1998-11-09-PEDC - Laserfiche WebLink

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413 __ Section 25. CUSTODY, APPROVAL, AND REGISTRATION OF BONDS; BOND COUNSEL'S OPINION; CUSIP NUMBERS AND BOND INSURANCE, IF OBTAINED. The President of the Board of the Issuer is hereby authorized to have control of each Bond issued hereunder and all necessary records and proceedings pertaining to each Bond pending their delivery and their investigation, examination, and approval by the Attorney Genaral of the State of Texas, and their registration by the Comptroller of Public Accounts of the State of Texas. Upon registration of each Bond said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate On each Bond, and the seal of said Comptroller shall be impressed, or placed in facsimile, on each Bond. The approving legal opinion of the Issuer's Bond Counsel and the assigned CUSIP numbers may, at the option of the Issuer, be printed on each Bond or on any Bonds issued and delivered in conversion of and exchange or replacement of any Bond, but neither shall have any legal effect, and shall be solely for the convenience and information of the registered owners of the Bonds. In addition, an appropriate statement of insurance supplied by a municipal bond insurance company providing insurance, if any, covering ail or any part of the Bonds may be printed or attached to the Bonds. Section 26. COVENANTS REGARDING TAX EXEMPTION. The Issuer covenants that the Bonds are taxable and do not constitute obligations described in Section 103 of the Internal Revenue Code of 1986, as amended (the "Code"), and all applicable temporary, proposed and final regulations and procedures promulgated thereunder or promulgated under the Internal Revenue Code of 1954, to the extent applicable to the Code. Accordingly, the Issuer covenants to take such actions, -- or refrain from such actions as to assure that the Bonds are not obligations described in Section 103(a) of the Code. Section 27. CONTINUING DISCLOSURE. (a) Annual Reports. (i) The Issuer shall provide annually to any SID, within six months after the end of each fiscai year ending in or after 1998, financiai information and operating data with respect to the Issuer of the general type described in Exhiblt A. Any financial statements so to be provided shall be prepared in accordance with the accounting principles described in Exhibit A thereto, or such other accounting principles as the Issuer may be required to employ from time to time pursuant to state law or regulation, and audited, if the Issuer commissions an audit of such statements and the audit is completed within the period during which they must be provided. If the audit of such financiai statements is not complete within such period, then the Issuer shail provide audited financial statements for the applicable fiscal year to each any SID, when and if the audit report on such statements become available. (ii) If the Issuer changes its fiscal year; it will notify any SID of the change (and of the date of the new fiscai year end) prior to the next date by which the Issuer otherwise would be required to provide financial information and operating data pursuant to this Section. The financial information and operating data to be provided pursuant to this Section may be set forth in full in one or more documents or may be included by specific reference to any document (including an officiai statement or other offering document, if it is available from the MSRB) that theretofore has been -- provided to any SID or filed with the SEC. 24