected at all <br />times; and, to such end, the City will not willingly take any <br />action that is calculated to have a detrimental effect on such <br />tax-exempt status or marketability. <br /> <br />PART 3. No Liquidation Intended. That the City has no <br />present intention to liquidate the Authority or its program and will <br />continue to explore its and the Authority's existing and future <br />financial options, consistent with the City's above-stated <br />and continuing committment to the preservation and protection of the <br />tax-exempt status and marketability of the Authority's bonds. <br /> <br />PART 4. Copies Available. Copies of this Resolution shall be <br />transmitted to the Authority and its auditors and shall be made <br />available to the public and the news media. <br /> <br />PART 5. That this Resolution shall be in full <br />from and after its passage. <br /> <br />force <br /> <br />and <br /> <br />effect <br /> <br />ADOPTED <br /> <br />this <br /> <br />7 <br /> <br />day of <br /> <br />f"'~, <br />(De~~mber , 1987. <br />\"" i ç,~\\ <br />'7; ~ ~ :Þ~~ê';' <br /> <br />Mayor <br /> <br />Attest: .)" <br />C~ ,,~ nJ/' ,J <br />/f .. t:J./nt~ L7j , ¿;If ~'^U,#¿/ <br />,Jnis K. Womack <br />City Secretary <br />