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<br />series or issue of Bonds or Addi dona 1 Bonds bears to the total outstanding principal <br />of all Bonds and Additional Bonds. provided that if on any such occasion the <br />principal of any such series or issue is not subject to redemption. it shall not be <br />regarded as outstanding in making the foregoing computation; or <br /> <br />(ii) If none of the outstanding Bonds or Additional Bonds is <br />subject to redemption of said Bonds and Additional Bonds in the same proportion as <br />prescribed in the foregoing clause (i). to the extent practicable; provided that the <br />purchase price for any Bond or Additional Bond shall not exceed the redemption <br />price of such Bond or Additional Bond on the First date upon which it becomes <br />subject to redemption; or <br /> <br />(iii) To the extent that the foregoing clauses (i) and (ii) cannot be <br />complied with at the time. the insurance proceeds, or the remainder thereof. shall <br />be deposited in a special and separate trust fund. at an official depository of the <br />City, to be designated the Insurance Account. The Insurance Account shall be held <br />until such time as the foregoing clauses (1) and/or (ii) can be complied with, or oot11 <br />other funds become available which, together with the Insurance Account, will be <br />sufficient to make the repairs or replacements originally required, whichever of said <br />events occurs first. <br /> <br />(2) The provisions of (1) above notwithstanding, the City <br />shall have authority to enter into co-insurance or similar plans where risk of loss is <br />shared in whole or in part by the City. <br /> <br />(3) The annual audit hereinafter required shall contain a <br />section commenting on whether or not the City has complied with the requirements <br />of this Section with respect to the maintenance of insurance, and listing all policies <br />carried, and whether or not all insurance premiums upon the insurance policies to <br />which reference is hereinabove made have been paid. <br /> <br />(i) RATE COVENANT. The City Council of the City will fix. establish, <br />maintain and collect such rates. charges and fees for the use and availability of the <br />System at all times as are necessary to produce Gross Revenues sufficient (1) to pay <br />all current operation and maintenance expenses of the System, (2) to produce Net <br />Revenues for each year at least equal to 1.25 times the principal and interest <br />requirements (including Amortization Installments) of all then outstanding Bonds and <br />Additional Bonds for the year during which such requirements are scheduled to be <br />the greatest, and (3) to pay all other obligations of the System. <br /> <br />G> RECORDS. The City will keep proper books of record and account in <br />which full, true and correct entries will be made of all dealings. activities and <br />transactions relating to the System. the Pledged Revenues and the Funds created <br />pursuant to this Ordinance, and all books. documents and vouchers relating thereto <br />shall be made available at an reasonable times for inspection upon request of any <br />bondholder. <br /> <br />(k) AUDITS. After the close of each year while any of the Bonds or any <br />Additional Bonds are outstanding. an audit wil1 be made of the books and accounts <br /> <br />1O37f <br /> <br />-28- <br />