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07-18-1988 Meeting
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07-18-1988 Meeting
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City Meetings
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La Porte Area Water Authority Board
Meeting Doc Type
Minutes
Date
7/18/1988
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<br />required to be made from such Fund. All such investments <br />shall at all times be a part of the Fund from which the <br />moneys used to acquire said investments shall have come. <br />All earnings on such investments shall be credited to, and <br />losses thereon charged against, such Fund; provided, however, <br />when the Bond Fund, the Reserve Fund or the Contingency Fund <br />contains the full amount required at the time to be in such <br />Fund, any earnings shall be deposited in the Revenue Fund. <br />Notwithstanding any provision hereof to the contrary, any <br />investment of moneys in the Bond Fund shall be made so as to <br />mature or be subject to redemption at the option of the <br />owner or holder thereof on or prior to the date or dates on <br />which money therefrom will be required. <br />All Funds provided for by this Resolution shall be <br />secured in the manner and to the fullest extent required by <br />law for the security of public funds, and such Funds shall <br />be used only for the purposes and in the manner permitted or <br />required by this Resolution. <br />Section 8. ADDITIONAL BONDS. <br />8.01. Generally. The Authority expressly re- <br />serves the right hereafter to issue additional parity bonds <br />and other evidences of indebtedness now or hereafter autho- <br />rized by the Legislature of Texas (collectively, "Additional <br />Bonds"), and Additional Bonds, when issued, may be secured <br />by and payable from a first lien on and pledge of the Net <br />Revenues in the same manner and to the same extent as are <br />the Bonds; and the Bonds authorized herein and the Additional <br />Bonds shall in all respects be of equal dignity. It is <br />provided, however, that no installment or series of Additional <br />Bonds shall be issued pursuant to this Section 8.01 unless: <br />(a) A certificate is executed by the President of <br />the Board and the General Manager of the Authority to <br />the effect that no default exists in connection with <br />any of the covenants or requirements of this Resolution <br />or the resolutions authorizing the issuance of all <br />Additional Bonds then outstanding; <br />(b) A certificate is executed by the President of <br />the Board and the General Manager of the Authority to <br />the effect that the Bond Fund, the Reserve Fund and the <br />Contingency Fund each contain the amount then required <br />to be on deposit therein; <br />(c) At the time of the adoption of the resolution <br />authorizing the issuance of Additional Bonds, the Net <br />022DESA0/024C04 -25- <br />
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