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(pp) "TWDB" means the Texas Water Development Board or any successor entity
<br />thereto.
<br />(qq) "TWDB Program" means TWDB's State Participation Account as authorized
<br />pursuant to Article III, Sections 49-d, 49-d-2, and 49-d-8 of the Texas Constitution and Chapter
<br />16, Subchapters E and F, Texas Water Code or other applicable TWDB program.
<br />(rr) "Water Rights" means the right to produce, withdraw or divert water, and
<br />transport the water from the location where it is produced, withdrawn, or diverted into Caldwell
<br />County, Guadalupe County, Hays County, and the surrounding counties. "Water Rights" are a
<br />component of "Land Interests".
<br />Section 11 Interpretation. The table of contents and caption headings of this
<br />Contract are for reference purposes only and shall not affect its interpretation in any respect.
<br />Unless the context otherwise requires, words of the masculine gender shall be construed to
<br />include correlative words of the feminine and neuter genders and vice versa. This Contract and
<br />all the terms and provisions shall be liberally construed to effectuate the purpose set forth herein
<br />and to sustain the validity of this Contract.
<br />ARTICLE II
<br />ReZ? I__ M ? ? i ?l? ? ? 1l ? 1 ? . . I ' ? ?..
<br />Sectin 21 General. Subject to the remaining terms and provisions of this
<br />Contract, the Agency agrees to issue the Bonds and to acquire and construct the Project as
<br />generally described in the Engineering Report. It is estimated that the Project will be placed in
<br />operation on or before December 31, 2018, or as soon thereafter as practicable. The Authorized
<br />Representative of the Agency hereby represents that he is not aware of any reason that the
<br />Project, as contemplated, cannot be completed on or before December 31, 2018. It is expressly
<br />understood and agreed that any obligations on the part of the Agency to finance, acquire,
<br />construct, and complete the Project and to provide the water to the Sponsoring Public Entities
<br />shall be (i) conditioned upon the Agency's ability to obtain all necessary permits, Land Interests,
<br />material, labor, and equipment, and upon the ability of the Agency to finance the cost of the
<br />Project through the actual sale of the Bonds, including any Bonds needed to complete the
<br />Project, and (ii) subject to all present and future valid laws, orders, rules, and regulations of the
<br />United States of America, the State, and any regulatory body having jurisdiction. The Project
<br />shall be acquired and constructed by the Agency with all reasonable dispatch, and the Agency
<br />will diligently pursue such acquisition and construction in order that it may be completed as soon
<br />as practicable, delays incident to events of Force Majeure only excepted; but if for any reason
<br />there should be delays in or the entire failure of such acquisition, construction, and improvement,
<br />there shall be no diminution in or postponement of the Annual Payment Amounts to be made by
<br />the Sponsoring Public Entities hereunder and no resulting liability on the part of the Agency;
<br />provided, however, that the Sponsoring Public Entities retain the right to pursue any legal
<br />remedy to the exieat that delays in the Project are the result of negligence on the part of the
<br />Agency.
<br />Secd" 2.2 Location of Project: ,Acgniu_tt'oa, of Land Interests. The Facilities
<br />will be constructed and located on, across, within, and through the Land Interests. The Agency
<br />(or one or more of the Sponsoring Public Entities acting on behalf of the Agency) shall, as soon
<br />as possible after the delivery of this Contract, and subject to the receipt of the Bond proceeds or
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