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HomeMy WebLinkAbout12640 ORD - 06/11/1975AN ORDINANCE RELATING TO THE SOUTH TEXAS HIGHER EDUCATION AUTHORITY, INC., APPROVING THE PRESENT DIREC- TORS OF SUCH CORPORATION; RESOLVING OTHER MATTERS IN CONNECTION THEREWITH; PROVIDING AN EFFECTIVE DATE; AND DECLARING AN EMERGENCY. WHEREAS, the South Texas Higher Education Authority, Inc. has been heretofore formed for the purpose of aiding and assisting corporations, organizations and institutions engaged in educational undertakings at the college or university level by funding or financing or arranging for the funding and financing of loans to students enrolled at said educational institutions, the Articles of Incorporation having been - heretofore filed with the Secretary of State of the State of Texas (on the 30th day of July, 1973,) and assigned Charter, number 329032; and WHEREAS, the said Corporation 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); and WHEREAS, the bonds so issued by the Corporation would be payable from and secured by a pledge'of revenues derived from or by reason of the'ownership of student loan notes and in- vestment income after deduction of such expenses of operating the loan program as may be specified by the bond resolution. or trust indenture; and WHEREAS, the bond proceeds are proposed to be expended solely for the purchase of student loan notes executed by students who are residents of the area or who have been admitted to attend an accredited institution of higher learning (which has been registered by an accrediting agency) and which is a public or private institution of higher education which is not organized for profit; and WHEREAS, the said Corporation proposes to contract with a non - profit corporation organized under the laws of the State of Texas to provide reports and other information required for continued participation in the said Federally guaranteed loan program under Public Law 89 -329; and . WHEREAS, it appears that the said Corporation will - without the intervention of private gain - provide educational opportunities for students of and in this area which - might not otherwise be available, and this governing body wishes to encourage such endeavors by providing support (non financial) to the organization; now,' therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI, TEXAS: SECTION 1: That the incorporation and creation of the SoutT�_Texas Higher Education Authority, Inc. under the Charter number mentioned in the preamble is hereby ratified, confirmed, and approved. •SECTION 2: The present directors of the said Corpora- tion, being DONALD L. BENTSEN, EVERETT BRADEN•, WILLIAM L. DAVIS, LYNN FRIZZELL, JAMES C. JERNIGAN, J. C. LOONEY, JAMES MILLER, RAUL TIJERINA, JR., JESSE TREVINO, AND L. NATHA14 WINTERS, are hereby approved as directors. SECTION 3: The governing body is advised that the present directors propose to amend the Articles of Incorpora- tion to show a wider interest and sponsorship in the 12640 affairs of the Corporation and also propose to amend the bylaws so as to provide for additional directors, and the concept of such amendments is hereby approved. SECTION 4: That the undertaking of this governing body as a sponsor of the said Corporation and its activities does not and shall not cause any pecuniary liability to be imposed upon this City; and that the interest of the City is in the promotion of better educational opportunities of the citizens of this City and the area (this and all neighboring Counties in particular) and those who wish to attend an institution of higher learning in such area. SECTION 5: The necessity to participate in the undertakings of the South Texas Higher Education Authority, Inc. as hereinabove set forth in order to effectuate the proposed program and project creates a public emergency and an imperative public necessity requiring the suspension of the Charter rule that no ordinance or resolution shall be passed finally on the date of its introduction but that such ordinance or resolution shall be read at three several meetings of the City Council, and the Mayor having declared such emergency and necessity to exist, and having requested the suspension of the Charter rule and that this ordinance be passed finally on the date of its introduction and take effect and be in full force and effect from and after its passage, IT IS ACCORDINGLY SO ORDAINED, this the GGL day of June, 1975. ATTEST: (2 C ecre MAYOR THE CITY OF CORPUS CHRISTI, TEXAS APTED: / DAY OF JUNE, 1975: Alrting City A"ttorne CORPUS CHRISTI, TEXAS DAY OF TO THE MEM3ERS OF THE CITY COUNCIL COI`PUs CHRISTI, TEXAS 19 %/ FOR THE REASONS SET FORTH IN THE EMERGENCY CLAUSE OF THE FOREGOING ORCINANCE, A PUBLIC EMERGENCY AND IMPERATIVE NECESSITY EXIST FOR THE SUSPEN- SION OF THE CHARTER RULE OR REQUIREMENT THAT NO ORDINANCE OR RESOLUTION SHALL BE PASSED FINALLY ON THE DATE IT 13 INTRODUCED, AND THAT SUCH ORDINANCE OR RESOLUTION SHALL BE READ AT THREE MEETINGS OF THE CITY COUNCIL; Is THEREFORE, REQUEST THAT YOU SUSPEND SAID CHARTER RULE OR REQUIREMENT AND PASS THIS ORDI- NANCE FINALLY ON THE DATE IT IS INTRODUCED, OR AT THE PRESENT MEETING OF THE CITY COUNCIL. RESPECTFULLY I MAYOR THE CITY OF CORPUS CHRISTI, TE S THE CHARTER RULE WAS SUSPENDED BY THE FOLLOWING VOTE: JASON LUBY DR. BILL TIPTON EDUARDO DE ASES RUTH GILL BOB GULLEY GABE LOZANO, SR. EDWARD L. SAMPLE THE ABOVE ORDINANCE WAS PASSED BY THE WLLOWING VOTE: JASON LUBY OR. BILL TIPTON EDUARDO DE ASES RUTH GILL BOB GULLEY GABE LOZANO, SR. EDWARD L. SAMPLE