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HomeMy WebLinkAboutR86-990043 RESOLUTION NO./~?d~ ~'~ A RESOLUTION REQUESTING TEXAS HIGHER EDUCATION AUTHORITY, INC., TO ACT ON BEHALF OF THIS CITY, AND AS ITS DULY CONSTITUTED AUTHORITY AND INSTRUMENTALITY IN PRO~vqDING FINANCING THROUGH ITS EDUCATIONAL FACILITIES REVENUE BOND PROGRAM OF EDUCATIONAL FACILITIES FOR WAYLAND BAPTIST UNIVERSITY, AN INSTITUTION OF HIGHER EDUCATION LOCATED WITHIN THE BOUNDARIES OF THIS CITY AND REQUESTING AND APPROVING THE ISSUANCE BY THE TEXAS HIGHER EDUCATION AUTHORITY, INC., OF ITS REVENUE BONDS FOR SUCH PURPOSE. WHEREAS, the City of Plainview, Texas, has ordered created the Texas Higher Education Authority, Inc., (the "Authority"), under and pursuant to Section 53.35(b), Texas Education Code, as amended, (the "Act"), to act on its behalf and as its duly constituted authority and instrumentality and on behalf, and as the duly constituted authority and instrumentality, of such other cities as shall request it to do so in accordance with the Act, all for the purpose of aiding in the promotion and development of higher education at the college and university level by the State's institutior¢~ of higher education located within the participating cities on whose behalf the Authority is created or requested to act; and WHEREAS, the Authority has established or will establish a program (the "Program") for such purpose on behalf of each participating City, including this City, if approved by this City; and WHEREAS, the Authority has funded or will fund the Program through the issuance of its Educational Facilities Revenue Bonds (the "Bonds"); and WHEREAS, Wayland Baptist University, an institution of higher education (the "Local Institution") under the Act, is located within this City and has requested that certain of its educational facilities be financed through the Program; and WHEREAS, the Local Institution and this City have jointly determined that participation in the Program provides a better and less expensive method of financing than other available alternatives; and WHEREAS, this resolution is adopted under the authority of the Act and the same shall constitute an interlocal agreement among this City and all other cities that have or may request the Authority to act on their behalf and as their duly constituted authority and instrumentality; NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THIS CITY, AS FOLLOWS: 1032 ]vi 044 (1) That this City hereby requests the Authority to art on its behalf and as its duly constituted authority and instrumentality in making funds available under the Progrm-n to finance educational facilities authorized, by the Art for the Local Institution, and this City hereby requests and approves the issuance of the Bonds by the Authority and approves the inclusion therein of the amounts requested by the Local Institution, and this City authorizes the use of such funds for the purposes of the Local Institution and other institutions of higher'calibration within this State located within cities on whose behalf the Authority is acting in accordance with the terms and requirements of the Program as developed, defined and from time to time implemented by the Authority; (2) That this City approves the Articles of Incorporation of the Authority, attached hereto as Exhibit A, and adopts the terms thereof, except that no amendment thereto shall be effective as to this City unless the amendment is acceptable to this City; (3) That this resolution constitutes an interloeal agreement between this City and all other eries on whose behalf the Authority is created and is acting, and the Authority is authorized to continue to implement the Program within this City for the benefit of the Local Institution and any other institutions of higher education located within this City on a year-to-year basis unless terminated as to this City by its giving of notice to the Authority that from and after a date specified in the notice no further activities of the Authority shall be conducted within the corporate boundaries of this City; (4) No obligation issued as created by the Authority shall ever create an obligation of this City nor shall create any indebtedness or liability, .or be a special, general or moral obligation of this City, and all obligations issued by the Authority shall contain a statement to such effect. ATTEST: This Resolution shall take effect immediately from and after its adoption. esi ing Off ieee // Aft[esting Officer [SEAL] 1032 -2-