O-2017-3666 Certificate of Obligation, Series 2017

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accordance with Section 8.1 an explanation, in narrative form, of the reasons for the amendment and of the impact of any change in the type of financial information or operating data so provided. The City may also amend or repeal the provisions of this Article if the SEC amends or repeals the applicable provisions of the Rule or a court of final jurisdiction enters judgment that such provisions of the Rule are invalid, and the City also may amend the provisions of this Article in its discretion in any other manner or circumstance, but in either case only if and to the extent that the provisions of this sentence would not have prevented an underwriter from lawfully purchasing or selling Certificates in the primary offering of the Certificates, giving effect to (a) such provisions as so amended and (b) any amendments or interpretations of the Rule. Section 8.5: Definitions. As used in this Article, the following terms have the meanings ascribed to such terms below: "MSRB"means the Municipal Securities Rulemaking Board. "Rule"means SEC Rule 15c2-12, as amended from time to time. "SEC"means the United States Securities and Exchange Commission. ARTICLE IX SPECIAL PROVISIONS RELATING TO THE TEXAS WATER DEVELOPMENT BOARD Section 9.1: Compliance with the Texas Water Development Board's Rules and Regulations. The City will comply with all of the requirements contained in the resolution or resolutions adopted by the TWDB with respect to the issuance of the Certificates in the TWDB's rules, regulations and relevant statutes. Section 9.2: Construction Fund; Timely Use of Proceeds. The proceeds of the Certificates shall be applied to establish at an official depository of the City a construction fund (the "Construction Fund"), which shall be kept separate from all other accounts and funds of the City. The City shall maintain project accounts in accordance with generally accepted accounting principles (GAAP), including standards relating to the reporting of infrastructure assets. Monies on deposit in the Construction Fund shall be applied in accordance with the applicable requirements of the Texas Water Code and the rules and regulations of the TWDB. All funds deposited to the credit of the Construction Fund will be used in a timely and expeditious manner, as required by federal statute and EPA regulations, and the City will adhere to the project schedule approved by the Executive Administrator. Section 9.3: Records; Final Accountings. The City will keep and maintain full and complete records and accounts pertaining to the construction of the projects financed with the proceeds of sale of the Certificates, including the Construction Fund, in accordance with the standards set forth by the Government Accounting Standard Board. Within 60 days of completion, the City will submit to the TWDB a final accounting of the total costs of the projects financed with the Certificates. 19 HOU:3746876.1