Texas Administrative Code
Title 1 - ADMINISTRATION
Part 3 - OFFICE OF THE ATTORNEY GENERAL
Chapter 53 - MUNICIPAL SECURITIES
Subchapter M - DEVELOPMENT CORPORATION BONDS
Section 53.196 - Documentation of Corporation
Universal Citation: 1 TX Admin Code ยง 53.196
Current through Reg. 49, No. 38; September 20, 2024
The following shall constitute documentation of the corporation:
(1) undated general certificate of the corporation, executed by at least two officers of the corporation, which includes certifications and provisions (or confirmation of any such certifications and provisions which are contained in the basic financing documents) with respect to:
(A)
incumbency of the officers and directors;
(B) due incorporation, valid existence, and
good standing;
(C) official
seal;
(D) appointment of authorized
representative, if any;
(E)
signature identifications;
(F)
no-litigation pending or threatened against the corporation with respect to the
issuance of the bonds, or the title or authority of the officers and directors
of the corporation;
(G) bond
documents submitted were properly executed by the corporation, have not been
amended or rescinded, and due performance thereof has been authorized by the
corporation;
(H) the terms and
performance of the bond documents by the corporation are not in conflict with
the articles of incorporation or bylaws of the corporation or any other
instrument or restriction to which the corporation is a party or subject
to;
(I) documents submitted are in
substantially the form approved by or on behalf of the corporation;
and
(J) incorporated as exhibits,
as applicable (or may be included as separate documents if certified as to
accuracy):
(i) copy of the articles of
incorporation as certified by the secretary of state of Texas and bylaws or,
alternatively, a certification that there have been no amendments to the
articles of incorporation or bylaws since the last submission of bonds or
copies of any amendments;
(ii) copy
of certificate of continued existence from the secretary of state of Texas and
copy of certificate of good standing from the comptroller of public accounts of
Texas, both dated within 60 days of transcript submission; and
(iii) copy of the department's
approval;
(2) resolution authorizing issuance of the bonds, including the following provisions:
(A) title of bonds;
(B) legal citation for authority to issue
bonds;
(C) specific purpose for
which the bonds are issued;
(D)
identification of the user; and
(E)
total principal amount of bonds to be issued.
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