Agenda - City of Dallas

COUNCIL CHAMBER
February 22, 2012
WHEREAS, pursuant to the authority granted by Sections 53.35(b) and 53A.35(b),
Texas Education Code, as amended (collectively referred to herein as the "Act "), the
Dallas City Council desires to authorize the creation of a non-profit corporation (the "
Corporation ") to act on its behalf in financing and refinancing, under the Act, educational
facilities, housing facilities and facilities incidental, subordinate or related thereto,
including acquiring land, all for the purpose of aiding public schools and private schools
under the Act; and
WHEREAS, the City Council hereby finds that the creation of the Corporation is in the
best interest of the City and its citizens; and
WHEREAS, the Corporation may exercise the powers granted in the Act for such
purposes as may be consistent with the Act; 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 Chapter 551,
Texas Government Code.
NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF DALLAS:
Section 1. That the findings and declarations contained in the preambles of this
Resolution are incorporated herein as part of this Resolution.
Section 2. That This City Council hereby approves the Certificate of Formation (the "
Certificate ") for the City of Dallas Education Finance Corporation in substantially the
form attached hereto as Exhibit "A" and authorizes the filing of the Certificate with the
Secretary of State of Texas in accordance with the Act provided, however, that the EFC
shall neither pledge the faith and credit nor the taxing powers of the City of Dallas for
the payment of principal and redemption premium of, if any, or interest on any bonds,
notes or other obligations of the Corporation, and that the Board of Directors of the
Corporation shall meet and file notice of each meeting in accordance with the
requirements of Chapter 551, Texas Government Code (Open Meetings Act).
Section 3. That this City Council hereby appoints those persons named in the
Certificate, each of whom on the date of his appointment is duly qualified in accordance
with the Act, to serve as the initial members of the Board of Directors of the Corporation.