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

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"Bond Fund" means the Authority's interest and sinking fund established by Section 4.3 of this Resolution. "Bond Insurer" means [Assured Guaranty Corp.], or any successor thereto or assignee thereof. "Bondholder" means the Holder of a Bond. "Bond Register" has the meaning stated in Section 2.5 hereof. "Capital Acquisition" means the acquisition of any existing waterworks system. "Capital Additions" means a water reservoir or an interest therein, a water storage facility, a water treatment plan or an interest therein, regional oversized pipelines or an interest therein, and associated transmission facilities with respect to each, and any combination thereof, which shall become a part of the System. "Capital Improvements" means any extensions, improvements, and additions to the System other than Capital Additions and Capital Acquisitions. "City" means the Authority of La Porte, Texas. "Defaulted Interest" means interest which is payable on, but is not punctually paid or duly provided for on or within 30 days after, any Interest Payment Date. "Defeasance Obligations" means (i) direct noncallable obligations of the United States of America, including obligations that are unconditionally guaranteed by the United States, (ii) noncallable obligations of an agency or instrumentality of the United States, including obligations that are unconditionally guaranteed or insured by the agency or instrumentality and that are rated as to investment quality by a Rating Agency not less than AAA or its equivalent, and (iii) noncallable obligations of a state or an agency or a county, municipality, or other political subdivision of such an entity that have been refunded and that are rated as to investment quality by a Rating Agency not less than AAA or its equivalent. "Definitive Bonds" means the Bonds issued in exchange for the Initial Bond. "Distribution System" means those facilities used to transport treated surface water from the termination of the Transmission System to each Participant's take point. "Engineer of Record" means the independent engineer or firm at the time employed by the Board to perform and carry out the duties imposed on such engineer or firm by this Resolution and having a favorable reputation nationally for skill and experience in the engineering of waterworks systems of comparable size and character as those forming parts of the System. "Gross Revenues" means all revenues and income of every nature derived or received by the Authority from the operation and ownership of the System, including all income, fees, and charges received by the Authority from the Participants pursuant to the Water Sales Contracts; 3 HOU:3003369.1