92-013 ORD CERTIFICATE FOR ORDINANCE AUTHORIZING ISSUANCE OF COP WATERWORKS AND SEWER SYSTEM REVENUE BONDS SERIES 1992

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and all books, documents, and vouchers relating thereto shall at all reasonable times be made available for inspection upon request of any Bondholder or citizen of the Issuer. To the exrtent consistent with the provisions of this Ordinance, the Issuer shall keep its books and records in a manner conforming to standard accounting practices as usually would be followed by private corporations owning and operating a similar system, with appropriate recognition being given to essential differences between municipal and corporate accounting practices. (k) Audits. After the close of each fiscal year while any of the Bonds, and any Revenue Bonds are outstanding, an audit will be made of the books and accounts relating to the System and the Net Revenues by an independent certified public accountant or an inde- pendent firm of certified public accountants. As soon as practicable after the close of each such year, and when said audit has been completed and made available to the Issuer, a copy of such audit for the preceding year shall be mailed to the Municipal Advisory Council of Texas, to each paying agent for any bonds payable from Net Revenues, to any Bondholders who shall so request in writing, and to Southwest Securities Incorporated. The annual audit reports shall be open to the inspection of the Bondholders and their agents and representatives at all reasonable times. (1) Governmental A e~ ncies. It will comply with all of the terms and conditions of any and all franchises, permits, and authorizations applicable to or necessary with respect to the System, and which have been obtained from any governmental agency; and the Issuer has or will obtain and keep in full force and effect all franchises, permits, authorization, and other requirements applicable to or necessary with respect to the acquisition, construction, equipment, operation, and maintenance of the System. (m) No Competition. It will not operate, or grant any franchise r, to the eutent it legally may, permit the acquisition, construction, or operation of, any facilities which would be in competition with the System, and to the extent that it legally may, the Issuer will prohibit any such competing facilities. (n) District or River Authority Contract. Nothing herein shall be construed to prevent the Issuer from making contracts with a district or river authority operating pursuant to Article 16, Section 59 of the Texas Constitution, as authorized by Chapter 30, Texas Water Code, or Article 4413 (32c), V.A.T.C.S., under which a district or river authority will make a sewer system or water system or portions thereof available to the Issuer, and will furnish waste water collection, transportation, treatment, disposal services or water treatment or water transportation facilities to the Issuer, through the district's or river authority's sewer system or water system or in such other manner as deemed appropriate by the Issuer. Such contracts may provide for the operation, or the acquisition by purchase or lease, of the Issuer's waste water treatment and disposal facilities or water treatment or water transporta- tion facilities, in whole or in part, by the district or river authority. 31