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HomeMy WebLinkAboutR90-006RESOLUTION NO. ~ A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS, RELATING TO THE ISSUANCE OF OBLIGATIONS BY THE NORTH TEXAS HIGHER EDUCATION AUTHORITY, INC.; APPROVING THE ISSUANCE OF SUCH OBLIGATIONS AND THE USE OF THE PROCEEDS OF SUCH OBLIGATIONS; AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH WHEREAS, North Texas Higher Education Authority, Inc. (the Authority") was established as a non-pro,it corporation pursuant to the Texas Non-Profit Corporation Act, for the purDose of furtherinq educational oDportunltles of students bv providing funds for the acquisition of student loans; and WHEREAS, the Authority has proceeded in the development of a plan of doing business and has issued obligations for the aforesaid purposes, and additional funds are needed to continue the program and it is now appropriate for this governing body to aoDrove the issuance of additional obligations for such purDose, WHEREAS, pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), a public hearing was conducted, following reasonable public notice, with respect to the issuance of bonds bv the Authority in a principal amount not to exceed 100,000,000; WHEREAS, certified minutes contaznlng the proceedings from such hearing have been submitted to the City of Denton, Texas (the "City"); WHEREAS, in order to satisfy the requirements of the Code, it is necessary for the City, following the holding of the public hearing, to approve the issuance of the bonds; and WHEREAS, an order to satisfy the requirements of the Texa~ Education Code, zt is necessary for the city to approve the ~ssuance of all bonds or other obligations of the Authority, whether or not the interest on such obligations is included in gross ~ncome of the holders for federal income tax ~urooses; NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS: 1. That on February 12, 1990, a Dubllc hearlnq was conducted regarding the issuance by the Authority of student loan revenue bonds in the principal amount not to exceed 100,000,000. 2. That the governing body of the C~ty hereby approves the ~ssuance and dellvery by the Authorlty of student loan revenue bonds, notes or other obligations, in one or more serles, ina principal amount not to exceed $100,000,000 for the purposes of refunding the Authority's student loan revenue bond, Series 1989, thereby providing permanent f~nanclnq for student or parent loan notes whlch are quaranteed under the provisions of the H~gher Education Act of 1965, as amended, and/or purchasing add~tional student or parent loan notes so guaranteed, and ~n e~ther case, settlnq aside the amount the Authority determines ~s necessary for a reserve and for operating costs and paying the cost of ~ssulnq such obligations. The ~ssuance of such obligations shall be in accordance with Chapte,r 53 of the Texas Educatlon Code, art. 717k-1, Vernon's Annotated C~vil Statutes, and, ~f the Authority so ~rov~des, Section 144 of the Code. 3. That the Mayor and Clty Secretary are authorized and d~rected to execute the Approval Certificate substantially ~n the form attached hereto as Exhibit A and to deliver certified cop~es of th~s Resolution and CoPies of the Approval Certificate to the Authority. 4. That the Clty requests that the Authority exercise the powers enumerated and ~rovided in Section 53.47 of the Texas Education Code, as amended; that such non-proflt corporation shall, in this connection, exercise such Dowers for and on behalf of the C~ty and the State of Texas, as contemplated by Sectlon 53.47(e) of the Texas Education Code, as amended. e That the City does not agree to assume any responsibility in connection with the administration of the Authorlty's student loan program. Sole responsibility for the administration of the Authorlty's student program is being assumed by the Authority. 6. That it is recognized by this governing body that the instruments which authorize the issuance of obligations by the Authority will specifically state that this City is not obligated to pay the principal of or interest on the obligations proposed to be issued by the Authority. Nothing in th~s Resolution shall be construed as an indication by this C~ty that it will pay or provide for the payment of any obligations of the said Authority whether heretofore or hereafter incurred, and in this connection, attention ~s called to the Constitution of Texas wherein it is provided that a City may Incur no indebtedness without having made provisions for its payment, and this City Council hereby specifically refuses to set aside any present or future funds, assets or money for the payment of any indebtedness or obligation of the Authority. 7. That this Resolution shall be effective from and after its passage and approval. 