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• ~ • <br />~~ .- <br />"Government Obligations" shall mean direct obliga- <br />tions of, or obligations the full and timely payment of the <br />principal of and interest on which are unconditionally <br />guaranteed by, the United States of America, which are <br />non-callable and which at the time of investment are legal <br />investments for the Authority under the laws of the State of <br />Texas for the moneys proposed to be invested therein. <br />"Houston" shall mean the City of Houston, Texas. <br />"Houston Contract" shall mean the contract <br />effective as of December 4, 1987, pursuant to which the <br />Authority has agreed to purchase an undivided interest in <br />the Southeast Plant and has agreed to purchase potable <br />treated surface water from the Southeast Plant. <br />"Initial Bond(s)" shall mean the Bonds numbered <br />from T-1 through T-25 as provided for in Section 2.02. <br />"La Porte" shall mean the City of La Porte, Texas. <br />"MGD" shall mean million gallons per day. As used <br />in this Resolution, "MGD" shall refer to a quantity of water <br />during a period of time expressed for convenience in terms <br />of an average daily quantity during a calendar month (unless <br />a different period of time is specified). <br />"Net Revenues" shall mean all Revenues received by <br />the Authority less the Operating and Maintenance Expenses of <br />the Authority. „ <br />"Operating and Maintenance Expenses" shall mean <br />all costs incurred by the Authority in providing potable <br />water to the Participants under the Water Sales Contracts <br />(except for amounts funded by the proceeds of Bonds or <br />Additional Bonds, debt service on such Bonds or Additional <br />Bonds and amounts required to fund the Reserve Fund, the <br />Contingency Fund and the Rebate Fund), including all opera- <br />tion and maintenance costs billed to the Authority by <br />Houston, all operating and maintenance costs incurred by the <br />Authority related to the Transmission System and the <br />Distribution System, all administrative costs incurred by <br />the Authority and the cost of all insurance maintained by <br />the Authority. <br />"Participants" shall mean (a) La Porte, the City <br />of Morgan's Point, Texas, and the City of Shoreacres, Texas, <br />all of which are located entirely within Harris County, <br />Texas, and each of which has executed a Water Sales Contract <br />038DESAJ/024C02 ~ -3- <br />