Texas Administrative Code › Title 1 - ADMINISTRATION › Part 3 - OFFICE OF THE ATTORNEY GENERAL › Chapter 53 - MUNICIPAL SECURITIES › Subchapter O - HOUSING FINANCE CORPORATION BONDS › Section 53.231 - Documentation of Developer (Multifamily Bonds Only)

Current through Reg. 49, No. 28; July 12, 2024
The following shall constitute documentation of the
					 developer:
(1) undated general
				  certificate of the developer, executed by at least two officers or authorized
				  representatives, including certifications and provisions (or confirmation of
				  any such certifications and provisions which are contained in the basic
				  financing documents) with respect to:
(A) due
				  incorporation or creation, valid existence and good standing;
(B) incumbency of officers executing bond
				  documents;
(C) appointment of
				  authorized representative, if any;
(D) signature identifications;
(E) the bond documents submitted were
				  properly executed by the developer, have not been amended or rescinded, and due
				  performance thereof has been authorized by the developer;
(F) the terms and performance of the bond
				  documents by the developer are not in conflict with the articles of
				  incorporation or bylaws, partnership, or other agreement, of the developer or
				  any other instrument or restriction to which the developer is a party or
				  subject to;
(G) receipt of all
				  necessary permits and approvals of governmental bodies or agencies with respect
				  to the issuance and sale of the bonds and the developer has received or expects
				  to receive and has applied or shall apply with due diligence for all necessary
				  permits and approvals with respect to the construction or operation of the
				  project;
(H) no event has occurred
				  since the date of the developer's application to the issuer to issue the bonds
				  that would result in a material adverse change in the financial condition of
				  the developer or in the developer's ability to perform its obligation under the
				  bond transaction documents or certification that the issuer has been provided
				  with a complete description of the facts and circumstance of such
				  event;
(I) no default under any
				  agreement to which the developer is a party which would have a material adverse
				  effect on the developer or certification that the issuer has been provided with
				  a complete description of the facts and circumstance of such default;
(J) no-litigation pending or threatened
				  against the developer with respect to the authority of the developer to enter
				  into the bond transaction or to perform its obligations thereunder;
(K) documents submitted are in substantially
				  the form approved by or on behalf of the issuer; and
(L) incorporated as exhibits, as applicable
				  (or may be included as separate documents if certified as to accuracy):
(i) copy of articles of incorporation or
				  other evidence of creation as certified by the appropriate state
				  official;
(ii) copy of bylaws,
				  partnership, or other agreement;
(iii) copy of certificate from appropriate
				  state official of state of incorporation or creation of continued existence and
				  good standing, dated within 60 days of transcript submission; and
(iv) if a developer created outside the State
				  of Texas, certificate of good standing from the comptroller of public accounts
				  of Texas and certificate of the secretary of state of Texas evidencing
				  authority to do business in the State of Texas, both dated within 60 days of
				  transcript submission;