8. That it is hereby officially found and determined that the meetlng at which this Resolution is passed is open to the public as required by law and that public notice of the tlme, place and purpose of said meeting was given as required. PRESENTED AND PASSED on this the ~'~ day of 1990, by a vote of ~ ayes and O nays at a regul~ meeting of the city Council of the City of Denton, Texas. Mayor ATTEST: APPROVED AS TO FORM. City Attorney Exhibit A APPROVAL CERTIFICATE I, ~ ~ , am the duly elected Mayor of the Clty~f/Dentoh, Texas (the "City"), and as such am the applicable e~ected representative of the C~ty pursuant to 147(f)(2)(B) of t~e Internal Revenue Code of 1986, as amended. On February 12, 1990, a public hearing was conducted regarding the issuance of bonds by the North Texas Higher Education Authorlty, Inc. in the aggregate principal amount not to exceed 100,000,000 and the utilization of the proceeds of such Bonds for the purpose of refunding the Authorltv's Student Loan Revenue Bond, Series 1989, purchasing student loan notes, and setting aside certaln funds for the payment and security of the Bonds and certain expenses ~n connectIon w~th ~ssuance of the Bonds, as provided and l~mlted by the Internal Revenue Code of 1986, as amended, and the Texas Education Code, as amended. Student loan notes are notes executed by students (or parents of students) who are residents of the State of Texas or who have been admitted to an "accredited ~nst~tut~on" in the State of Texas (as defined in the Texas Education Code). A copy of the report of such hearing is attached hereto as qchedule 1. As the appllcable elected representative of the Clt¥, I hereby speclflcally approve the bonds described above and the use of the proceeds of such bonds for the purposes stated above. SIGNED and SEALED this ~day of ~~.~, 1990. Mayor,~~as SEAL) ATTEST: C~y of ~enton, Texas Schedule CERTIFICATE I, the undersigned, am an authorized representative of the North Texas Higher Education Authority, Inc (the 'Issuer") duly appointed by such Issuer to conduct a public hearing (the Hearing") at 10 o'clock a m on Monday, February 12, 1990, and do certify as follows 1 On behalf of the Issuer, I conducted the Hearing in the off!cee of the Higher Education Servicing Corporation located at 201 E Abram, Suite 800, Arlington, Texas The Hearing concerning the issuance of student loan revenue bonds of the North Texas Higher Education, Inc in an amount not to exceed $100,000,000 2 A true, full and correct copy of the minutes of the Hearing is attached hereto 3 On January 28, 1990, public notice of the Hearing was published in a newspaper of general circulation in, and published in, the Cities of Ar lzng~on and Denton, Texas, respectively Attached hereto follow~nq the minutes of the Hearing are affidavits of publication relatlng to said pubtlc notices SIGNED this 12th. day of February 1990 Mama'( - Katfiryn ~yad Tltle Assistant Secretary North Texas Higher EducaC ion AuChor lty, 0516S MINUTES OF THE MEETING OF FEBRUARY 12, 1990 The public hearing for the purpose of hearing from interested members of the public concerning the proposed issuance of obllgatxons by North Texas Higher Education Authority, Inc in the amount not to exceed $100,000,000 (the Bonds") and the utilizatIon of the proceeds of the Bonds by the North Texas Higher Education Authority, Inc for the purpose of refunding the Authorlty's Student Loan Revenue Bond, Series 1989, purchasing student loan notes, and setting aside certain funds for the payment and security of the Bonds and certain expenses an connection with issuance of the Bonds, as provzded and limited by the Internal Revenue Code of 1986, as amended, and ~he Texas Education Code, as amended, was opened at 10 o'clock a,m The undersigned requested all persons who desired to speak either for or against the issuance of the obligations to so Indicate Dy raising their hands The following persons present at the meeting so indicated See Exhmb~t "A" Following such comments, the undersigned then announced that the hearing was closed Title' Assistant SecreTary 0517S CERTIFICATE OF SECRETARY THE STATE OF TEXAS COUNTY OF DENTON CITY OF DENTON I, the undersigned, Czty Secretary of the City of Denton, Texas, DO HEREBY CERTIFY as follows: 1. That on the 20th day of February, 1990, the City Council of the City of Denton, Texas, convened in reaular session at its regular meeting place in the City Hall of said Czty; the duly constituted members of the Council being as fol lows .. y Stephen~ ) MAYOR Ru_~h Ayer Jim Alexander Randall Bovd Bob ~Q~ton COUNCILMEMBERS Jane Hopkins and all of said persons were present at said meetxng, except the following: Among other business considered at said meeting, the attached resolution entitled: A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS, RELATING TO THE ISSUANCE OF OBLIGATIONS BY THE NORTH TEXAS HIGHER EDUCATION AUTHORITY, INC.; APPROVING THE ISSUANCE OF SUCH OBLIGATIONS AND THE USE OF THE PROCEEDS OF SUCH OBLIGATIONS; AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH." was introduced and submitted to the Council for passage and adoption. After presentation and due consideration of the resolution, and upon a motion by McAdams and 1 seconded by Aver , the resolution was duly passed and adopted by the City Council to be effective immediately by the following vote: oted "For" Q voted "Against" 0 abstained all as shown in the official Minutes of the Council for the meeting held on the aforesaid ~te. 2. That the attached resolution is a true and correct copy of the original on file in the official records of the City; the duly qualified and acting members of the Cltv Council of said City on the date of the aforesaid meetin~ are those persons shown above and, according to the records of my office, each member of the Council was given advance notice of the time, place and purpose of the meeting; and that said meeting, and deliberation of the aforesaid Dublic business, was open to the public and written notice of said meeting, including the subject of the entitled resolution, was posted and given in advance thereof in compliance with the provisions of Article 6252-17, Section 3A, V.A.T.C.S. IN WITNESS WHEREOF, I have hereunto si~ned mv name officially and affixed the seal of said City, this the 20th day of F~h~,,,~y , 1990. ty Se~etary, ty of~enton, Texas City Seal)