03-22-90-2 - Resolution - 03/22/1990RESOLUTION NO. 3-22-90-2
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 a special meeting held on the
24th day of January, 1990, 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
Senior Lien Bonds, Serdes 1990A and its Greater
East Texas Higher Education Authority inc. Student
Loan Revenue Junior Lien Bonds, Series 1990B (
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
WHEREAS, the Education Code requires the
governing body of the City to approve the issuance
of the Bonds, and
h~777~
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:
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.
2.
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 maxim,~m 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.
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.
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
DurDoses 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 22nd
da~ of March, 1990, by a vote of 6 ayes and
u
nays at a regular meeting of the City Council
of the City of College Station, Texas.
ATTEST:
City Secre%.~ry '
APPROVED AS TO FORM:
~ '~ City Attorney
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 9,
1990, 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
Senior Lien Bonds, Series 1990A and the Greater
East Texas Higher Education Authority, Inc. Student
Loan Revenue Junior Lien Bonds, Series 1990B,
(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 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 cody 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 respect thereto.
SIGNED AND SEALED this
1990.
22
day of March,
City of CS~-l~ge Station,
Texas
City Secretary,
City of College
Station
(SEAL)
007775