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<br />" <br /> <br />e <br /> <br />e <br /> <br />EXCESS REBATE WATER CAPACITY <br /> <br />PURCHASE AND SALE AGREEMENT <br /> <br />STATE OF TEXAS { <br />{ <br />COUNTY OF HARRIS { <br /> <br />This Agreement, made and entered as of the 21st day of <br /> <br />February, 2000, between the LA PORTE AREA WATER AUTHORITY, a <br /> <br />conservation and reclamation district authorized and created under <br /> <br />Article XVI, section 59 of the Texas Constitution, and acting under <br /> <br />Chapters 49 and 54, Texas Water Code, as amended, hereinafter <br /> <br />"Seller", and CLEAR LAKE CITY WATER AUTHORITY, a political <br /> <br />subdi vision of the State of Texas, hereinafter referred to as <br /> <br />"Purchaser". <br /> <br />WIT N E SSE T H: <br /> <br />WHEREAS, the City of Houston is planning an interim expansion of <br />the Southeast Water Purification Plant (the "Houston Plant") from <br />80 Million Gallons per Day (MGD) to 120 MGD; <br /> <br />WHEREAS, the La Porte Area Water Authority (the "Seller"), as a co- <br />owner of the Houston Plant, has the right to purchase up to 3.6 MGD <br />of the Interim Capacity Expansion; <br /> <br />WHEREAS, Seller desires to sell 3 MGD of the Interim Capacity <br />Expansion in the Houston Plant which the Seller has the right to <br />purchase; <br /> <br />WHEREAS, Purchaser desires to acquire 1 MGD of such right to <br />purchase water capacity; and <br /> <br />WHEREAS, parties desire that such purchase, sale and transfer of <br />Seller's interest (as hereinafter defined) to Purchaser shall be <br />effective as of the Transfer Date (as hereinafter defined). <br /> <br />NOW THEREFORE IN CONSIDERATION OF PREMISES, and for good and <br />valuable consideration, Seller and Purchaser agree as follows: <br /> <br />I. <br /> <br />In addition to the defined terms set out above, the following <br />defined terms are assigned the meanings set forth below: <br />