07-18-1988 Meeting - Laserfiche WebLink

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• • Section 13. SUBMISSION AND REGISTRATION OF BONDS. The President or Vice President of the Board of Directors of the Authority is hereby authorized and directed to submit, or cause to be submitted, the record of the Bonds, the Water Sales Contracts and the Initial Bonds, to the Attorney General of the State of Texas for examination and approval and thereafter cause the Bonds to be registered by the Comptroller of Public Accounts of the State of Texas. Upon said registration of the Initial Bonds, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate prescribed herein to be printed and endorsed on each Initial Bond, and the seal of said Comptroller shall be impressed, printed or lithographed on each of the Initial Bonds. The President, Vice President and Secretary of the Board of Directors and other appropriate officers of the Authority are hereby further authorized and directed to do any and all things necessary or convenient to carry out the provisions of this Resolution. Section 14. SALE OF BONDS. The sale of the Bonds to the Texas Water Development Board, at a price equal to the principal amount of the Bonds, is hereby authorized, approved, ratified and confirmed. It is hereby found and determined by the Board of Directors that the sale and delivery of the Bonds is in the best interest of the Authority and that the price and other terms for the purchase of the Bonds are the most advantageous reasonably available to the Authority. The Board hereby finds and determines that the net effective interest rate of the Bonds, as calculated pursuant to Article 717k-2, V.A.T.C.S., as amended, and assuming delivery of the Bonds on September 1, 1988, is 6.883084$. Section 15. MISCELLANEOUS PROVISIONS. 15.01. Successors and Assigns. Whenever in this Resolution the Authority is named and referred to, it shall be deemed to include its successors and assigns, and all covenants and agreements in this Resolution made by or on behalf of the Authority shall bind and inure to the benefit of its successors and assigns whether or not so expressed except to the extent otherwise provided in this Resolution. 15.02. No Recourse Against Authority Officers. No recourse shall be had for the payment of the principal of or the interest on the Bonds or for any claim based thereon or on this Resolution against any officer of the Authority or any person executing the Bonds. 022DESA0/024C04 -33-