RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A DEBT

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RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A DEBT Powered By Docstoc
					        RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF
        A DEBT SERVICE FUND FORWARD DELIVERY AGREEMENT AND
        RELATED MATTERS


STATE OF TEXAS                                        §
COUNTY OF TRAVIS                                      §
AUSTIN INDEPENDENT SCHOOL DISTRICT                    §

       WHEREAS, the Board of Trustees (the “Board”) of the District, by order adopted on
December 9, 2002 (the “Bond Order”), authorized the issuance of its Unlimited Tax School
Building Bonds, Taxable Series 2002 (Qualified Zone Academy Bonds), dated December 1,
2002 (the “Bonds”), in the aggregate principal amount of $6,710,260;

       WHEREAS, after receiving bids (the “Bids”) for the purchase of the Bonds and the
investment of amounts on deposit in the debt service fund (the “Debt Service Fund”) established
pursuant to the Bond Order, the Board has awarded the sale of the Bonds to Bank of America,
N.A., as the qualifying bidder whose Bid provided the lowest annual deposit to the Cummulative
Sinking Fund Deposit Account in the Debt Service Fund;

        WHEREAS, the Bid submitted by Bank of America provided for the execution and
delivery of a forward delivery agreement (the “Agreement”) for the investment of certain
amounts on deposit in the Debt Service Fund and the Board has determined that such Agreement
will produce the highest yield investments of a qualifying Bid (net of amounts paid by the
District as supplemental interest to the owners of the Bonds) over the term of the Agreement;

      WHEREAS, the Board has determined to authorize the execution and delivery of the
Agreement;

     NOW, THEREFORE, BE IT ORDERED BY THE BOARD OF TRUSTEES OF THE
AUSTIN INDEPENDENT SCHOOL DISTRICT:

        Section 1.     Approval of Forward Delivery Agreement. The execution, delivery and
performance of Agreement, in substantially the form attached hereto as Exhibit A, is hereby
approved, and the President, Vice President and the Secretary of the Board, the Superintendent,
the Chief Financial Officer, the Director of Financial Services and the Treasurer are each
individually authorized to execute, attest and deliver the Agreement and such other documents,
certificates and instruments as may be required to consummate the transactions contemplated by
and described in the Agreement.

       Section 2.     Further Proceedings. Incident to the execution and delivery of the
Agreement, proper officers, representatives, agents and employees of the District are hereby
authorized, empowered and directed to do all such acts and things and to execute and attest such
other agreements, instruments, releases, financing statements, letters of instruction, notices,
requests and other documents on behalf of the District and to do any and all such other things as
may be necessary or desirable to carry out and comply with the provisions thereof.




HOU:2094402.1
        Section 3.     Power to Revise Form of Documents; Ratification of Prior Actions.
Notwithstanding any other provision of this Resolution, the President, Vice President and the
Secretary of the Board, the Superintendent, the Chief Financial Officer, the Director of Financial
Services and the Treasurer are each individually authorized to make or approve such revisions,
additions, deletions and variations in the form of the Agreement as, in the judgment of such
officer and in the opinion of counsel to the District, may be necessary or convenient to carry out
or assist in carrying out the purposes of this Resolution; furthermore, the President, Vice
President and the Secretary of the Board, the Superintendent, the Chief Financial Officer, the
Director of Financial Services and the Treasurer shall have the power and authority to execute
and deliver such other instruments, documents, receipts and certificates as such officer may
deem necessary or appropriate in order to effectuate the transactions described herein or
otherwise appropriate, in the such officer’s discretion, in relation thereto or in supplement
thereof.

       All actions taken by any officer or agent of the District in furtherance of the transactions
hereby approved are hereby ratified, approved and confirmed.

        Section 4.     Repealer. All orders or resolutions or parts thereof, which are in conflict
or inconsistent with any provision of this Resolution are hereby repealed to the extent of such
conflict, and the provisions of this Resolution shall be and remain controlling as to the matters
contained herein.

        Section 5.     Notice of Meeting. The Board officially finds, determines, recites and
declares that written notice of the date, hour, place and subject of the meeting at which this
Resolution is adopted was posted on a bulletin board located at a place convenient to the public
at the District’s administrative offices for a least 72 hours preceding the scheduled time of the
meeting; that a telephonic or telegraphic notice of such meeting was given to all news media who
have consented to pay any and all expenses incurred by the District in connection with providing
such notice, both as required by the Open Meetings Law, Chapter 551, Texas Government Code,
as amended; and that such meeting was open to the public as required by law at all times during
which this Resolution and the subject matter thereof was discussed, considered and formally
acted upon.

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HOU:2094402.1
       Section 6.     Effective Date. This Resolution is effective immediately upon its passage
and approval.

        PASSED AND APPROVED _________________________, 2002.




                                                   President, Board of Trustees



ATTEST:




Secretary, Board of Trustees




(SEAL)




                                              3
HOU:2094402.1
                         EXHIBIT A

                FORWARD DELIVERY AGREEMENT




HOU:2094402.1

				
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