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

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Every Bond presented or surrendered for transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Paying Agent/Registrar duly executed by the Holder thereof or his attorney duly authorized in writing. SECTION 2.6. Mutilated, Destroyed, Lost, and Stolen Bonds. If (l) any mutilated Bond is surrendered to the Paying Agent/Registrar, or the Authority and the Paying Agent/Registrar receive evidence to their satisfaction of the destruction, loss, or theft of any Bond, and (2) there is delivered to the Authority and the Paying Agent/Registrar such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Authority or the Paying Agent/Registrar that such Bond has been acquired by a bona fide purchaser, the Authority shall execute and upon its request the Paying Agent/Registrar shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost, or stolen Bond, a new Bond of the same Stated Maturity and of like tenor and principal amount, bearing a number not contemporaneously outstanding. In case any such mutilated, destroyed, lost, or stolen Bond has become or is about to become due and payable, the Authority in its discretion may, instead of issuing a new Bond, pay such Bond. As a condition to the issuance of any new Bond or payment in lieu thereof under this Section, the Bondholder shall pay to the Authority a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses or charges (including attorney's fees and the fees and expenses of the Paying Agent/Registrar) connected therewith. Every new Bond issued pursuant to this Section in lieu of any mutilated, destroyed, lost, or stolen Bond shall constitute an original additional contractual obligation of the Authority, whether or not the mutilated, destroyed, lost, or stolen Bond shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Resolution and the lien and pledge granted hereby equally and ratably with all other Outstanding Bonds. The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement and payment of mutilated, destroyed, lost, or stolen Bonds. SECTION 2.7. Persons Deemed Owners. The Authority, the Paying Agent/Registrar, and any agent of either of them may treat the Person in whose name any Bond is registered as the owner of such Bond for the purpose of receiving payment of the principal of and (subject to Section 2.3 hereof) interest on such Bond and for all other purposes whatsoever, whether or not such Bond be overdue, and to the extent permitted by law none of the Authority, the Paying Agent/Registrar, and any agent of either of them shall be affected by notice to the contrary. 12 HOU3003369.1