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shall be payable solely from the revenues and receipts derived from the Agreement.
Neither the State of Texas, the Unit, nor any political corporation, sub-
division or any agency of the State of Texas shall be obligated to pay the Bond
or the interest or premium, if any, thereon, and neither the faith or credit
nor the taxing power of the State of Texas, the Unit, or any other political
corporation, subdivision or agency thereof is pledged to the payment of the
principal of, interest and premiums, if any, on the Bond. The Bond is a limited
obligation of the Issuer payable solely out of the revenues and receipts
derived by the Issuer pursuant to the Agreement Note, and the Issuer's rights
under the Agreement (except for certain of the Issuer's rights to indemnifica-
tion, to attorneys' fees and to reimbursement for expenses) and under the Note
are pledged and assigned to the Bank pursuant to the Assignment, as execuced,
and such revenues and receipts and the Note shall not be pledged or hypothecated
in any manner except as provided in the Assignment as executed.
Section 4. Authorization of Agreement. The Issuer is hereby authorized
to enter into the Agreement, in substantially the form presented to this meet-
ing and marked Exhibit A, under which the Issuer shall loan the proceeds of
the Bond to the User to be used to defray certain costs of the Project (in-
cluding all costs incurred by the Issuer in connection with the issuance and
sale of the Bond) all upon the terms and conditions as set forth in said form
of Agreement, submitted to and reviewed by the Board of Directors of the Issuer
on the date hereof, with such changes from the form of Agreement presenced to
this meeting not inconsistent with this Resolution as shall be approved by the
officers of the Issuer executing the Agreement, such officers' signatures there-
on being conclusive evidence of their approval thereof.
Section 5. Approval of Note. The Note to be delivered by the Company
to evidence its obligation under the Agreement to pay amounts sufficient to
pay the principal of, premium, if any, and interest on the Bond is hereby
approved substantially in the form set forth in the Agreement presented to
this meeting with such changes from the form of Note presented to this meet-
ing not inconsistent with this Resolution as shall be approved by the officers
of the Issuer executing the Agreement, such officers' signatures thereon being
conclusive evidence of their approval thereof.
Section 6. Authorization of Assignments. The Issuer is hereby authorized
to enter into the Assignment, in substantially the form presented to this meet-
ing and marked Exhibit B, under which the Issuer shall pledge and assign
certain of its rights under the Agreement and the Note, as described above, to
the Bank upon the terms and conditions as set forth in said form of Assignment,
submitted to and reviewed by the Board of Directors of the Issuer on the date
hereof, with such changes from the form of Assignment presented to this meeting
not inconsistent with this Resolution as shall be approved by the officers of
the Issuer executing the Assignment, such officers' signatures thereon being
conclusive evidence of their approval thereof.
Section 7. Authorization of Bond Purchase Agreement. The Issuer is
hereby authorized to enter into the Bond Purchase Agreement, in substantially
the form presented to this meeting as marked Exhibit C, under which the
Issuer agrees to sell the Bond to the Bnk, as Purchaser, upon the terms and
conditions as set forth in said form of Bona Purchase Agreement, submitted to
and reviewed by the Board of Directors of the Issuer on the date hereof, with
such changes not inconsistent with this Resolution as shall be approved by
the officers of the Issuer executing the Bond Purchase Agreement, such officers'
signatures thereon being conclusive evidence of such approval.
Section 8. Approval of Bond; Execution of Bond and Documents. The form
of the Bond set forth in the Bond Purchase Agreement presented to this meeting,
subject to appropriate insertions and revisions in order to comply with the
provisions of the Bond Purchase Agreement as executed be, and the same hereby
are, approved, ana when the same shall be executed on behalf of the Issuer in
the manner contemplated by the Bond Purchase Agreement ana this Resolution in
the aggregate principal amount of $1,050,000 they shall represent the approved
form of the Bond Issuer. The President of the Issuer is hereby authorized and
directed to cause the Bond to be prepared in the form now before this meeting
and hereby approved subject to appropriate insertion and revisions in order
to comply with the provisions of the Bond Purchase Agreement, as executed.
The Bond shall be executed in the sam name of the Issuer with the manual or
fascimile signature of its of its President and shall be attested with the
manual of fascimile signature of its Secretary, provided that at least one
of such signatures shall be a manual signature, and the seal of the Issuer