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.-� ..-_ <br />interest and sinking tax rate sufficient for the repayment of ali system debt service ,�„ <br />requirements; <br />13. prior to closing, and if required under the TWDB's financial assistance program and not <br />previovsly provided with the application, the City shall submit an executed engineering <br />contract as appropriate for the project scope of work, and an executed financial advisor <br />contract and executed bond counsel contract as appropriate for the work to be performed <br />in obtaining the TWDB's financial assistance for the project, in a form and substance that <br />are satisfactory to the TWDB's Executive Administrator. Fees to be reimbursed under <br />any consulting contract must be reasonable in relation to the services performed, must be <br />reflected in the contract, and must be acceptable to the Executive Administrator; <br />14. if a bond insurance policy or a surety policy in lieu of a cash reserve is utilized: <br />a. thirty (30) days before closing, the City shall submit a draft of the policy to the <br />TWDB's Executive Administrator for a deternunation on whether the policy <br />provides appropriate security in accordance with TWDB policies; <br />b. prior to closing, the City shall provide the executed underlying documents of the <br />policy (e.g. commitrnent letter, specimen policy) in a form and substance that is <br />satisfactory to the TWDB's Executive Administrator; <br />c. prior to closing, the Attorney General of the State of Texas must have considered '� <br />the use of said policy as a part of its approval of the proposed bond issue; and <br />d. after loan closing, the City shall notify the Executive Administrator no less than <br />30 days prior to converting from a cash reserve fund to a surety policy. Such a <br />conversion may only be made if the proposed insurer or surety meets the financial <br />guarantees established in the TWDB's rules and has satisfied the above <br />requirements; <br />15. prior to closing, when any portion of loan proceeds aze to be held in escrow or in hvst, <br />the City shall execute an escrow agreement or trust agreement, approved as to form and <br />substance by the Executive Admitistrator, and shall submit that executed agreement to <br />the TWDB; <br />16. the Executive Administrator of the TWDB may require that the City execute a separate <br />financing agreement in form and substance acceptable to the Executive Administrator; <br />17. should one or more of the provisions in this resolution be held to be null, void, voidable <br />or, for any reason whatsoever, of no force and effect, such provision(s} shall be construed <br />as severable from the remainder of this resolution and shall not affect the validity of all <br />other provisions of this resolution which shall remain in full force and effect; <br />.�, <br />4 <br />Exhibit A, Page 5 of ] 0 <br />