Texas Administrative Code
Title 1 - ADMINISTRATION
Part 3 - OFFICE OF THE ATTORNEY GENERAL
Chapter 53 - MUNICIPAL SECURITIES
Subchapter O - HOUSING FINANCE CORPORATION BONDS
Section 53.230 - Documentation of Issuer

Universal Citation: 1 TX Admin Code ยง 53.230

Current through Reg. 49, No. 38; September 20, 2024

The following shall constitute documentation of the issuer:

(1) undated general certificate of the issuer, executed by at least two officers of the issuer, 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) for single family bonds only, compliance with the Local Government Code, § RSA 394.005;

(E) appointment of authorized representative, if any;

(F) signature identifications;

(G) no-litigation pending or threatened against the issuer with respect to the issuance of the bonds or the title or authority of the officers and directors of the issuer;

(H) the bond documents submitted were properly executed by the issuer, have not been amended or rescinded, and due performance thereof has been authorized, by the issuer;

(I) the terms and performance of the bond documents by the issuer are not in conflict with the articles of incorporation or bylaws of the issuer or any other instrument or restriction to which the issuer is a party or subject to;

(J) if a joint issuer, that such issuer is not operating in more than one state planning region;

(K) the directors of the issuer are residents of the local government or if a joint issuer that the directors reside in a sponsoring local government;

(L) if the proceeds of the bonds are used for a residential development, that such development is located within the local government;

(M) the issuer's articles of incorporation, most recent annual report, and all other filings have been delivered to the Texas Department on Aging;

(N) documents are in substantially the form approved by or on behalf of the issuer; and

(O) 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; and

(ii) copy of certificate of continued existence from the secretary of state of Texas and certificate of good standing from the comptroller of public accounts of Texas, both dated within 60 days of transcript submission;

(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 developer; and

(E) total principal amount of bonds to be issued.

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