HomeMy WebLinkAboutR92-118 Void66
RESOLUTION NO. 92-118
VOID
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PLAINVIEW, TEXAS APPROVING THE ISSUANCE QF
BONDS BY PLAINVIEW HIGHER EDUCATIONAL
FACILITIES CORPORATION..
STATE OF TEXAS
COUNTY OF HALE
CITY OF PLAINVIEW
WHEREAS, the Plainview Higher Educational Facilities Corporation,
hereinafter referred to as "Corporation", is a nonprofit corporation created by
the City of Plalnview, Texas, hereinafter referred to as "City", pursuant to §
53.35(b) of the Texas Education Code; and
WHEREAS, the City has been informed by officers of the Corporation that
the Corporation is intending to issue the following series of its .revenue bonds:
Plalnview Higher Educational Facilities Corporation Revenue Bonds
(Wayland Baptist CHmate Control Project) Series 1992, in the aggregate
principal amount not to exceed $1,450,000.00, hereinafter referred to as
the "Bonds"; and
WHEREAS, the Bylaws of the Corporation provide that the Corporation will
only issue its bonds after obtaining the approval of the City for the issuance of
such bonds, which Bylaws were approved by the City Council of the City upon
adoption of Ordinance No. 92-2898; and
WHEREAS, the City has been provided with copies of the basic financing
documents in substantially final form which will used to issue and secure payment
of the aforementioned Bonds;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF PLAINVIEW, TEXAS THAT:
Section I.
In accordance with § 1.3 of the Bylaws of the Corporation, the City hereby
specifically approves the issuance of the aforementioned Bonds by the
Corporation for Wayland Baptist University.
Section II.
The City Council of the City of Plalnview hereby approves the issuance of
the aforesaid Bonds in the aggregate principal amount of $1,450,000.00 for
Wayland Baptist University, and further approves the Project as described in
Exhibit A of the aforesaid Loan Agreement, and the City shall have no liabilities
for the payment of the Bonds nor shall any of the City's assets be pledged to the
payment of the Bonds.
Section III.
VOiD
The City Council Specifically waives the requirement contained in § 1.3 of
the Bylaws which requires the Corporation to notify the City at least 30 days
prior to the date the Bonds are approved for issuance.
Section IV.
The City Secretary is authorized and directed to deliver executed copies of
this Resolution to the President of the Board of Directors of the CorpOration for
use in connection with the issuance of the aforementioned Bonds.
Section V.
The Resolution shall become effective immediately upon its passage.
PASSED AND APPROVED this the
day of , 1992.
67
ATTEST:
E.V. Ridlehuber, Mayor
Karen McBeth, City Secretary
APPROVED AS TO FORM:
Wally Hatch, City Attorney
APPROVED AS TO CONTENT:
James P. Jeff ers, City Manager