Ord 1983-078 - Laserfiche WebLink

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and Extended Coverage Insurance on the insurable portions of the water and sewer system. The foregoing insurance shall be maintained so long as any of the Outstanding Bonds, Certificates, and Additional Bonds or Obligations are outstanding and shall be in amounts sufficient to J?rovide for, not less than full recovery whenever a loss from perils Insured agaInst does not exceed 80% of the full insurable value of the damaged facility. In the event of any damage to or destruction of any part of said water and sewer system covered by such insurance, the Ci ty shall promptly arrange for the application of the insurance proceeds for the repair or reconstruction of the damaged or destroyed portion thereof. (c) If such insurance is not already in force, procure and maintain, so long as any of the Outstanding Bonds, Certificates, and Additional Bonds are outstanding, Public Liability Insurance relating to the operation of the water and sewer facilities with limits of not less than $100,000 for one person and $300,000 for more than one person involved in one accident to protect the Ci ty from claims for bodily injury and/or death; and not less than $10,000 from claims for damage to property of others which may arise from the City's operations of the water and sewer system. (d) If the City owns or operates a vehicle in the operation of the water and sewer system, including any non-owned vehicles operated for the benefit of the City, the City shall, if such insurance is not already in force, procure and maintain, so long as any of the Outstanding Bonds, Certificates or Additional Bonds are outstanding, Vehicular Public Liability Insurance with limits of not less than $100,000 for one person and $300,000 for more than one person involved in one accident to protect the City from claims for bodily injury and/or death, and not less than $10,000 against claims for damage to property of others which may arise from the City's operations of vehicles. (e) The payment of premiums for all insurance policies required under the provisions hereof shall be considered as maintenance and operation expenses. Section 21. RATES AND CHARGES; NO FREE SERVICE. The City further covenants and agrees that it will faithfully and punctually perform all duties with reference to the System required by the Constitution and laws of the State of Texas, including the making and collecting of reasonable and sufficient rates for water and sewer services supplied by the System, and the segregating and application of the revenues of the System as required by the provisions of this Ordinance. The City further covenants and agrees that no free service shall be allowed, and should the Ci ty or any of its agenc ies or instrumentalities make use of the services and facilities of the System, payment of the reasonable value thereof shall be made by the City out of funds from sources other than revenues and income of the System. Section 22. RECORDS AND ACCOUNTS. The City covenants that it will keep proper books, records and accounts, relating to the System in accordance with generally accepted accounting practices of facilities of like type and size, in which complete and correct entries shall be made of all pertaining transactions. All such books, records and accounts shall at all times during normal business hours be subject to the inspection of the Fiscal Agent, or of the holders of not less than 10 percent of the principal amount of the Outstanding Bonds, Certificates and/or Additional Bonds then outstanding or to their authorized representatives. The City further covenants that on or beore ninety (90) days after the close of each fiscal year, the City will furnish to the holder of any of the Outstanding Bonds, Certificates and Additional Bonds who shall request same in writing, copies of an annual audit report prepared by an independent public account or a State auditing official, covering the operation of the -14-