19 - Issuance and Sale of City of Paris Waterworks and Sewer System Revenue Bonds Series 2022

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(d) Records and Accounts-, Acc Ling ReLiorts. The City hereby covenants and agrees that so long as any of the Bonds or any interest thereon remain outstanding and unpaid, it will keep and maintain a proper and complete system of records and accounts pertaining to the operation of the System parts separate and apart from all other records and accounts of the City in which complete and correct entries shall be made of all transactions relating to said System, as provided by Chapter 1502, Texas Government Code, or other applicable law. The Owner or Owners of an Bonds or any dul authorized a, ent or a ents of such Owners shall have the ri ht (i) A statement of the income and expenditures of the components of the System for such fiscal year; (iii) A list of the insurance policies in force at the end of the Fiscal Year on the System properties, setting out as to each policy the amount thereof, the risk covered, the name of the insurer, and the policy's expiration date. Expenses incurred in making the audits above referred to are to be regarded as Maintenance and Operating Expenses of the System and paid as such. Copies of the aforesaid annual audit shall be immediately furnished, upon written request, to the original purchasers of the Bonds and any subsequent Owner. (e) Sale or Leasq. of �Lop!p _ §. The City, to the extent and in the manner authorized by law, may sell or exchange for consideration representing the fair value thereof, as determined by the Council.. anip -p anyequip en not necessary or useful in the operations thereof or which is obsolete, damaged or wom. out or otherwise unsuitable for use in the operation of the System. The proceeds of any sale of properties of the System shall be deposited in the System Fund. (f) Competition. That so far as it legally may and subject existing agreements and certifications, the City covenants and agrees, for the protection and security of the Bonds Similarly Secured and the holders thereof from time to time and until all Bonds Similarly Secured shall have been retired and that it will not grant a franchise for the installation or operation of any water and/or wastewater system other than those owned by the City, that it will prohibit the operation of any waterworks or wastewater system other than those operated by the City. (g) Further Covenants. The City her covenants and agrees by and through this Ordinance as follows: (i) That it has the lawful power to pledge the revenues supporting this issue of 18