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HomeMy WebLinkAboutResolution No. 13-004 Transfer SWHEA.THEA Funds to Library RESOLUTION NO. n—o4 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UNIVERSITY PARK, TEXAS, AUTHORIZING ACCEPTANCE OF ACCUMULATED BOND ISSUANCE FEES FROM SOUTHWEST HIGHER EDUCATION AUTHORITY AND TEXAS HIGHER EDUCATION AUTHORITY; AUTHORIZING THE CITY MANAGER TO TRANSFER THE AMOUNTS OF SUCH FEES TO THE UNIVERSITY PARK PUBLIC LIBRARY FUND FOR CONSTRUCTION FINISH-OUT OR OTHER LIBRARY PURPOSES; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City created the Southwest Higher Education Authority ("SWHEA") and the Texas Higher Education Authority ("THEA") in accordance with the Texas Education Code; and, WHEREAS, SWHEA and THEA for many years have authorized the colleges and universities of Texas to issue bonds for educational purposes; and, WHEREAS, in connection with the issuance of such bonds, a fee for the City was authorized and such issuer's fees have accumulated for many years; and, WHEREAS, the Board of Directors of SWHEA and THEA have determined that such fees should be distributed to the City with the request that such fees be designated for the construction finish-out of the University Park Public Library,Now Therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY PARK,TEXAS: SECTION 1. That the City Council hereby approves acceptance of the accumulated issuer's fees from SWHEA and THEA in the amount of $347,954.28 and designates such amount for the Library Construction Fund to pay part of the library construction finish-out expense. The City Manager is authorized and directed to transfer the total amount of such fees to the Library Construction Fund to pay part of the library construction finish-out expense. SECTION 2. The City Manager shall take such other administrative steps as may be necessary to further the objectives of this Resolution. SECTION 3. This Resolution shall take effect immediately from and after its passage, and it is accordingly so resolved. DULY PASSED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY PARK,TEXAS, on the 2nd day of April 2013. APPROVED: lr`, W.RICHARD DAVIS,MAYOR ATTEST: E Z '«� SPECTO it ITY SECRETARY • ' 'ROVED A 'TiFR i/ eh CITY ATTORNEY (RLD/03-26-13;60037)