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<br /> <br />"Houston" shall mean the City of Houston, Texas. <br />"Houston Contract" shall mean the contract effective <br />as of December 4, 1987, pursuant to which the Authority has <br />agreed to purchase an undivided interest in the Southeast <br />Plant and has agreed to purchase potable treated surface <br />water from the Southeast Plant. <br />"Initial Bond(s)" shall mean the Bonds numbered <br />from T-1 through T-25 as provided for in Section 2.02. <br />"La Porte" shall mean the City of La Porte, Texas.. <br />"MGD" shall mean million gallons per day. As used <br />in this Resolution, "MGD" shall refer to a quantity of water <br />during a period of time expressed for convenience in terms <br />of an average daily quantity during a calendar month (unless <br />a different period of time is specified). <br />"Net Revenues" shall mean all Revenues received by <br />the Authority less the Operating and Maintenance Expenses of <br />the Authority. <br />"Operating and Maintenance Expenses" shall mean <br />all costs incurred by the Authority in providing potable <br />water to the Participants under the Water Sales Contracts <br />(except for amounts funded by the proceeds of Bonds or <br />Additional Bonds, debt service on such Bonds or Additional <br />Bonds and amounts required to fund the Reserve Fund, the <br />Contingency Fund and the Rebate Fund), including all operation <br />and maintenance costs billed to the Authority by Houston, <br />all operating and maintenance costs incurred by the Authority <br />related to the Transmission System and the Distribution <br />System, all administrative costs incurred by the Authority <br />and the cost of all insurance maintained by the Authority. <br />"Participants" shall mean (a) La Porte, the <br />Bayshore Municipal Utility District, the City of Morgan's <br />Point, Texas, and the City of Shoreacres, Texas, all of <br />which are located entirely within Harris County, Texas, and <br />each of which has executed a Water Sales Contract with the <br />Authority; and (b) any customer who executes a Water Sales <br />Contract with the Authority from and after the date of <br />execution of such contract. <br />"Paying Agent/Registrar" shall mean First City <br />National Bank of Houston, Houston, Texas, or its successor <br />appointed pursuant to Section 2.08. <br />022DESA0/024C04 -3- <br />