Ord 1997-031 - Laserfiche WebLink

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I I - (a) Pay all operatmg, maintenance, depreclatlOn, replacement and betterment expenses, and other costs deductible m determmmg Net Revenues, (b) Estabhsh and ffiamtam the Interest and Smkmg Fund and Reserve Fund created for the payment and securlty ofthe ParIty Revenue ObhgatlOns, and (c) Pay the reqUlrements of all other outstandmg lawful mdebtedness ofthe System as and when the same becomes due SectlOn 10 02 Mamtenance and Operation, Insurance The Clty shall mallltain the System m good condItlOn and operate the same m an efficlent manner and at reasonable cost. So long as any Panty Revenue Obhgatlons are outstandmg, the CIty agrees to mallltam msurance for the benefit of the holder or holders of the oblIgations on the System of a kmd and m an amount whIch usually would be carried by pnvate companIes engaged m a slmllar type of business NOthlllg m thlS ordinance shall be construed as requiring the CIty to expend any funds which are denved from sources other than the operatlOn of the System, but nothmg herem shall be construed as preventmg the Clty from domg so SectlOn 1003 Records, Accounts, Accountmg Reports The Clty hereby covenants and agrees that so long as any Panty Revenue ObligatlOns, or any lllterest thereon, remam outstandmg and unpaId, lt WIll keep and mamtain a proper and complete system of records and accounts pertammg to the operatlon of the System, separate and apart from all other records and accounts, m whlch complete and correct entnes shall be made of all transactlOns relatlllg thereto, as provlded by Tex. Rev C1V. Stat. Ann. art. 1113, as amended, and that the owner or owners of any of sald Parlty Revenue ObhgatIons or any duly authonzed agent or agents of such owners shall have the nght at all reasonable tlmes to mspect all such records, accounts and data relating thereto, and to mspect the System and all propertIes compnsmg same The Clty further agrees that withm 90 days followmg the close of each fiscal year, lt will cause an audIt of such books and accounts to be made by an mdependent firm of Certlfied Public Accountants or LIcensed PublIc Accountants, Each such audlt, III addItlOn to whatever other matters may be thought proper by the Accountant, shall partlcularly mclude the follOWIng: (a) A detalled statement of the mcome and expendItures of the System for such fiscal year (b) A balance sheet as of the end of such fiscal year (c) The Accountant's comments regardmg the manner m whIch the City has carned out the reqUlrements of thIS ordmance and hIS recommendatlOns for any changes or lmprovements m the operatlOn, records and accounts of the System. (d) A lIst of the msurance pohcles m force at the end of the fiscal year on the System propertles, settmg out as to each polIcy the amount thereof, the nsk covered, the name of the msurer, and the pohcy's expuatlOn date (e) A hst of the securitles whlch have been on deposlt as securIty for the money m the Interest and Smklllg Fund throughout the fiscal year, a hst of the securltles, If any, m whlch the Reserve Fund has been mvested, and a statement of the manner m wruch money m the System Fund has been secured m such fiscal year R:\SANMAR\WW5S.97\DOCS\ORDNCE 26