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• <br />regarding the Bonds to be filed with the Internal Revenue <br />Service within prescribed time limits. <br />B. Private Activity Bond Covenants. The Bonds <br />are not, and will not be, private activity bonds, within the <br />meaning of Section 141 of the Code. <br />C. No Arbitrage Covenant. The Bonds are not, <br />and will not be, arbitrage bonds, within the meaning of <br />Section 148 of the Code. <br />D. Survival. The provisions of this Section <br />9.04 shall survive, notwithstanding any provision of this <br />Resolution to the contrary, the payment, any provision for <br />payment, or any defeasance of one or more of the Bonds. <br />Section 10. LIMITED OBLIGATIONS. The Bonds are <br />special obligations of the Authority payable solely from the <br />revenues and funds pledged hereunder, and the registered <br />owners thereof shall never have the right to demand payment <br />thereof out of any other revenues or properties of the <br />Authority, or out of funds raised or to be raised by taxation <br />by the Authority, the City of La Porte, Texas, the State of <br />Texas or any subdivision of any of them. <br />Section 11. DEFAULT PROVISIONS <br />11.01. Remedies of Registered Owners. In addition <br />to all rights and remedies of any registered owner of the <br />Bonds provided by the laws of the State of Texas, the <br />Authority and the Board covenant and agree that in the event <br />the Authority defaults in the payment of the principal of or <br />interest on any of the Bonds when due, fails to make the <br />payments required by this Resolution to be made into the <br />Bond Fund, or defaults in the observance or performance of <br />any of the covenants, conditions or obligations set forth in <br />this Resolution, the registered owner of any of the Bonds <br />shall be entitled to a writ of mandamus issued by a court of <br />proper jurisdiction compelling and requiring the Board and <br />other officers of the Authority to observe and perform any <br />covenant, obligation or condition prescribed in this Resolu- <br />tion. No delay or omission by any registered owner to <br />exercise any right or power accruing to him upon default <br />shall impair any such right or power, or shall be construed <br />to be a waiver of any such default or acquiescence therein, <br />and every such right or power may be exercised from time to <br />time and as often as may be deemed expedient. The specific <br />remedies mentioned in this Resolution shall be available to <br />022DESA0/024C04 -31- <br />