| (a) The authority shall not issue a public security
to finance any project or cost related thereto, unless:
(1) the project has been specifically authorized by
the Act, the General Appropriations Act, or other applicable law;
(2) the board has approved the request for financing
and has determined to proceed with the issuance of public securities;
(3) the governing body of the client agency requesting
such financing has authorized the execution of a memorandum of understanding
between the client agency and the authority relating to the specific
public securities program and has agreed to necessary financing documents
as may be appropriate and consistent with these sections;
(4) the public securities issuance and the projects
have been reviewed and approved by the Bond Review Board or any other
agency required to review such bond proceedings or approve projects
as authorized by law;
(5) the governing body of the client agency has by
resolution authorized the execution and performance of the financing
documents; and
(6) the board has approved the related financing documents.
(b) In the event proceeds are to be used to finance
a project of the TDCJ, the TDCJ must have submitted to the Bond Review
Board a master plan for correctional facilities prior to disbursement
of bond proceeds.
(c) The authority assumes no responsibility in connection
with the eligibility of any specific project for financing nor with
respect to the need for such project or that any project will comply
with any legal requirement, except to review legislation authorizing
the project, the approval process with respect to the project, including
Bond Review Board approvals, and to provide a proper description of
the project in bond offering documents, if required.
(d) The authority may request the assistance of the
client agency in complying with information requests from the Bond
Review Board, rating agencies, the attorney general, financial advisor,
bond counsel, or other requests required for issuance of the bonds.
|
| Source Note: The provisions of this §221.4 adopted to be effective November 25, 1988, 13 TexReg 5749; amended to be effective December 15, 1998, 23 TexReg 12686; amended to be effective July 14, 2009, 34 TexReg 4641; amended to be effective April 25, 2013, 38 TexReg 2509 |
