03-10-10 Regular Meeting of the La Porte Area Water Authority

Browse Search

The Paying Agent/Registrar shall have no liability to the Registered Owners of the Bonds by virtue of actions taken in compliance with this Section. SECTION 5.5. Paying Agent/Registrar May Own Bonds. The Paying Agent/Registrar in its individual or any other capacity, may become the owner or pledgee of Bonds with the same rights it would have if it were not the Paying Agent/Registrar. SECTION 5.6. Successor Paying Agents/Registrars. The Authority covenants that at all times while any Bonds are Outstanding it will provide a legally qualified bank, trust company, financial institution or other agency to act as Paying Agent/Registrar for the Bonds. The Authority reserves the right to change the Paying Agent/Registrar for the Bonds on not less than sixty (60) days' written notice to the Paying Agent/Registrar, as long as any such notice is effective not less than 60 days prior to the next succeeding principal or interest payment date on the Bonds. Promptly upon the appointment of any successor Paying Agent/Registrar, the previous Paying Agent/Registrar shall deliver the Bond Register or a copy thereof to the new Paying Agent/Registrar, and the new Paying Agent/Registrar shall notify each registered Holder, by United States mail, first class, postage prepaid, of such change and of the address of the new Paying Agent/Registrar. Each Paying Agent/Registrar hereunder, by acting in that capacity, shall be deemed to have agreed to the provisions of this Resolution. ARTICLE SIX COVENANTS SECTION 6.1. General Covenants. The Authority covenants, warrants and agrees that, in accordance with and to the extent required or permitted by law while the Parity Bonds are Outstanding: A. Rates. The Authority will (a) subject to any restrictions in the Water Sales Contracts, fix and maintain rates and collect charges for the facilities and services afforded by the System which will provide revenues sufficient at all times (i) to pay all Operating Expenses; (ii) to establish and maintain the Bond Fund; and (iii) to pay all indebtedness outstanding against the System, other than the Parity Bonds, as and when the same become due; and (b) deposit as collected all Pledged Revenues into the Revenue Fund. B. Performance. The Authority will faithfully perform at all times any and all covenants, undertakings, stipulations, and provisions contained in each Parity Bonds Resolution, and in each and every Parity Bond. It will promptly payor cause to be paid the principal of and interest on every Parity Bond, on the dates and in the places and manner prescribed in the Parity Bonds Resolutions. It will, at the times and in the manner prescribed, deposit or cause to be deposited the amounts required to be deposited into the Bond Fund and the Reserve Fund. Any 20 HOU:3003369.1