HomeMy WebLinkAbout0009_84-37ORDINANCE NO.
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GEORGETOWN,
TEXAS, ORDERING THE CREATION OF A NON-PROFIT CORPORATION UNDER
SECTION 53 35(b), TEXAS EDUCATION CODE, AS AMENDED, DESIGNATING
THE INCORPORATORS THEREOF, APPROVING ARTICLES OF INCORPORATION
AND APPOINTING THE INITIAL DIRECTORS THERETO, APPROVING THE
BYLAWS OF THE CORPORATION, CONTAINING OTHER PROVISIONS AND MAKING
CERTAIN FINDINGS RELATING THERETO.
WHEREAS, Section 53.35(b) of the Texas Education Code, as amended
(the "Act"), authorizes cities to order the creation of corporations
to provide financing in aid of institutions of higher education, and
WHEREAS, one or more institutions of higher education (the
"Universities"), as defined in Section 53 02 of the Act are located
within the City of Georgetown, Texas (the "City"), and
WHEREAS, the Universities represent and are a vital part of the
City and are in substantial need of additional facilities, properties
and funds in order properly to carry on, develop and expand their
educational activities within the City, and
WHEREAS, Section 53 35(b) of the Act specifically authorizes the
governing body of the City to order the creation and organization of
a nonprofit corporation under the Act to act on behalf of the City as
its duly constituted authority and instrumentality for the purpose
of aiding institutions of higher education in providing educational
facilities and housing facilities and facilities incidental, subordi-
nate or related thereto or appropriate in connection therewith, and
WHEREAS, the Act authorizes the nonprofit corporation thus
created to issue revenue bonds for said purposes on behalf of the
City, provides that the directors of the corporation shall be
appointed and be subject to removal by this Council, and further
provides that a private person may not share in any of the
corporation's earnings, and
WHEREAS, this Council by this Ordinance intends to take all steps
necessary to order the creation of a nonprofit corporation pursuant to
and under the Act, subject to the provisions of the Act and this
Ordinance, and
WHEREAS, this meeting is open to the public as required by law,
and public notice of the time, place and purpose of this meeting was
given as required by Article 6252-17, Vernon's Texas Civil Statutes,
as amended,
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