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<br />"Paying AgentlRegistrar Agreement" means the agreement between the Authority and the Paying
<br />AgentlRegistrar substantially in the fonn attached hereto as Exhibit "A".
<br />
<br />"Pledged Revenues" means the Net Revenues, and any other revenues or assets' specifically pledged by the
<br />Board, in its sole discretion, to the payment of the Parity Bonds.
<br />
<br />"Purchaser" means the entity, including syndicate members, which has submitted the best bid for the
<br />Bonds, to wit:
<br />
<br />"Refunded Bonds" means the following described bonds:
<br />
<br />(i) La Porte Area Water Authority Contract Revenue Bonds, Series 1988 in the outstanding principal
<br />amount of $4,055,000 and .
<br />
<br />(ii) La Porte Area Water Authority Contract Revenue Bonds, Series II 1988 in the outstanding principal
<br />amount of $4,025,000.
<br />
<br />"Reserve Fund" means the fund created in Section 7.01 and Section 7.04 to secure the payment of the
<br />Parity Bonds, provided, however, that the Reserve Requirement shall not exceed an am.ount equal to the special
<br />funds or account established and to be maintained pursuant to Section 7.0 I hereof.
<br />
<br />"Reserve Requirement" means the average principal and interest requirements on the outstanding Parity
<br />Bonds, but never more than the lesser of (i) 10% of the face amount of the Parity Bonds, (ii) 100% of the maximum
<br />annual debt service for the Parity Bonds, or (iii) 125% of average annual debt service for the Parity Bonds.
<br />
<br />"Revenue Fund" means the fund or account created pursuant to Section 7.01 hereof and to be maintained
<br />pursuant to Section 7.02 hereof so long as the Parity Bonds are outstanding.
<br />
<br />"Southeast Plant" means the Project described in the Houston Contract generally, and specifically
<br />described in Exhibit "B" to the Houston Contract.
<br />
<br />"Special Facilities Bonds" means special revenue obligations of the Authority which are not payable from
<br />or secured by any Net Revenues, but which are secured by and payable from liens on and pledges of any other
<br />revenues, sources, or payments, including, but not limited to, special contract revenues, sources, or payments which
<br />shall not be considered as or constitute Gross Revenues, unless and to the extent otherwise provided in the resolution
<br />or resolutions authorizing the issuance of such Special Facilities Bonds.
<br />
<br />"System" means (i) the Authority's entire existing waterworks system, including its ownership interest in
<br />the Southeast Plant, the Transmission System, and the Distribution System, together with all future Capital
<br />Acquisitions, Capital Additions, and Capital Improvements, all replacements thereof, and the Authority's interest in
<br />any shared facility and water supply source and (ii) any other related facilities, all or any part of the revenues or
<br />income from which may, in the future, at the option of the Board, and in accordance with law, become Pledged
<br />Revenues; provided, however, that, notwithstanding the foregoing, and to the extent now or hereafter authorized or
<br />permined by law, the tenn System shall not mean any water or other facilities of any kind which are declared by the
<br />Board not to be a part of the System, and which are acquired or constructed by the Authority with the proceeds from
<br />the issuance of Special Facilities Bonds.
<br />
<br />"Transmission System" means those facilities, including pipelines, easements, pumping, and other devices
<br />to deliver treated surface water from the take point at the Southeast Plant to the points at which the water is
<br />delivered to the Distribution System, which includes necessary storage and pumping facilities to deliver water to
<br />each Participant.
<br />
<br />"Water Sales Contracts" means the contracts between the Authority and each of the Participants, all of
<br />which are, or shall be, in substantially similar fonn.
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