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<br />Debt Administration. At the end ofthe fiscal year, the La Porte Area Water Authority had bonded debt <br />payable secured solely by water and sewer revenues. The revenue bonds have been rated "A" by <br />Standard & Poor's, Fitch and Moody's rating agencies. <br /> <br />Additional information on the Authority's long-term debt can be found in Note 7 on pages 13 - 14 of <br />this report. <br /> <br />ECONOMIC FACTS AND NEXT YEAR'S BUDGETS AND RATES <br /> <br />The Authority has benefited from a strong and expanding economy from the past several years, but in <br />this corning fiscal year, the Authority's budget will be increased to cover the cost of physical plant <br />upgrades. <br /> <br />REQUESTS FOR INFORMATION <br /> <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, La Porte, Texas 77571. <br /> <br />5 <br />