05-13-93-3.10 - Resolution - 05/13/1993 -' · X, ~ - ~ .~ ~ ~. ~~ ~,. ...
A ~SOL~ON OF ~E OlTY OODOIL OF ~E OITY OF COLLEG~
~ ~ STATION, TE~ ~~O TO ~ ~PROV~ OF TH~ ISSU~C~ OF ~--
~ :] CERT~ S~E~ ~ ~VE~ BO~S OF ~E G~ATER E~T
~ TE~ HIGHER EDUCA~ONA~O~, ~C. ~ AUTHO~Z~G~E" ~"~
:'.'"~ ~YOR OF ~E CI~ OF COL~GE STA~ON, TE~ TO ~ CERT~
~'~-.~ CERTI~CA~ONS ~ ~E~ON ~E~~; ~ PROVID~G
~ EFFE~VE DATE.
~ ~E~, the City of ~ege S~on, Te~ ('City") hm heretofore requested that~[~"'
~'~,. -~eater Emt Te~ ~er Ed~on Au~ofi~, Inc. ('Authority") organize ~d operate
'"'.:~p~suant to S~fion 53.47(0) of tho To~ ~u~fion ~do, V.T.C.A. ("~uoation ~de"),
,~"~i. for the p~oso of ~ho~ng odu.tiond op~u~6es for student, and ~.::~.:,'
.: :~ ~E~, tho Au~ofity h~ p~uod such p~so by providing ~n~ to
co~n o~blo loa~ w~ch ~o ~antocd or i~od under the provisions of tho Higher~ -
.....- Eduction Act of 1~5, ~ ~ended ("A~"); ~d
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' )':~' ~E~, the Bo~d of ~e~m ("~d") of the Authority, at i~ annul meeting, .~ ~"'
":~,'? ~ found and dete~ned that it woMd be in ~e best interest of the Authority and the studen~
.; ?~':or p~en~ of studen~ seated by the Authority t~t ~tion~ ~n& be profided for the ~-...,.
~:on~oin~ .u~o~o, or tho mut~o~e; =~ ~h'~'~
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. --:~ ~E~, to s~e such ~ng, the ~d proposes to issue ~ Greater Emt Texm ...
~./i', ~: ~gher Education Authority, Inc. Student ~an Revenue Ben&, ( ~llectively the "Ben&"),
':'~ .... in one or more series ~d in an ~e~te mount not to,xceed $98,150,~ at an interest~/~..~,_
,,,:,.,.~ rate not to exceed the m~m rote pe~tted by law, and in such series ~ the Bo~d of
,:~j Directors may dete~ne; and
~E~, the Authofi~ proposes to enter into a cern Financing ~eement
?~ (the "Financing ~eement") ~ and mong ~e Greater Emt Te~ Semicing ~oration,
~.~-~: Inc. Te~ ~er~ Ba~-EI ~, Nafio~ ~s~iafion and Student ~an M~keting
~..,'.~: ~s~iation, in ~nnection ~th the iss~ of the Ben&; and
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J':~: ~ERE~, the Eduction ~de req~es the governing body of the C~ty to approve r .~.- ".'
('. 'F- the issuance of the Ben&, and :~'~
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,-~"' .~t;. ~E~, Section 147(0 ofthe Intem~ Revenue ~de of 1986, ~ amended ("the ~:~......."
' -'~'~ ~de") requires the approv~ of the ~s~nce of the Bon~ by the City s Chief elected ~-"-",
~ · - executive officer subsequent to a pubic he~ng held in ~rdance with the provisions of
,~ the ~de; now, therefore
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.:~ .EJT RESOLVED BY THE CITY CO~ClL OF THE CITY OF COLLEGE STATION, ~'~
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'x :c:: ' ' That all of the recitals contained in the preamble hereof are found to be tree ~ ·
~'~'_'.~.f~re adopted as the findings of this City Council.
