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<br /> <br /> <br /> <br /> <br /> <br /> covenants, and agreements of this Ordinance and any ordi- <br /> nance authorizing the issuance of Additional Parity Revenue <br /> Bonds; but the right of the Issuer to issue revenue bonds <br /> payable from a subordinate lien on and the Pledged Revenues <br /> is specifically recognized and retained. <br /> (g) Sale or Disposal of Propertv. While the Bonds or <br /> any Additional Parity Revenue Bonds are outstanding and <br /> unpaid, the Issuer shall not sell, convey, mortgage, encum- <br /> ber, lease, or in any manner transfer title to, or dedicate <br /> to other use, or otherwise dispose of the System, or any <br /> significant or substantial part thereof; provided that <br /> whenever the Issuer deems it necessary to dispose of any <br /> property, machinery, fixtures, or equipment, or dedicate <br /> such property to other use, it may sell or otherwise <br /> dispose of such property, machinery, fixtures or equipment, <br /> or dedicate such property to other use, when it has made <br /> arrangements to replace the same or provide substitutes <br /> therefor, unless it is determined by resolution of the <br /> Zssuer Council that no such replacement or substitute is <br /> necessary. <br /> (h) Insurance. (1) The Issuer shall cause to be <br /> insured for such parts of the System as would usually be <br /> insured by corporations operating like properties, with a <br /> responsible insurance company or companies, against risks, <br /> accidents, or casualties against which and to the extent <br /> insurance is usually carried by corporations operating like <br /> properties, includinq, to the extent reasonably obtainable, <br /> fire and extended coverage insurance, insurance against <br /> damage by floods, and use and occupancy insurance. Public <br /> liability and property damage insurance shall also be <br /> carried unless the Issuer Attorney gives a written opinion <br /> to the effect that the Issuer is not liable for claims which <br /> would be protected by such insurance. All insurance premi- <br /> ums shall be paid as an expense of operation of the System. <br /> At any time while any contractor engaged in construction <br /> work shall be fully responsible therefor, the Issuer shall <br /> not be required to carry insurance on the work being con- <br /> structed if the contractor is required to carry appropriate <br /> insurance. All such policies shall be open to the inspec- <br /> tion of the Bondholders and their representatives at all <br /> reasonable times. Upon the happening of any loss or damage <br /> covered by insurance from one or more of said causes, the <br /> Issuer shall make due proof of loss and shall do all things <br /> necessary or desirable to cause the insuring companies to <br /> make payment in full directly to the Issuer. The proceeds <br /> of insurance covering such property, together with any other <br /> funds necessary and available for such purpose, shall be <br /> used forthwith by the Issuer for repairing the property <br /> damaged or replacing the property destroyed; provided, <br /> however, that if said insurance proceeds and other funds are <br /> insufficient for such purpose, then said insurance proceeds <br /> 37 <br />