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RESOLUTION NO. 1982- 17R 127 A RESOLUTION by the city Council of the City of San Marcos, Texas, relating to the ap?~oval of the issu- ance of certain bonds by the Central Texas Higher Education Authority, Inc.,; approvinq the issuance of such bonds and making certain finCings in connec- tion therewith. WHEREAS, the Central Texas Higher Education Authority, Inc., has heretofore authorized the issuance of three series of bonds known as Central Texas Higher Education Authority, Inc., Student Loan Bonds, Series A and Central Texas Higher Education Authority, Inc., Student Loan Bonds, Series B, and, Central Texas Higher Education Authority, Inc., Student Loan Bonds, Series C; and WHEREAS, the Directors of the Authority have advised this Counciil that it would be in the best interest of the Authority if the aforesald last mentioned series of Bonds were refunded and the money or securities (including income therefrom) held under the indentures securing the outstanding bonds, will be transferred to the new issue of bonds and then be utilized for the payment of expenses, debt service, reserves for the same or for the purchase of student loan notes as contemplated by the said law in Section 103 of the Internal Revenue Code of 1954, as amended; and WHEREAS, the Directors of the Authority have further ad- vised this Council that the issuance of additional Bonds would permit the use of the proceeds to purchase guaranteed student loans;. now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN ~illR- COS, TEXAS: SECTION 1: That all of the recitals contained in the pre- amble hereof are found to be true and are adopted as the findings of this City Council. SECTION 2: That the issuance of the proposed bonds in the principal amount of $30,000,000 and the utilization of the money and securities held under the indenture in the manner and for the purposes permitted under Chapter 53 of the Texas Education Code and Section 103 of the Internal Revenue Code of 1954, as amended, (as set forth in the preamble hereof) is hereby approved and authorized. 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 responsibi~ity in connection with (i) the administration of this student loan program; (ii) the issuance and delivery of bonds in connection therewith; or (iii) the payment of any of the bonds issued by the Authority, it being understood these responsibilities are being assumed by the Authority. SECTION 5: This resolution shall be effective from and after its adoption. PASSED AND APPROVED this 5th day of April L@~ , 1982. Mayor, City of San Marcos, Texas ATTEST: (City Seal)