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

Browse Search

authorizing such Parity Bond, irrevocably provided for to the satisfaction of the paying agent therefor, or waived; (3) Parity Bonds in exchange for or in lieu of which other Parity Bonds have been authenticated and delivered under the resolution by which they are authorized; (4) Parity Bonds alleged to have been destroyed, lost, or stolen which have been paid as provided in Section 2.6 hereof or any comparable provision in the resolution by which they are authorized; and (5) Parity Bonds the payment of the principal of (and premium, if any) and interest on which money or Defeasance Securities or both are held by the paying agent therefor with the effect specified in Section 8.1 hereof or any comparable provision in the resolution by which they are authorized; provided that, when used with respect to the Parity Bonds secured by the pledge granted hereby, "Outstanding" Parity Bonds shall include all Parity Bonds, if any, alleged to have been destroyed, lost, or stolen which have been replaced or paid as provided in Section 2.6 hereof or any comparable provision in the resolution by which they are authorized but whose ownership and enforceability by the registered owner thereof have been established by a court of competent jurisdiction or other competent tribunal or otherwise established to the satisfaction of the Authority. "Parity Bonds" means, collectively, the Bonds and any Additional Bonds. "Parity Bonds Resolutions" means, collectively, this Resolution and any resolution authorizing Additional Bonds. "Participants" means (a) the City, the City of Morgan's Point, Texas, and the City of Shoreacres, Texas, all of which are located entirely within Harris County, Texas, and each of which has executed a Water Sales Contract with the Authority, and (b) any future customer that executes a Water Sales Contract with the Authority from and after the date of such contract. "Paying Agent/Registrar" means The Bank of New York Mellon Trust Company, National Association. "Person" means any individual, corporation, partnership, joint venture, association, joint- stock company, trust, unincorporated organization, or government or any agency or political subdivision thereof. "Pledged Revenues" means the Net Revenues and any other revenues or assets specifically pledged by the Board, in its sole discretion, to the payment of the Parity Bonds. "Purchaser" means the entity or entities awarded the sale of the Bonds and identified in Section 9.1 hereof. "Refunded Bonds" means the Authority's outstanding Contract Revenue Refunding Bonds, Series 1999, described on Schedule I hereto. 5 HOU3003369.1