05-16-83 Meeting of the La Porte Area Water Authority Board Minutes

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1 reasonable penalties for any of these rentals, rates, fees and charges 2 that are delinquent, and further to comply with its mandatory duty 3 to fix, charge, alter and collect the rentals, rates, fees and charges 4 which are sufficient to produce revenues adequate to fulfill any 5 agreement wi th the holders of bonds or notes issued under the pro- 6 visions of this Act. 7 B. All bonds and notes of the authority shall be authorized 8 by resolution or resolutions of the board, concurred in by at least 9 a majority of such board members and further approved by the city 10 council of the City of La Porte prior to issuance thereof. Such 11 bonds and notes shall have the form, characteristics and bear the 12 designation; bear the date or dates; mature at such time or times, 13 serially, term or otherwise, in not more than forty (40) years from 14 their dates; bear interest at the rate or rates, payable annually, 15 semi-annually, quarterly or otherwise; be in the denominations; be 16 in the form, either coupon or registered; carry the registration 17 privileges as to principal only or as to both principal and interest 18 and as to successive exchange of coupon for registered bonds or notes 19 or vice versa, and successive exchange of bonds or notes of one 20 denomination for bonds or notes of other denominations; be executed 21 in the manner; be payable at the place or places wi thin or without 22 the state; and be sold for the price or prices, all as provided in 23 the resolution or resolutions authorizing such bonds and notes. Bonds 24 or notes may be issued in one or more installments and from time to 25 time as required. The proceeds of the sale of the bonds or notes 26 shall be deposited in the depository bank or banks and shall be paid 27 out pursuant to the terms and conditions as may be agreed upon by 16