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<br /> <br /> <br /> <br /> <br /> <br /> pertaining to the System shall be deposited in a special and <br /> separate trust fund, at an official depository of the <br /> Issuer, to be designated the Insurance Account. The Insur- <br /> ance Account shall be held until such time as other funds <br /> become available which, together with the Insurance Account, <br /> will be sufficient to make the repairs or replacements <br /> originally required. <br /> (2) The annual audit hereinafter required may contain <br /> a section commenting on whether or not the Issuer has <br /> complied with the requirements of this Section with respect <br /> to the maintenance of insurance, and shall state whether or <br /> not all insurance premiums upon the insurance policies to <br /> which reference is made have been paid. <br /> (i) Rate Covenant. The Issuer shall fix, establish, <br /> maintain, and collect, such rate, charges, and fees for the <br /> use and availability of the System at all times as are <br /> necessary to produce Gross Revenues sufficient, together <br /> with any other Pledged Revenues, (1) to pay all current <br /> operation and maintenance expenses of the System, and (2) <br /> produce an amount of Pledged Revenues during each fiscal <br /> year at least (i) equal to 1.25 times the principal and <br /> interest requirements during such fiscal year of all then <br /> outstanding Prior Lien Bonds, if any, and (ii) equal to 1.10 <br /> times the principal and interest requirements during each <br /> fiscal year of all then outstanding bonds of any nature or <br /> lien which are payable from Pledged Revenues. <br /> (j) Records. The Issuer shall keep proper books of <br /> record and account in which full, true, proper, and correct <br /> entries will be made of all dealings, activities, and <br /> transactions relating to the System, the Pledged Revenues <br /> and the Funds created pursuant to this Ordinance, and all <br /> books, documents, and vouchers relating thereto shall at all <br /> reasonable times be made available for inspection upon <br /> request of any Bondholder or citizen of the Issuer. To the <br /> extent consistent with the provisions of this Ordinance, the <br /> Issuer shall keep its books and records in a manner conform- <br /> ing to standard accounting practices as usually would be <br /> followed by private corporations owning and operating a <br /> similar System, with appropriate recognition being given to <br /> essential differences between municipal and corporate <br /> accounting practices. <br /> (k) Audits. After the close of each fiscal year while <br /> any of the Bonds or any Additional Parity Revenue Bonds are <br /> outstanding, an audit will be made of the books and accounts <br /> relating to the System and the Pledged Revenues by an <br /> independent certified public accountant or an independent <br /> firm of certified public accountants. As soon as practica- <br /> ble after the close of each such year, and when said audit <br /> has been completed and made available to the Issuer, a copy <br /> 38 <br />