Texas Administrative Code
Title 1 - ADMINISTRATION
Part 3 - OFFICE OF THE ATTORNEY GENERAL
Chapter 53 - MUNICIPAL SECURITIES
Subchapter P - OTHER CORPORATION BONDS
Section 53.248 - Documentation of User
Universal Citation: 1 TX Admin Code ยง 53.248
Current through Reg. 49, No. 38; September 20, 2024
The following shall constitute documentation of the user:
(1) undated general certificate of the user, executed by at least two officers or authorized representatives of the user, including certifications and provisions (or confirmation of any such certifications and provisions which are contained in the basic financing documents) with respect to:
(A) due
incorporation or creation, valid existence, and good standing;
(B) incumbency of officers executing bond
documents;
(C) appointment of
authorized representative, if any;
(D) signature identifications;
(E) the bond documents were properly executed
by the user, have not been amended or rescinded, and due performance thereof
has been authorized by the user;
(F) the terms and performance of the bond
documents by the user are not in conflict with the articles of incorporation,
bylaws, partnership, or other agreement, of the user or any other instrument or
restriction to which the user is a party or subject to;
(G) receipt of all necessary permits and
approvals of governmental bodies or agencies with respect to the issuance and
sale of the bonds and that the user has received or expects to receive and has
applied or shall apply with due diligence for all necessary permits and
approvals with respect to the construction and operation of the
project;
(H) no event has occurred
since the date of the user's application to the issuer to issue the bonds that
would result in a material adverse change in the financial condition of the
user or in the user's ability to perform its obligations under the bond
transaction documents, or certification that the issuer has been provided with
a complete description of the facts and circumstances of such event;
(I) no default under any agreement to which
the user is a party which would have a material adverse effect on the user, or
certification that the issuer has been provided with a complete description of
the facts and circumstances of such default;
(J) no-litigation pending or threatened
against the user with respect to the authority of the user to enter into the
bond transaction or to perform its obligations thereunder;
(K) documents are in substantially the form
approved by or on behalf of the issuer; and
(L) incorporated as exhibits, as applicable
(or may be included as separate documents if certified as to accuracy):
(i) copy of articles of incorporation or
other evidence of creation as certified by the appropriate state
official;
(ii) copy of bylaws,
partnership, or other agreement;
(iii) copy of certificate from appropriate
state official of state of incorporation or creation of continued existence and
good standing, dated within 60 days of transcript submission; and
(iv) for a user created outside the State of
Texas, copies of certificate of good standing from the comptroller of public
accounts of Texas and certificate of the secretary of state of Texas evidencing
authority to do business in the State of Texas, dated within 60 days of
transcript submission;
(2) resolution or other evidence approving the bond financing and related documents.
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