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<br />Assignment printed or endorsed on this Bond may be executed by the registered owner to evidence the assignment
<br />hereof, but such method is not exclusive, and other instruments of assignment satisfactory to the Paying
<br />AgentlRegistrar may be used to evidence the assignment of this Bond or any portion or portions hereof from time to
<br />time by the registered owner.. The Authority shall pay the Paying AgentlRegistrar's reasonable standard or
<br />customary fees and charges for"transferring and exchanging any Bond or portion thereof; provided, however, that
<br />any taxes or governmental charges required to be paid with respect'thereto shall be paid by the one requesting such
<br />transfer and exchange. In any circumstance, neither the Authority nor the Paying AgentlRegistrar shall be required
<br />(I) to make any transfer or exchange during a period beginning at the opening of business IS calendar days before
<br />the day of the first mailing ofa notice of redemption of Bonds and ending at the close of business on the day of such
<br />mailing or (2) to transfer or exchange any Bonds so selected for redemption when such redemption is scheduled to
<br />occur within 30 calendar days; provided, however, that such limitation shall not be applicable to an exchange by the
<br />registered owner of the uncalled principal balance of a Bond.
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<br />IN THE EVENT any Paying AgentlRegistrar for the Bonds is changed by the Authority, resigns, or
<br />otherwise ceases to act as such, the Authority has covenanted in the Resolution that it promptly will appoint a
<br />competent and legally qualified substitute therefor, and promptly will cause written notice thereof to be mailed to
<br />the registered owners of the Bonds.
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<br />BY BECOMING the registered owner of this Bond, the registered owner hereby acknowledges all of the
<br />terms and provisions of the Resolution, agrees to be bound by such terms and provisions, acknowledges that the
<br />Resolution is duly recorded and available for inspection in the official minutes and records of the Authority, and
<br />agrees that the terms and provisions of this Bond and the Resolution constitute a contract between each registered
<br />owner hereof and the Authority.
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<br />THE AUTHORITY HAS RESERVED the right, subject to the restrictions stated in the Resolution, to issue
<br />additional revenue obligations which also may be made payable from, and secured by a lien on and pledge of, the
<br />"Pledged Revenues" (as defined in the Resolution) on a parity with the Bonds, and the Authority may issue other
<br />obligations payable from the revenues of the System junior and subordinate to the Bonds.
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<br />THE REGISTERED OWNER HEREOF shall never have the right to demand payment of this obligation
<br />out of any funds raised or to be raised by taxation, or from any source whatsoever other than the Pledged Revenues.
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<br />IT IS HEREBY certifIed and covenanted that this Bond has been duly and validly authorized, issued, and
<br />delivered; that all acts, conditions, and things required or proper to be performed, exist, and be done precedent to or
<br />in the authorization, issuance, and delivery of this Bond have been performed, existed, and been done in accordance
<br />with law; that this Bond is a special obligation; and that the principal of, redemption premium, if any, and interest on
<br />this Bond are payable from, and secured by a first lien on and pledge of, the Pledged Revenues, which include the
<br />Net Revenues of the Authority's Water Supply System presently consisting of payments made under Water Sales
<br />Contracts with the City of La Porte, Texas (90.97%), the City of Morgan's Point, Texas (4.29%), and the City of
<br />Shoreacres, Texas (4.74%).
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<br />The Initial Bond shall be in the form set forth above for the Definitive Interest Bond, except the following
<br />shall replace the heading and the first two paragraphs:
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<br />NO. 1-1
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<br />58,080,000
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<br />United States of America
<br />State of Texas
<br />LA PORTE AREA WATER AUTHORITY
<br />CONTRACT REVENUE REFUNDING BOND, SERIES 1999
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<br />Dated Date:
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<br />September 15, 1999
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<br />II
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