1989-02-13 Public Hearing and Regular Meeting

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• ~._ .~ The Bonds, together with any additional bonds issued by the Authority on a parity with the Bonds, are payable solely from and secured by a lien on and pledge of the Net Revenues of the Authority. Reference is hereby made to the Bond Resolution for a description of the covenants by which the Bonds are secured, the respective rights there- under of the registered owners of the Bonds and the Authority and the terms upon which the Bonds are, and are to be, authenticated and delivered. The Bonds. do not constitute a legal or equitable pledge, charge, lien or encumbrance upon any property or assets of the Authority other than the Net Revenues and other moneys and securities pledged under the Bond Resolution. The owner hereof shall never have the right to demand payment of this obligation from any other revenues or properties of the Authority, or from any funds raised or to be raised by taxation by the Authority, the City of La Porte, Texas, the State of Texas or any subdivision of any of them. The Authority has reserved the right to redeem, in whole or from time to time in part, all of the Bonds on December 1, 1998, or any interest payment date thereafter, by paying the principal thereof and accrued interest thereon. If less than all of the Bonds are to be redeemed, the Authority shall designate the principal amount of Bonds of each maturity to be redeemed and the particular Bonds within each maturity in integral multiples of $5,000. At least 30 days' prior notice of any such redemption shall be given by mail as provided in the Bond Resolution. Any Bond or Bonds duly called for redemption, due provision for the full payment of which has been timely made, shall cease to bear interest from and after the date fixed for redemption. As provided in the Bond Resolution and subject to certain limitations therein set forth, this Bond is - transferable on the Bond Register of the Authority, upon surrender of this Bond for transfer at the principal office of the Paying Agent/Registrar, duly endorsed, or accompanied by a written instrument of transfer in form satisfactory to the Paying Agent/Registrar duly executed, by the registered owner hereof or his attorney duly authorized in writing, and thereupon one or more new fully registered Bonds~of the same maturity, of authorized denominations, bearing the same rate of interest and for the same aggregate principal amount will be issued to the designated transferee or transferees. 038DESAJ/024C02 ~ -I3-