|
<br />31
<br />
<br />RESOLUTION 1989-6R
<br />
<br />A RESOLUTION OF THE CITY COUNCI L OF 'T'HR CITY OF ~ÞN
<br />MARCOS, TEXAS, APPROVING ISSUANCE OF CENTRAL TEXAS
<br />HIGHER EDUCATION AUTHORITY, INC. WEEKLY ADJUSTABLE/
<br />FIXED RATE STUDENT LOAN REVENUE BONDS, SERIES
<br />1989, AND DECLARING AN EFFECTIVE DATE.
<br />
<br />WHEREAS, the Ci ty of San Marcos, Texas (the "City") is the
<br />sponsoring entity of the Central Texas Higher Education Authority, Inc.
<br />(the "Authority") pursuant to Section 53.47 of the Texas Education
<br />Code, as amended (the "Act"), and the City, by adoption of a resolution
<br />on December 16,1988 approved the issuance by the Authority of up to
<br />$100,000,000 of student loan revenue bonds, the proceeds of which would
<br />be used to acquire student loan notes~ and,
<br />
<br />WHEREAS, the Board of Directors (the "Board") of the Authority
<br />has, by adoption of a resolution on December 16, 1988 (the "Issuer
<br />Resolution"), a copy of which is attached hereto as Exhibit A, declared
<br />its in~ention to issue its student loan revenue bonds pursuant to the
<br />terms of the Act~ and,
<br />
<br />WHEREAS, pursuant to section l47(f) of the Internal Revenue Code
<br />of 1986 (the "Code"), the Authority has conducted a public hearing
<br />following reasonable public notice with respect to the captioned bonds
<br />and has presented to the City summaries of the proceedings from such
<br />hearing which reflect that no person was present to express any
<br />opposition to the issuance of the captioned bonds~ and,
<br />
<br />WHEREAS, in order to satisfy the requirements of section 147(f) of
<br />the Code, it is necessary for the City to approve the Bonds after the
<br />public hearing has been held; now, therefore,
<br />
<br />BE IT RESOLVED BY THE CITY
<br />TEXAS:
<br />
<br />COUNCI L OF
<br />
<br />THE
<br />
<br />CITY OF
<br />
<br />SAN
<br />
<br />MARCOS,
<br />
<br />PART 1. That this Resolution, is adopted for the purpose of
<br />satisfying the conditions and requirements of the Act and sections 103
<br />and l47(f) of the Code and the regulations promulgated thereunder.
<br />
<br />PART 2. That the Bonds, which are to be issued in the maximum
<br />aggregate face amount of $80,000,000, and for the purpose of acquiring
<br />Guaranteed Student Loans which are either guaranteed or insured under
<br />the provisions of the Higher Education Act of 1965, as amended, setting
<br />aside of certain amounts for deposit into the Reserve Fund and the
<br />Operating Fund, and paying the cost of issuing the Bonds, as provided
<br />and limited by the Code and the Act, all as further described in the
<br />Issuer Resolution are hereby approved pursuant to section 147(f) of the
<br />Code.
<br />
<br />PART 3. That the approvals herein given are in accordance with
<br />the provisions of Section l47(f) of the Code, and are not to be
<br />construed as any undertaking by the City, and the Bonds shall never
<br />constitute an indebtedness or pledge of the City, or the State of
<br />Texas, within the meaning of any constitutional or statutory provision,
<br />and the owners of the Bonds shall never be paid in full or in part out
<br />of any funds raised or to be raised by taxation or any other revenues
<br />of the Authority, the City, or the State of Texas except those revenues
<br />assigned and pledged by the resolution of the Authority authorizing
<br />issuance of the Bonds.
<br />
<br />PART 4. That the Mayor of the City of San Marcos, Kathy M. Morris
<br />and other officers of the City are hereby authorized, jointly and
<br />severally, to execute and deliver such endorsements, instruments,
<br />certificates, documents, or papers necessary and advisable to carry out
<br />the intent and purposes of this resolution.
<br />
<br />PART 5. That this Resolution shall be in full force and effect
<br />from and after its passage.
<br />
<br />ADOPTED this
<br />
<br />23
<br />
<br />
<br />~' .1989.
<br />
<br />~~~f:LfrIlW)
<br />
<br />17t1es t :
<br />
<br />~£iS ~. W~ack
<br />Ci ty Secretary
<br />
<br />
|