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

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e e "DTC" means The Depository Trust Company, New York, New York, and its successors and assigns. "Distribution System" means those facilities used to transport treated surface water from the termination of the Transmission System to each Participant's take point. "Engineer of Record" means the independent engineer or fIrm. at the time employed by the Board to perform and carry out the duties imposed on such engineer or fIrm by this Resolution and having a favorable reputation nationally for skill and experience in the engineering of waterworks systems of comparable size and character as those forming parts of the System. "Escrow Agreement" means the agreement between the Board and Chase Bank of Texas, National Association, substantially in the form attached as Exhibit _ hereto. "Gross Revenues" means all revenues and income of every nature derived or received by the Authority from the operation and ownership of the System, including all income, fees, and charges received by the Authority from the Participants pursuant to the Water Sales Contracts; the interest income from the investment or deposit of money in any Fund created by this Resolution to the extent described in this Resolution; and revenues derived from the ownership or operation of other enterprises which the Authority may lawfully own or operate in the future. "Houston Contract" means the contract effective as of December 4, 1987 with the City of Houston, Texas, pursuant to which the Authority purchased an undivided interest in the Southeast Plant and has agreed to purchase potable treated surface water from the Southeast Plant. "Initial Bond" means the Bond initially delivered to the Purchaser. "Net Revenues" means all Revenues received by the Authority less the Operating and Maintenance Expenses of the Authority. "Official Statement" means the disclosure document describing the Bonds. "Operating Expenses" means the necessary and reasonable expenses of operation and maintenance of the System, including all costs incurred by the Authority in providing potable water to the Participants under the Water Sales Contracts; all operation and maintenance costs billed to the Authority by Houston; all operating and maintenance costs incurred by the Authority related to the System; all administrative costs incurred by the Authority; the cost of all insurance maintained by the Authority; and all salaries, labor, materials, and payments under contracts for facilities shared with other entities; provided, however, that repairs and extensions, as in the judgment of the Board, reasonably and fairly exercised, that are necessary to keep the System in operation and render adequate service to the Authority and the inhabitants thereof, or such as might be necessary to meet some physical accident or condition which would otherwise impair the Parity Bonds shall be considered Operating Expenses. Depreciation and payments into and out of the Bond Fund and the Reserve Fund shall never be considered as expenses of operation and maintenance. "Parity Bonds" means collectively the Bonds and any Additional Bonds. "Parity Bonds Resolutions" meanS collectively this Resolution and any resolution authorizing Additional Bonds. "Participants" means (a) the City of La Porte, . the City of Morgan's Point, Texas, and the City of Shoreacres, Texas, all of which are located entirely within Harris County, Texas, and each of which has executed a Water Sales Contract with the Authority, and (b) any future customer who executes a Water Sales Contract with the Authority from and after the date of execution of such contract. "Paying AgentlRegistrar" means Chase Bank of Texas, National Association, Houston, Texas. 3