Res 2003-008 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 2003 - 8R A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, RELATING TO THE ISSUANCE OF REVENUE OBLIGATIONS BY THE CENTRAL TEXAS HIGHER EDUCATION AUTHORITY, INC.; APPROVING THE ISSUANCE OF SUCH OBLIGATIONS; AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH. WHEREAS, Central Texas Higher Education Authority, Inc. (the "Authority") was established as a non profit corporation pursuant to the Texas Non Profit Corporation Act for the purpose of furthering educational opportunities of students by providing funds for the acquisition of student loans; and WHEREAS, the Authority will issue obligations for the aforesaid purposes and it is now appropriate for this governing body to approve the issuance of certain of such obligations for such purpose; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: Section 1. That the Authority has advised this council of the Authority's intention of borrowing an amount not to exceed $35,000,000 (the "Bonds"). The proceeds of the Bonds will be utiJized by the Authority for the purpose of purchasing student loan notes, refinancing an outstanding bank note used to refund a portion of the Authority's Series 1993A and Series 1993C Bonds, and setting aside certain funds for the payment and security of the Bonds and certain expenses in connection with the issuance of the Bonds, as provided and limited by the Internal Revenue Code of 1986, as amended, and the Texas Education Code, as amended. Student loan notes are notes executed by students (or parents of students) who have been admitted to an "accredited institution". The loans are insured or guaranteed pursuant to the Higher Education Act of 1965, as amended. The loans are to enable students to finance post- secondary education. The Bonds will be limited obligations of the Authority payable solely from the revenues derived from the student loans in the trust estate for the bonds and from certain reserve funds. They are not payable out of taxes. Section 2. That, with respect to Bonds issued for the acquisition of loans referred to in Section 53.47(c) of the Texas Education Code (the "53.47(c) Bonds"), the governing body of the City hereby approves the issuance and delivery .of such Bonds and the use of the proceeds of such Bonds for the purposes aforesaid. With respect to the 53.47(c) Bonds, the City requests that the Authority exercise the powers enumerated and provided in Section 53.47 of the Texas Education Code, as amended; and exercise such powers for and on behalf of the City and the State of Texas, as contemplated by Section 53.47(0 of the Texas Education Code, as amended. Section 3. That the City does not agree to assume any responsibility in connection with the administration of the Authodty's student loan program. Sole responsibility for the administration of the Authority's student loan program is being assumed by the Authority. Section 4. That it is recognized by this governing body that the instruments which authorize the issuance of Bonds by the Authority will specifically state that this City is not obligated to pay the principal of or interest on the Bonds proposed to be issued by the Authority. Nothing in this resolution shall be construed as an indication by this City that it will pay or 45259525.1 /10210644