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<br />e <br /> <br />e <br /> <br />any registered owner of any of the Bonds or any Additional <br />Bonds, complete financial statements in reasonable detail <br />covering such fiscal year, certified by the Authority's <br />auditor. Any registered owner or owners of the Bonds or any <br />Additional Bonds at the time outstanding shall have the <br />right at all reasonable times to inspect the Transmission <br />System and the Distribution System and all records, accounts <br />and data of the Authority relating thereto. <br /> <br />9.03. General Representations and Covenants. The <br />Authority hereby further represents and covenants as follows: <br /> <br />(a) That it has the lawful power to pledge the <br />Net Revenues and the Funds pledged hereunder and has lawfully <br />exercised the power under the Constitution and laws of the <br />State of Texas, including said power existing under the Act <br />and Chapter 54 of the Texas Water Code, as amended~ and that <br />the Bonds issued hereunder shall be ratably secured, together <br />with any Additional Bonds, by said pledge of revenues in <br />such manner that one bond shall have no preference over any <br />other bond. <br /> <br />(b) That, other than for the payment of the Bonds <br />herein authorized, neither the Revenues nor the Net Revenues <br />have been pledged in any manner to the payment of any debt <br />or obligations of the Authority. <br /> <br />(c) That, so long as any of Bonds or Additional <br />Bonds remain unpaid, the Authority will not sell or encumber <br />the Revenues, the Authority's undivided interest in the <br />Southeast Plant, the Transmission System and the Distribution <br />System or any substantial part thereof, and that it will not <br />encumber the Net Revenues thereof unless such encumbrance is <br />made in accordance with the terms of this Resolution or is <br />junior and subordinate to all of the provisions of this <br />Resolution. <br /> <br />(d) That the Authority has obtained, caused to <br />be obtained or will obtain, and will comply with the terms <br />and conditions of, all franchises, permits and authorizations <br />from any governmental agency applicable to or necessary with <br />respect to the Authority and its operations, and it will <br />keep all such franchises, permits and authorizations in full <br />force and effect. <br /> <br />9.04 Tax Covenants. <br /> <br />The Authority covenants and agrees with the <br />holders of the Bonds as follows: <br /> <br />022DESAO/024C04 <br /> <br />-29- <br />