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

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C. The words "herein," "hereof' and "hereunder" and other words of similar import refer to this Resolution as a whole and not to any particular Article, Section, Exhibit, or other subdivision. D. All accounting terms not otherwise defined herein have the meanings assigned to them, and all computations herein provided for shall be made, in accordance with generally accepted accounting principles applied on a consistent basis. "Accountant" means an independent certified public accountant, or an independent firm of certified public accountants, in either case with demonstrative experience and competence in public accounting, appointed from time to time by the Board. "Act" means Chapter 729, page 2,678 et seq. of the 6ih of the Legislature of Texas, Regular Session, 1981. "Additional Bonds" means the additional parity bonds which the Authority expressly reserves the right to issue in Section 7.2 of this Resolution which may be issued in the future. When used in the proper context, Additional Bonds may include refunding bonds. "Amortization Installment" means, with respect to Parity Bonds, the amount of money which is required for mandatory redemption of such Parity Bonds (whether at maturity or by mandatory redemption calls and including redemption premium, if any), provided that the total amortization installments for such Parity Bonds shall be sufficient to provide for retirement of the aggregate principal amount of such Parity Bonds and redemption premium, if any. "Authority" means the La Porte Area Water Authority and any other public entity succeeding to the powers, rights, privileges and functions of the Authority and, when appropriate, the Board of Directors of the Authority. "A verage Annual Principal and Interest Requirements" means that amount equal to the average annual principal and interest requirements (including Amortization Installments) of all Parity Bonds outstanding. With respect to Additional Bonds that bear interest at a rate which is not established at the time of issuance at a single numerical rate, Average Annual Principal and Interest Requirements shall be calculated assuming (i) that the interest rate for every 12-month period on such bonds is equal to the rate of interest reported in the most recently published edition of The Bond Buyer (or its successor) at the time of calculation as the "Revenue Bonds Index" or, if such Revenue Bond Index is no longer being maintained by The Bond Buyer (or its successor) at the time of calculation, such interest rate shall be assumed to be 80% of the rate of interest then being paid on United States Treasury obligations of like maturity and (ii) that the principal of such bonds is amortized such that annual debt service is substantially level over the remaining stated life of such bonds. "Board of Directors" or "Board" means the governing body of the Authority. "Bond" or "Bonds" means any Bond or all Bonds, as the case may be, of the Authority's Contract Revenue Refunding Bonds, Series 2010, dated as of May 1, 2010, authorized and issued pursuant to this Resolution. 2 HOU3003369.1