03-10-10 Regular Meeting of the La Porte Area Water Authority

Browse Search

SECTION 9.2. Official Statement. The Authority hereby ratifies distribution and use of the Preliminary Official Statement, dated March _, 2010, and the Official Notice of Sale relating to the Bonds, in the form submitted at the meeting at which this Resolution is adopted in all respects for the purposes intended. The Authority hereby approves and authorizes distribution of the Official Statement, dated the date hereof, substantially in the form of such Preliminary Official Statement, but completed and modified to reflect the terms of sale of the Bonds and such other changes as the President shall approve. The President and Secretary are authorized and directed to execute and deliver for and on behalf of the Authority sufficient copies of such Official Statement in final form. Such Official Statement in the form and content manually executed by said officials of the Authority shall be deemed approved by the Board and constitute the Official Statement duly authorized for distribution. SECTION 9.3. Control and Custody of the Bonds. Initially one Bond in the aggregate principal amount of the Bonds in the name of the Purchaser or their designee 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 manual signature of a Bond Clerk in such office. At any time thereafter the Authority may deliver such Bond to the Paying AgentlRegistrar for transfer or exchange, accompanied by instructions from the Purchaser or their designee designating the Persons, maturities, and principal amounts to and in which such Bonds are to be transferred and the addresses of such Persons, and the Paying Agent/Registrar shall thereupon, within not more than three business days, authenticate and deliver such Bonds upon authorization of the Authority as provided in such instructions. The President shall be and is hereby authorized to take and have charge of all necessary orders and records pending investigation by the Attorney General of the State of Texas, and shall take and have charge and control of the Bonds pending their approval by the Attorney General, their registration by the Comptroller of Public Accounts, and their registration with and initial exchange or transfer by the Paying Agent/Registrar. The President, Vice President and the Secretary of the Authority, or any of them, are hereby authorized and directed to furnish and execute such documents relating to the Authority and its financial affairs as may be necessary for the issuance of the Bonds, their approval by the Attorney General, and their registration by the Comptroller of Public Accounts and, together with the financial advisor and bond counsel to the Authority and the Paying Agent/Registrar, make the necessary arrangements for the initial delivery of the initial Bond and the initial exchange thereof for the Definitive Bonds. SECTION 9.4. Application of Proceeds of Bonds. Proceeds from the sale of the Bonds shall be applied as follows: A. Accrued interest shall be deposited into the Bond Fund; 33 HOU:3003369.1