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Home My WebLink About05-13-93-3.10 - 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 (.i .... ~ . . . ~,~ ' )':~' ~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'~'~ ,,..:, ~ · . . . --:~ ~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 .... ,,,~l . ,~, ,,," J':~: ~ERE~, the Eduction ~de req~es the governing body of the C~ty to approve r .~.- ".' ('. 'F- the issuance of the Ben&, and :~'~ , ~. ~._-~c'~. / ,-~"' .~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 ~,.:,,, .:~ .EJT RESOLVED BY THE CITY CO~ClL OF THE CITY OF COLLEGE STATION, ~'~ Z ,. i- '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. .--'.~'. 3. ~-- '.~ .., '.~.".,a.~ ..~.. ~,, ':~-=' 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. . i. ':' x. . .~")..?) -'-"' :.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. ' --"~'- t." ,: ,; ff - .,.'- . ........ ,.,~.--..: / ~,}.:<_; 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 ..;Il I ( 11~..2" ~,,. ~.j _.~ payment of any of the Bonds issued by the Authority. 'i'K';-": " . ,,,...-:~; 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. ' ;.,;, r.., ......... .__ ................... _ ......... ,~ ..,, ~',,~,,_.. .-~,. . ,~ _. I . T I. , ~T .;, .(Ti , ~ ~I : , iid, ',, -. :: ~. "~:':~a vote of 6 ayes and 0 ,:?:~*~)f College Station, Texas. ,.,. iLarry~Rfi~ge~_l~r .i'i :3-. · 5 -;,'- :'.'i . .::.':~".~ity Secretary ~: '-. _~. '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 ~.?.' -- I ~PROVED ~ TO FO~: ~ 7"' city Auo= ,~' ('ii~~: ..~ ,'~'. :::' ,,,:i:, ~ ~ I'~;':" ,,'~ ~ .... '.,. "~-;.~.::~..- -'- 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 ~..,.: ~"'",,,, ;~ ATTEST: ~ .,:'-,-c..: -;...~ ,' { :.' .~ i City Secretary ,-'-..--~ :~: Ctty of College Statmn, Texas ,r~ . ,. ~....- ·