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~ • <br />! ~ <br />Page 3 <br />'+C r <br />• <br />The fees listed in (a) above shall become due and payable <br />~ , <br />simultaneously with the delivery of bonds to the purchaser, and in the <br />case of a refunding, when old bonds have been cancelled and new <br />refunding bonds have been issued in exchange thereof. <br />It is agreed and understood that the fees listed in (a) above <br />shall not be due and payable should the Authority for any reason be <br />unable to make final delivery on any issue of bonds or to complete any <br />refunding and, in this event, any expenses which we have incurred <br />shall accrue solely to us. <br />This contract shall remain in full force and effect for a period <br />of five (5) years from its date, or in the event an issue is in the <br />process of being completed then the term shall extend until the issue <br />has been delivered and paid for. <br />Respectfully submitted, <br />MORONEY, BEISSNER & CO., INC. <br />R. Davi r <br />President <br />ACCEPTED by vote of the Board of Directors of the La Porte Area <br />Water Authority, La Porte, Texas, this the ~L~ of 1987. <br />Pre nt <br />ATTEST: <br />retary <br />