1989-02-13 Public Hearing and Regular Meeting

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• • ~.~ s- liability of the Authority and the Paying Agent/Registra•r to the extent of the sums paid. 2.07. Execution of the Bonds. The Bonds shall be executed on behalf of the Authority by the President or Vice President of the Board under the seal of the Authority attested by the Secretary or Assistant Secretary of the Board. Each such signature may be manually executed or placed in facsimile on the Bonds, and the Authority's seal may be manually impressed, printed or otherwise placed on the Bonds. Bonds receiving the manual or facsimile signa- tures of individuals who were at the time the duly elected or appointed officers of the Authority shall be binding upon the Authority notwithstanding such individuals or any of them shall cease to hold such offices prior to the certi- fication, registration, authentication or delivery of such Bonds or shall not have held such office on the date of such Bonds, all as provided in the Act and the Bond Procedures Act of 1981, as amended. The Initial Bonds, each payable to the Texas Water Development Board (the "Purchaser"), shall be executed and submitted to the Attorney General~of Texas for approval, and thereupon certified by the Comptroller of Public Accounts of the State of Texas by his manual signa- ture or by the manual signature of one of his deputies thereunto duly authorized. No Bond authorized by this Resolution shall be entitled to any right or benefit here- under, or be valid or obligatory for any purpose unless the Comptroller of Public Accounts of the State of Texas or his duly authorized agent shall have executed a Registration Certificate substantially in the form of the Registration -- Certificate of Comptroller of Public Accounts set forth in Section 3.02 hereof or the Paying Agent/Registrar shall have executed a Certificate of Authentication substantially in the form of the Certificate of Authentication of Paying Agent/Registrar set forth in Section 3.03 hereof, and either such executed certificate upon any Bond shall be conclusive evidence that such Bond has been executed and delivered pursuant to this Resolution. 2.08. Paying Agent/Registrar. The Authority covenants at all times to maintain a Paying Agent/Registrar for the Bonds meeting the qualifications herein set forth, and, subject to the remaining provisions of this Section 2.08, hereby appoints First City National Bank of Houston, Houston, Texas, initially to serve in such capacity. The form, terms and provisions of the proposed Agreement between the Authority and First City National Bank of Houston, Houston, Texas, providing for such appointment, a draft of which is attached to this Resolution as Exhibit A, are 038DESAJ/024C02 -9-