1999-09-08 Special Called Regular Meeting, Public Hearing, and Workshop Meeting

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e e "Additional Bonds" means the additional parity bonds which the Authority expressly reserves the right to issue in Section 8 of this Resolution which may be issued in the future. When used in the proper context, Additional Bonds may include refunding bonds. "Amortization Installment" means with respect to Parity Bonds, the amount of money which is required for mandatory redemption of such Parity Bonds (whether at maturity or by mandatory redemption calls and including redemption premium, if any) provided that the total amortization installments for such Parity Bonds shall be sufficient to provide for retirement of the aggregate principal amount of such Parity Bonds and redemption premium, if any. "Authority" means the La Porte Area Water Authority, and any other public agency succeeding to the powers, rights, privileges, and functions of the Authority and, when appropriate, the Board of Directors of the Authority. "Average Annual Principal and Interest Requirements" means that amount equal to the average annual principal and interest requirements (including Amortization Installments) of all Parity Bonds outstanding. With respect to Additional Bonds that bear interest at a rate which is not established at the time of issuance at a single numerical rate, Average Annual Principal and Interest Requirements shall be calculated assuming (i) that the interest rate for every 12-month period on such bonds is equal to the rate of interest reported in the most recently published edition of The Bond Buyer (or its successor) at the time of calculation as the "Revenue Bond Index" or, if such Revenue Bond Index is no longer being maintained by The Bond Buyer (or its successor) at the time of calculation, such interest rate shall be assumed to be 80% of the rate of interest then being paid on United States Treasury obligations of like maturity and (ii) that the principal of such bonds is amortized such that annual debt service is substantially level over the remaining stated life of such bonds. "Board of Directors" or "Board" means the governing body of the Authority. "Bond" or "Bonds'" means any Bond or all Bonds, as the case may be, of the issue of $8,080,000 "La Porte Area Water Authority Contract Revenue Refunding Bonds, Series 1999", dated as of September IS, 1999, authorized and issued pursuant to this Resolution. "Bond Fund" means the Authority's interest and sinking fund for the Bonds established by Section 7.01 of this Resolution. "Capital Acquisition" means the acquisition of any existing waterworks system. "Capita! Additions" means a water reservoir or an interest therein, a water storage facility, a water treatment plant or an interest therein, regional oversized pipelines or an interest therein, and associated transmission facilities with respect to each, and any combination thereof, which shall become a part of the System. "Capital Improvements" means any extensions, improvements, and additions to the System other than Capital Additions and a Capital Acquisition. "Defeasance Obligations" means (i) direct noncallable obligations of the United States of America, including obligations that are unconditionally guaranteed by the United States, (ii) noncallable obligations of an agency or instrumentality of the United States, including obligations that are unconditionally guaranteed or insured by the agency or instrumentality and that, on the date the governing body of the Board adopts or approves the proceedings authorizing the, issuance of refunding bonds, are rated as to investment quality by a Rating Agency not less than AAA or its equivalent, and (iii) noncallable obligations of a state or an agency or a county, municipality, or other political subdivision of such an entity that have been refunded and that, on the date the governing body of the Board adopts or approves the proceedings authorizing the issuance of refunding bonds, are rated as to investment quality by a Rating Agency not less than AAA or its equivalent. "Definitive Bonds" means the Bonds issued in exchange for the Initial Bond. 2