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<br />e <br /> <br />e <br /> <br />"Act" shall mean Chapter 729, page 2,678 et seq., <br />Acts of the 67th Legislature of the State of Texas, Regular <br />Session, 1981, and any future amendments thereto. <br /> <br />"Additional Bonds" shall mean the additional <br />parity bonds which the Authority expressly reserves the <br />right to issue in Section 8 of this Resolution which may be <br />issued in the future. When used in the proper context, <br />Additional Bonds may include refunding bonds. <br /> <br />"Authority" shall mean La Porte Area Water Authority, <br />and any other public agency succeeding to the powers, <br />rights, privileges and functions of the Authority and, when <br />appropriate, the Board of Directors of the Authority. <br /> <br />"Board of Directors" or "Board" shall mean the <br />governing body of the Authority. <br /> <br />"Bond" or "Bonds" shall mean any Bond or all <br />Bonds, as the case may be, of the issue of $5,000,000 La <br />Porte Area Water Authority Contract Revenue Bonds, Series <br />1988, dated as of June 1, 1988, authorized and issued <br />pursuant to this Resolution. <br /> <br />"Bond Fund" shall mean the Authority's interest <br />and sinking fund for the Bonds established by Section 7.01 <br />of this Resolution. <br /> <br />"Construction Fund" shall mean the fund of the <br />Authority established pursuant to Section 7.01 of this <br />Resolution into which the balance of the proceeds of the <br />sale of the Bonds shall be placed. <br /> <br />"Contingency Fund" shall mean the fund established <br />pursuant to Section 7.01 hereof and to be maintained pursuant <br />to Section 7.06 hereof as long as the Bonds and any Additional <br />Bonds are outstanding. <br /> <br />"Distribution System" shall mean those facilities <br />used to transport treated surface water from the termination <br />of the Transmission System to each Participant's take point. <br /> <br />"Government Obligations" shall mean direct obliga- <br />tions of, or obligations the full and timely payment of the <br />principal of and interest on which are unconditionally <br />guaranteed by, the United States of America, which are <br />non-callable and which at the time of investment are legal <br />investments for the Authority under the laws of the State of <br />Texas for the moneys proposed to be invested therein. <br /> <br />022DESAO/024C04 <br /> <br />-2- <br />