05-08-91-6.2 - Resolution - 05/08/1991RESOLUTION NO,
'05-08291-6 2
A RESOLUTION OF 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; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City of College Station, Texas ("City") has
heretofore requested that Greater East Texas Higher
Education Authority, Inc. ("Authority") organize and operate
pursuant to Section 53.47(e) of the Texas Education Code,
V.T.C.A. ("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 ("Act"); and
WHEREAS, the Board of Directors ("Board") of the Authority,
at its annual meeting, 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 Bonds, (collectively "Bonds"), in
an aggregate amount not to exceed $50,000,000 at an interest
rate not to exceed the maximum rate permitted by law, and in
such series as the Board of Directors may determine; and
WHEREAS, the Education Code requires the governing body of
the City to approve the issuance of the Bonds, and
WHEREAS, Section 147(f) of the Internal Revenue Code of
1986, as amended ("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 COUNCIL OF THE CITY OF COLLEGE
STATION, TEXAS:
all of the recitals contained in the preamble hereof
found to be true and are adopted as the findings of
Council
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 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
preambles hereof.
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.
If 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.
Se
The Authority shall hold harmless and indemnify the City for
any negligent or 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.
This resolution shall be effective from and after its
adoption.
PRESENTED, PASSED AND ADOPTED on this 8th day of
May , 1991 by a vote of 6 ayes and 0
nays at a regular meeting of the City Council of the City of
College Station, Texas.
SST: - APPROVED AS TO FORM
C~
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 April 22, 1991 , following publication of
reasonable notice thereof in a newspaper of general
circulation in the City, a public hearing was conducted
regarding the Issuance of Greater East Texas Higher
Education Authority, Inc. Student Loan Revenue Bonds,
(collectively, the "Bonds") in the aggregate amount not to
exceed $50,000,000, 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 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 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 issuance of the Bonds and
the plan of financing with resect thereto.
8th MAY
SIGNED AND SEALED this day of , 1991.
City of C~ S%-a~ion
(SEAL)
Connie Hooks, City Secretary
City of College Station