HomeMy WebLinkAbout09-22-82-03 - Resolution - 09/22/1982RESOLUTION NO. 09-22-82-03
WHEREAS, the governing body of the City of College Station, Texas, on
the 24th day of April, 1980, requested that certain individuals proceed to
re-organize and re-establish a non-profit corporation pursuant to the Texas
Non-Profit Corporation Act, for the purpose of furthering educational
opportunities of students by providing funds for the acquisition of student
loans; that such has been accomplished, the corporation being known as the
"Southeast Texas Higher Education Authority, Inc."; and
WHEREAS, the Southeast Texas Higher Education Authority, Inc., has
proceeded in the development of a plan of doing business and it is now
appropriate for this governing body to approve the actions taken and the
composition of the Board of Directors of said Corporation;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLLEGE STATION, TEXAS:
SECTION l: This governing body has been advised by the Southeast
Texas Higher Education Authority, Inc. that such Corporation, upon approval
thereof by the governing body of the City of College Station proposes to
issue revenue bonds in order to obtain funds to purchase student loan notes
which are guaranteed under the provisions of the Higher Education Act of
1965 (Public Law 89-329), as amended, as provided by Chapter 53 of the Texas
Education Code; that such bonds would be initially issued as "Series 1982A"
bonds in the aggregate principal amount of $25,000,000; and that such bonds
would be payable from and be secured by a pledge of revenues derived from
or by reason of the ownership of student loan notes and investment income
after deduction of such expenses for operating the loan program as may be
specified by the bond resolution or trust indenture authorizing or securing
such bonds and the payment thereof.
SECTION 2: This governing body hereby requests that the Southeast
Higher Education Authority, Inc., proceed with the issuance and delivery of
such bonds for the purposes aforesaid, and in this connection requests that
the said Corporation exercise the powers enumerated and provided in Section
53.47 of the Texas Education Code; that such non-profit corporation shall,
in this connection, exercise such powers for and on behalf of the City and
the State of Texas, as contemplated by Section 53.47(e) of the Texas Educa-
tion Code.
SECTION 3: In no event does the City of College Station agree to
assume any responsibility in connection with the administration of this
student loan program; it being understood this responsibility is being
assumed by the Corporation.
SECTION 4: It is recognized by this governing body that the instru-
ments which authorize the issuance of bonds by the Corporation will
specifically state that the City of College Station, Texas is not obligated
RESOLUTION NO. 09-22-82-03 Page Two
to pay the principal of or interest on the bonds proposed to be issued by
the Corporation. Nothing in this resolution shall be construed as an
indication by the City of College Station that it will pay or provide for
the payment of any obligation of the said Corporation whether heretofore
or hereafter incurred, and in this connection, attention is called to the
Constitution of Texas wherein it is provided that a City may incur no
indebtedness without having made provision for its payment, and the City
of College Station hereby specifically refuses to set aside any present
or future funds, assets, or money for the payment of any indebtedness or
obligation of the Corporation.
SECTION 5:
passage.
This resolution shall be effection from and after its
PASSED AND APPROVED this the
2~nd day of September,, 1982.
ATTEST:
y - article-Jones
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