12-07-1983 Regular Meeting of La Porte City Council

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• • • Section 16. The officers of the Issuer shall take all action in conformity with the Act, if necessary, or reasonably required to effectuate the issuance of the Bonds .and take all action necessary or desirable in conformity with the Act to finance the Project and for carrying out, giving effect to, .and consummating the transactions contemplated by the Bonds, the Initial Resolution, this Resolution, the Agreement, the Indenture, the Corporate Guarantee Agreement, the Personal Guarantee Agreement, the Mortgage, the Memorandum, and the Indemnity Letter, including without limitation, the execution and delivery of any closing documents ~in connection with the issuance of the Bonds. Section 17. The actions and obligations of the Issuer contained in this Resolution shall be subject to and conditioned upon the receipt by the Issuer, at the date of delivery and payment for the Bonds, of ( i ) a certificate from a representative of the Texas Economic Development Commission (the "Commission"), acting on behalf of the Commission, evidencing final approval of the Agreement and the Bonds; (ii) the purchase price of the Bonds; (iii) a certified copy of the resolution of the Unit approving the Bonds, the Project, and this resolution; and (iv) such opinions, evidences, certificates, instruments, or other documents as shall be requested by the Issuer's Counsel or by Bond Counsel to evidence the due performance or satisfaction. by the User at or prior to such time of all agreements then to be performed and all • conditions then to be satisfied by each. Section 18. After any of the Bonds are issued, this Resolution shall be and remain irrepealable until the Bonds or interest thereon shall have been fully paid or provisions for payment made pursuant to the Indenture. Section 19. If any section, paragraph, clause, or provisions of the Resolution shall be held to be invalid or enforceable the invalidity or unenforceability of such section, paragraph, clause, provision shall not affect any of the remaining provisions of this Resolution. In case any obligation of the Issuer authorized or established by this Resolution or the Bonds is held to be in violation of law as applied to any person or in any circumstance, such obligation shall be deemed to be the obligation of .the Issuer to the fullest extent permitted by law. • - 6