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

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SECTION 2.4. Execution, Authentication, Delivery, and Dating. The Bonds shall be executed on behalf of the Authority by the President under its seal reproduced or impressed thereon and countersigned by the Secretary. The signature of either or both such officers on the Bonds may be manual or facsimile. Bonds bearing the manual or facsimile signatures of individuals who were at the time of execution the proper officers of the Authority shall bind the Authority, notwithstanding that such individuals or either of them shall cease to hold such offices prior to the delivery thereof. All Bonds authenticated and delivered by the Paying Agent/Registrar hereunder shall be dated the date of their authentication. No Bond shall be entitled to any right or benefit under this Resolution, or be valid or obligatory for any purpose, unless there appears on such Bond either a certificate of registration substantially in the form provided in Exhibit A hereto, manually executed by the Comptroller of Public Accounts of the State of Texas or his duly authorized agent, or a certificate of authentication substantially in the form provided in Exhibit A hereto, executed by the Paying Agent/Registrar by manual signature, and either such certificate upon any Bond shall be conclusive evidence, and the only evidence, that such Bond has been duly certified or authenticated and delivered. SECTION 2.5. Registration, Transfer, and Exchange. The Authority shall cause to be kept at the principal office of the Paying Agent/Registrar a register (herein referred to as the "Bond Register") in which, subject to such reasonable regulations as it may prescribe, registration of the Bonds and of transfers of the Bonds shall be made as provided herein. Upon surrender for transfer of any Bond at the principal office of the Paying Agent/Registrar, the Authority shall execute and the Paying Agent/Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Bonds of the same Stated Maturity, of authorized denominations, and of a like aggregate principal amount. At the option of the Holder, Bonds may be exchanged for other Bonds of the same Stated Maturity, of authorized denominations, and of like aggregate principal amount, upon surrender of the Bonds to be exchanged at the principal office of the Paying Agent/Registrar. Whenever any Bonds are so surrendered for exchange, the Authority shall execute and the Paying Agent/Registrar shall authenticate and deliver the Bonds which the Holder making the exchange is entitled to receive. All Bonds issued upon any transfer or exchange of Bonds shall be valid obligations of the Authority evidencing the same obligation, and entitled to the same benefits under this Resolution, as the Bonds surrendered in such transfer or exchange. All registrations, transfers, and exchanges of Bonds pursuant to this Section shall be made without expense or service charge to the Bondholder, but the Paying Agent/Registrar shall require payment by the Bondholder requesting such transfer or exchange of any tax or other governmental charge required to be paid with respect to such transfer or exchange. 11 HOU:3003369.1