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DRAFT <br />Debt Administration — At the end of the fiscal year, the La Porte Area Water Authority had bonded <br />debt payable of secured solely by water and sewer revenues. The revenue bonds have been rated "AA" <br />by Standard & Poor's, Fitch, and Moody's rating agencies. <br />Additional information on the Water Autbority's long -terra debt can be found in Note Vll on page 15 — <br />16 of this report. <br />Economic Facts and Next Year's Budgets and Rates <br />The Water Authority has benefited from a strong and expanding economy from the past several years. In <br />the coming fiscal year the Water Authority's budget is expected to remain relatively consistent with the <br />prior year. <br />Request for Information <br />This financial report is designed to provide a general overview of the La Porte Area Water Authority's <br />finances for all those with an interest in the government's finances. Questions concerning any of the <br />information provided in this report of requests for additional information should be addressed to the <br />Director of Finance, 604 West Fairmont Parkway, LaPorte, Texas, 77571. <br />VA <br />