03-10-10 Regular Meeting of the La Porte Area Water Authority

Browse Search

"Regular Record Date" for the interest payable on any Interest Payment Date means the first day (whether or not a business day) of the month in which each Interest Payment Date occurs. "Reserve Fund" means the fund of the Authority so defined in Section 4.4 hereof. "Reserve Requirement" means the least of (i) the Average Annual Principal and Interest Requirements on the outstanding Parity Bonds, (ii) 10% of the face amount of the Parity Bonds, and (iii) 100% of the maximum annual debt service for the Parity Bonds. "Revenue Fund" means the fund or account created pursuant to Section 4.2 hereof and to be maintained pursuant to Section 4.2 hereof so long as the Parity Bonds are outstanding. "Southeast Plant" means the project described in the Houston Contract generally, and specifically described in Exhibit B to the Houston Contract. "Special Facilities Bonds" means special revenue obligations of the Authority which are not payable from or secured by any Net Revenues, but which are secured by and payable from liens on and pledges of any other revenues, sources, or payments, including, but not limited to, special contract revenues, sources, or payments which shall not be considered as or constitute Gross Revenues, unless and to the extent otherwise provided in any resolution authorizing the issuance of such Special Facilities Bonds. "Special Record Date" for the payment of Defaulted Interest means the date fixed by the Paying Agent/Registrar pursuant to Section 2.3 hereof. "Stated Maturity," when used with respect to any Bond or any installment of interest thereon, means the date specified in such Parity Bond as the fixed date on which the principal of such Bond or such installment of interest is due and payable. "System" means (i) the Authority's entire existing waterworks system, including its ownership interest in the Southeast Plant, the Transmission System and the Distribution System, together with all future Capital Acquisitions, Capital Additions and Capital Improvements, all replacements thereof, and the Authority's interest in any shared facility and water supply source, and (ii) any other related facilities, all or any part of the revenues or income from which may, in the future, at the option of the Board, and in accordance with law, become Pledged Revenues; provided, however, that notwithstanding the foregoing , and to the extent now or hereafter authorized or permitted by law, the term System shall not mean any water or other facilities of any kind which are declared by the Board not to be a part of the System, and which are acquired or constructed by the Authority with proceeds from the issuance of Special Facilities Bonds. "Transmission System" means those facilities, including pipelines, easements, pumping, and other devices to deliver treated surface water from the take point of the Southeast Plant to the points at which the water is delivered to the Distribution System, which includes necessary storage and pumping facilities to deliver water to each Participant. "Water Sales Contracts" means the contracts between the Authority and each of the Participants, each dated as of November 23, 1987, amended from time to time. 6 HOU3003369.1