";' '?" That the Issuance of the Bonds for the purposes and in the amount of aforesaid and
, ?¢'.~?~.:the execution and delivery of the Financing Agreement by the Authority are hereby in all
..~.'_".'_-~_things approved.
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':~-=' That after the Authority conducts a public hearing, following proper notice thereof, .~-.. ·
~',~- ~'.~ regarding the issuance of the Bonds and the plan of financing pertaining thereto and the --' '"
" Authofity's student loan program, the Mayor, or the Mayor Pro Tern, if the Mayor is --~-~)
. - unavailable, may approve the issuance of the Bonds heretofore demribed for the purposes,
(.~' ...- ~n the maximum mount and at a rate, all as set forth in the preambles hereof. .
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-'-"' :.7~I. That the Mayor or the Mayor Pro Tern, if the Mayor should be unavailable, is hereby i .........
~-i'l' 2.;- authorized by the City Council to execute a certificate approving the issuance of the Bonds
~' :-~. following the public hearing held in complian~ with the requirements of Section 147(0 of
~i the Code, regarding the public approval prerequisite to the exemption from federal income
~<'-.~-' taxation of interest on the Bonds. ' --"~'-
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~,}.:<_; In no event docs the City assume any responsibility m conne~on w~th admimstraUon.~--z~Wi?"-'~
-~ of the Authority's student loan program, the i~suance and delivery of the Bonds or the
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~.j _.~ payment of any of the Bonds issued by the Authority.
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,,,...-:~; The Authority shall hold harmless and indemnify the City for any negligent or ;¥~: .....
~..z.~'""%~" unintentional acts of the Authority, its agents, employees, or assigns in the fulfillment of the ,~'.
purposes as herein expressed and/or the bonds herein proposed.
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"~:':~a vote of 6 ayes and 0
,:?:~*~)f College Station, Texas.
,.,. iLarry~Rfi~ge~_l~r
.i'i :3-.
· 5 -;,'- :'.'i .
.::.':~".~ity Secretary
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'N ','~ ~ ~ ~' :~' '~ ~ ~' ~ -'-'"
x~:;.' ~ resolution s~ be effe~ve ~om and after lB ~option. · '
ll[l]Ill ~ l
~(: ' P~SE~ED, P~SED ~ ~O~ED on t~ 13th ~y of May ,1~3 by
__ na~ at a re~ meeting of the Oty ~unc~ of the City ~.?.'
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~PROVED ~ TO FO~: ~ 7"'
city Auo=
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'.,. "~-;.~.::~..- -'- CERTIFICATE OF APPROVAL OF MAYOR -...~.~/
~ ~ The undersigned is the duly elected Mayor of the City of College Station, Texas (the
,L, c~,:i "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 May 10, 1993,
illl] iii' . . o . · · · · ' J Illll,
~:. ~.~ following Dublication of reasonable notice thereof in a newspaper of general cxrculation ]n
~(i~; the City, a public hearing was conducted regarding the ~uance of Greater East Texas !:.c~_. ~"'i~
~ ~ Higher Education Authority, Inc. Student Loan Revenue Bonds, (collectively, the "Bonds")
,::., ,,~.,( m one or more series and m the aggregate amount not to exceed $98,150,000, the plan of
~ financing with respect thereto 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
,:;;l~ the establishing of certain funds for the payment and security of the bonds certain expenses
in connection therewith, as provided and limited by the Internal Revenue Code of 1986, as :c-> ',.',
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.~-~'9).');~c~"i).~
-~ iissuance of the Bonds and the plan of financing with respect thereto,r,,,,:'.:'
/5".:;:~' SIGNED AND SEALED this 13 eh day of ~ay ,1993.
~ ~li~,.
~i~:' Larry
K...:.~, Cxty of College~otat-tGn, Texas
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;~ ATTEST:
~ .,:'-,-c..: -;...~ ,'
{ :.' .~ i City Secretary ,-'-..--~
:~: Ctty of College Statmn, Texas
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