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(a) A detailed statement of all gross revenues <br />of the System and al1 expenses of operation and main- <br />tenance thereof for said fiscal year; <br />(b) Balance sheet as of the end of said fiscal <br />year; <br />(c) Accountant's comment regarding the manner <br />in which the City has complied with the requirements <br />of this Ordinance and his recommendations, if any, for <br />any changes or improvements in the operation of the <br />System; <br />(d) List of insurance policies in force at the <br />end of said fiscal year, showing, as to each policy, <br />the name of the insurer, and the expiration date; <br />(e) The number of properties connected with <br />the Water and Sewer System, and the gross revenues <br />from said system for said fiscal year. <br />25, SPECIAL COVENANTS. The City further covenants <br />as follows: <br />(a) That other than for the payment of the Bonds here• <br />in authorized and the First Lien Bonds, the revenues and income <br />of the System have not in any manner been pledged to the payment <br />of any debt or obligation of the City or of the System. <br />, (b) That while any of the Bonds or Additional Bonds <br />are outstanding, the City will not sell or encumber the System <br />or any substantial part thereof, and that, with the exception of <br />the Additional Bonds expressly permitted by this Ordinance to be <br />issued, it will not encumber the revenues and income of the <br />System, unless such encumbrance is made junior and subordinate <br />in all respects to the Bonds and Additional Bonds and all liens <br />and pledges in connection therewith. <br />