Autorización para Celebrar Acuerdos de Crédito

Sec. 1371.056. AUTHORITY TO ENTER INTO AND EXECUTE CREDIT AGREEMENTS. (a) An issuer may execute and deliver any number of credit agreements in anticipation of, related to, or in connection with the authorization, issuance, security, purchase, payment, sale, resale, redemption, remarketing, or exchange of some or all of the issuer's obligations or interest on obligations, or both, at any time, without regard to whether the: (1) obligations have been authorized or issued; or (2) credit agreement was contemplated, authorized, or executed in relation to the initial issuance, sale, or delivery of the obligations. (b) Except as provided by this section, a credit agreement must substantially contain the terms and be for the period the governing body approves. A credit agreement may provide that it: (1) may be terminated with or without cause; or (2) becomes effective at the option of another party to the credit agreement, if the governing body first finds that the option serves best the interests of the issuer. (c) The governing body may delegate to any number of officers or employees of the issuer the authority to approve specific terms of, to execute and deliver, or to terminate or amend in accordance with its terms, a credit agreement or transactions under a credit agreement on the behalf of the issuer, subject to any condition the governing body specifies. The delegation must include limits on: (1) the principal amount or the notional amount; (2) the term; (3) the rate; (4) the