Res 1999-030 - Laserfiche WebLink

Home Browse Search

SECTION 19. The issuance of the Bonds by the Issuer shall be further subject to (i) the presentation by the Borrower to the Issuer, within 60 days of the date hereof, of financing documents, and such other agreements, instruments and documents related to the issuance of the Bonds and the Project as the Issuer shall require, satisfactory in form and substance to the Issuer and Bond Counsel, and (ii) the approving opinions of the Attorney General of the State of Texas to the effect that the Bonds are validly issued in accordance with the laws of the State of Texas and of Bond Counsel to the effect that the Bonds are validly issued in accordance with the laws of the State of Texas and that the interest earned thereon is excludable from the gross income of the recipients thereof for the purpose of federal income taxation under existing statutes, regulations, published rulings and judicial decisions. SECTION 20. After any of the Bonds are issued, this Resolution shall be and remain in effect until the Bonds and interest thereon shall have been fully paid or provisions for payment shall have been made pursuant to the Indenture. SECTION 21. If any section, paragraph, clause, or provision of the Resolution shall be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any ofthe 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 oflaw 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. SECTION 22. It is officially found, determined, and declared that the meeting at which this Resolution is adopted was open to the public and public notice of the time, place, and subject matter of the public business to be considered at such meeting, including this Resolution, was given, all as required by Chapter 551, as amended, Texas Government Code. SECTION 23. This Resolution shall be in full force and effect immediately upon its approval and adoption, and all other resolutions previously adopted by the Board of Directors which conflict with this Resolution are hereby repealed, but only to the extent that such resolutions conflict with this Resolution. [The remainder of this page intentionally left blank.) 543516.1 -6-