HomeMy WebLinkAbout02-25-88-06 - Resolution - 02/25/1988RESOLUTION NO. 02-25-88-06
A RESOLUTION BY THE CITY COUNCIL OF
THE CITY OF COLLEGE STATION, TEXAS
RELATING TO THE APPROVAL OF THE
ISSUANCE OF CERTAIN STUDENT LOAN
REVENUE BONDS OF THE GREATER EAST
TEXAS HIGHER EDUCATION AUTHORITY,
INC. AND AUTHORIZING THE MAYOR OF
THE CITY OF COLLEGE STATION, TEXAS
TO MAKE CERTAIN CERTIFICATIONS IN
CONNECTION THEREWITH.
WHEREAS, the City of College Station, Texas (the
"City") has heretofore requested that Greater East Texas
Higher Education Authority, Inc. (the "Authority")
organize and operate pursuant to Section 53.47(e) of the
Texas Education Code, V.T.C.A. (the "Education Code"),
for the purpose of furthering educational opportunities
for students, and
WHEREAS, the Authority has pursued such purpose by
providing funds to acquire certain eligible loans which
are guaranteed or insured under the provisions of the
Higher Education Act of 1965, as amended (the "Act");
and
WHEREAS, the Board of Directors (the "Board") of
the Authority, at a special meeting of the Board held on
the 15th day of February, 1988, found and determined
that it would be in the best interest of the Authority
and the students or parents of students serviced by the
Authority that additional funds be provided for the
ongoing purposes of the Authority; and
WHEREAS, to secure such funding, the Board proposes
to issue its Greater East Texas Higher Education
Authority, Inc. Student Loan Revenue Rate Adjustable
Mode Bonds, Series 1988 (the "Bonds"), in an amount not
to exceed $75,000,000 at an interest rate not to exceed
the maximum rate permitted Dy law; and
06562
WHEREAS, the Education Code requires the governing
body of the City (the "City Council") to approve the
issuance of the Bonds; and
WHEREAS, Section 147(f) of the Internal Revenue
Code of 1986, as amended (the "Code") requires the
approval of the issuance of the Bonds by the City's
Chief elected executive officer subsequent to a public
hearing held in accordance with the provisions of the
Code; now, therefore
BE IT RESOLVED BY THE CITY OF COLLEGE STATION:
Section 1. That all of the recitals contained in the
preamble hereof are found to be true and are adopted as
the findings of this City Council.
Section 2. That after the Authority conducts a public
hearing regarding the issuance of the Bonds and the
Authority's student loan program, the Mayor, or the
Mayor Pro Tem, if the Mayor is unavailable, may approve
the issuance of the Bonds heretofore described for the
purposes, in the maximum amount and at a rate, all as
set forth in the preamble hereof.
Section 3. That the Mayor or the Mayor Pro Tem, if the
Mayor should be unavailable, is hereby authorized by the
City Council to execute a certificate approving the
issuance of the Bonds following the public hearing held
in compliance with the requirements of Section 147(f) of
the Code, regarding the public approval prerequisite to
the exemption from federal income taxation of interest
on the Bonds.
Section 4. In no event does the City assume any
responsibility in connection with administration of the
Authority's student loan program, the issuance and
delivery of the Bonds or the payment of any of the Bonds
issued by the Authority.
Section 5. This resolution shall be effective from and
after its adoption.
PRESENTED, PASSED AND ADOPTED on this 25th day of
February, 1988, by a vote of 6 ayes and 0 nays at
a regular meeting of the City Council of the City of
College Station, Texas.
May"o~',~,~,~ c~.y~'h o~'~_~ollege
Station, ~Pe~
Attest:
City S~et ar¥
APPROVED AS TO FORM:
:orney
CERTIFICATE OF APPROVAL OF MAYOR
The undersigned is the duly elected Mayor of the City of
College Station, Texas (the "City") and as such is the
applicable elected representative of the City pursuant to
147(f)(2)(B) of the Internal Revenue Code of 1986, as amended.
On March 2, 1988, a public hearing was conducted regarding the
issuance of "Greater East Texas Higher Education Authority,
Inc. Student Loan Revenue Rate Adjustable Mode Bonds, Series
1988A" in an amount not to exceed $75,000,000 and the
utilization of the proceeds of the Bonds by the Greater East
Texas Higher Education Authority, Inc. for the purpose of
purchasing student loan notes which are guaranteed under the
Higher Education Act of 1965, as amended, and the establishing
of certain funds for the payment and security of the bonds and
certain expenses in connection therewith, as provided and
limited by the Internal Revenue Code of 1986, as amended, and
the Texas Education Code, as amended. A copy of the report of
such hearing is attached hereto as Exhibit A.
As the applicable elected representative of the City, I
hereby specifically approve the Bonds and such use of the
proceeds as described hereinabove.
SIGNED AND SEALED this 2nd day of March, 1988.
City of College Station, Texas
[SEAL]
ATTEST:
City Secretary
City of College Station, Texas
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EXHIBIT A
CERTIFICATE
The undersigned, duly authorized representative of the
Greater East Texas Higher Education Authority, Inc. (the
"Issuer") hereby certifies as follows:
1. On behalf of the Issuer, I conducted a public
hearing at the offices of the Issuer, located at 416 Tarrow,
Suite 101, College, Station, Texas, 10:00 o'clock a.m.,
Wednesday, March 2, 1988. The public hearing concerned the
issuance of the obligations styled as follows:
$75,000,000
GREATER EAST TEXAS HIGHER EDUCATION
AUTHORITY, INC. STUDENT LOAN REVENUE RATE
ADJUSTABLE MODE BONDS, SERIES 1988A
2. A true, full and correct copy of the minutes of
such public hearing is attached hereto as Exhibit A.
3. On February 16, 1988, public notice of the public
hearing was published in a newspaper of general circulation in
the cities of Bryan, Texas, and College Station, Texas.
Attached hereto as Exhibit B is an affidavit of publication
relating to said public notice.
SIGNED this the 2nd day of March, 1988.
General Counsel
to the Issuer
014S£/4
'q6566