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

Browse Search

1 way, railroad, electric transmission line, telegraph or telephone 2 properties and facilities, or pipeline, all such necessary relocation, 3 raising, rerouting, changing of grade or alteration of construction 4 shall be accomplished at the sole expense of the authority. The 5 term "sole expense" shall mean the actual cost of such relocation, 6 raising, lowering, rerouting, or change in grade or al teration of 7 construction in providing comparable replacement without enhancement 8 of such facili ties, after deducting therefrom the net salvage value 9 derived from the old facility. 10 C. The authority shall not be required to give bond for appeal 11 or bond for costs in any condemnation suit or any other suit to 12 which it may be a party. 13 Section 14. With the prior approval of the city council of the 14 Ci ty of La Porte, the board of directors of the authority shall 15 select any bank or banks in the State of Texas to act as depository 16 or depositories for the funds of the authority. To the extent that 17 funds in the depository bank or banks are not insured by the Federal 18 Deposit Insurance Corporation, they shall be secured in the manner 19 prov ided by law for the security of funds of the Ci ty of La Porte. 20 So long as the provisions of Article 2529c, Vernon's Texas Civil 21 Statutes are observed, any director of the authority may be a share- 22 holder in said depository bank or banks. 23 A complete system of accounts shall be kept by the authority 24 and an aud it of its affairs for each year shall be prepared by an 25 independent certified public accountant, or a firm of independent 26 certified public accountants, of recognized integrity and ability. 27 The fiscal year of the authority shall be from October 1 to September 26