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

Browse Search

SECTION 1.8. Severability. If any provision of this Resolution or the application thereof to any Person or circumstance shall be held to be invalid, the remainder of this Resolution and the application thereof to other Persons and circumstances shall nevertheless be valid, and the Board hereby declares that this Resolution would have been enacted without such invalid provision. SECTION 1.9. Limitations on Liability. The Bonds and all other covenants and obligations of the Authority created hereby are special, limited obligations of the Authority payable and performable solely from and to the extent of the Pledged Revenues. Neither the Bondholders nor the Bond Insurer shall ever have the right to demand payment of the Bonds or such other obligations out of funds raised or to be raised by taxation or otherwise have any recourse against the Authority in respect thereof except as to such Pledged Revenues. The Authority has no taxing power. ARTICLE TWO THE BONDS SECTION 2.1. Purpose, Title, Denomination, Amounts, and Terms of Bonds. Revenue bonds of the Authority, bearing the terms herein provided, shall be and are hereby authorized to be issued in the aggregate principal amount of $[4,070,000], for the purposes of (1) refunding and defeasing the Refunded Bonds, and (2) paying the costs of issuing the Bonds and refunding the Refunded Bonds. The title of the Bonds shall be "La Porte Area Water Authority Contract Revenue Refunding Bonds, Series 2010." The Bonds shall be in the denominations of $5,000 and any integral multiple thereof. The Stated Maturities of the Bonds shall be March 15 of the years and in the principal amounts set forth below, the Dated Date of the Bonds shall be May 1, 2010, and interest on the Bonds shall accrue from the Dated Date or the most recent Interest Payment Date to which interest has been paid or duly provided for, until such Bonds have been paid or due provision therefor is made at the Maturity thereof, at the following rates, payable semiannually on each March 15 and September 15 until maturity, commencing September 15, 2010: Year of Stated Maturity 2011 2012 2013 2014 2015 2016 2017 HOU3003369. ] Principal Amount $570,000 590,000 620,000 640,000 660,000 690,000 300,000 Interest Rate 9