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<br /> <br /> <br /> <br /> <br /> <br /> provided that whenever the Issuer deems it necessary to dispose of any property, machinery, <br /> fixtures, or equipment, or dedicate such property to other use, it may do so either when it <br /> has made arrangements to replace the same or provide substitutes therefor, or it is <br /> determined by resolution of the City Council that no such replacement or substitute is <br /> necessary. <br /> <br /> (h) Insurance. (1) The Issuer shall cause to be insured such parts of the System as <br /> would usually be insured by corporations operating like properties, with a responsible <br /> insurance company or companies, against risks, accidents, or casualties against which and to <br /> the extent insurance is usually camed by corporations operating like properties, including, <br /> to the extent reasonably obtainable, fire and extended coverage insurance, insurance against <br /> damage by floods, and use and occupancy insurance. Public liability and property damage <br /> insurance also shall be carried unless the City Attorney gives a written opinion to the effect <br /> that the Issuer is not liable for claims which would be protected by such insurance. All <br /> insurance premiums shall be paid as an expense of operation of the System. At any time <br /> while any contractor engaged in construction work shall be fully responsible therefor, the <br /> Issuer shall not be required to carry insurance on the work being constructed if the con- <br /> tractor is required to carry appropriate insurance. All such policies shall be open to the <br /> inspection of the Bondholders and their representatives at all reasonable times. Upon the <br /> happening of any loss or damage covered by insurance from one or more of said causes, the <br /> Issuer shall make due proof of loss and shall do all things necessary or desirable to cause <br /> the insuring companies to make payment in full directly to the Issuer. The proceeds of <br /> insurance covering such property, together with any other funds necessary and available for <br /> such purpose, shall be used forthwith by the Issuer for repairing the property damaged or <br /> replacing the property destroyed; provided, however, that if said insurance proceeds and <br /> other funds are insufficient for such purpose, then said insurance proceeds pertaining to the <br /> System shall be deposited in a special and separate trust fund, at an official depository of <br /> the Issuer, to be designated the Insurance Account. The Insurance Account shall be held <br /> until such time as other funds become available which, together with the Insurance Account, <br /> will be sufficient to make the repairs or replacements originally required. <br /> <br /> (2) The annual audit hereinafter required may contain a section commenting on <br /> whether or not the Issuer has complied with the requirements of this Section with respect <br /> to the maintenance of insurance, and shall state whether or not all insurance premiums upon <br /> the insurance policies to which reference is made have been paid. <br /> <br /> (i) Annual Budget and Rate Covenant. The Issuer shall prepare, prior to the beginning <br /> of each fiscal year, an annual budget, in accordance with law reflecting an estimate of cash <br /> receipts and disbursements for the ensuing fiscal year in sufficient detail to indicate the <br /> probable Gross Revenues and Net Revenues for such fiscal year. <br /> <br /> (j) ReCords. The Issuer shall keep proper books of record and account in which full, <br /> true, proper, and correct entries will be made of all dealings, activities, and transactions <br /> relating to the System, the Net Revenues, and the Funds created pursuant to this Ordinance, <br /> <br /> 30 <br />