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(c) Pay the requirements of all other outstanding lawful indebtedness of the System as and when the same becomes due. Section 10.02. Maintenance and Operation; Insurance. The City shall maintain the System in good condition and operate tile same in all efficient manner and at reasonable cost. So long as any Parity Revenue Obligations are outstanding, the City agrees to maintain insurance for the benefit of the holder or holders of the obligations on the System ora kind and itl an amount which usually would be carried by private companies engaged in a similar type of business. Nothing in this ordinance shall be construed as requiring the City to expend any funds which are derived from sources other than the operation of the System, but nothing herein shall be construed as preventing the City from doing so. Section 10.03. Records; Accounts; Accounting Reports. The City hereby covenants and agrees that so long as any Parity Revenue Obligations, or any interest thereon, remain outstanding and unpaid, it will keep and maintain a proper and complete system of records and accounts pertaining to the operation of the System, separate and apart from all other records and accounts, in wh ich complete and correct entries shall be made of all transactions relating thereto, as provided by Tex. Gov't Code Ann. ch. 1502, as amended, and that the owner or owners of any of said Parity Revenue Obligations or any duly authorized agent or agents of such owners shall have the right at all reasonable times to inspect all such records, accounts and data relating thereto, and to inspect the System and all properties comprising same. The City further agrees that within 90 days following the close of each fiscal year, it will cause an audit of such books and accounts to be made by an independent firm of Certified Public Accountants or Licensed Public Accountants. Each such audit, in addition to whatever other matters may be thought proper by the Accountant, shall particularly include the following: (a) A detailed statement of the income 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 regarding the manner in which the City has carried out the requirements of this ordinance and his recommendations for any changes or improvements in the operation, records and accounts of the System. (d) A list of the insurance policies in force at the end of the fiscal year on the System properties, setting out as to each policy the amount thereof, the risk covered, the name of the~. insurer, and the policy's expiration date. (e) A list of the securities which have been on deposit as security for the money in the Interest and Sinking Fund throughout the fiscal year, a list of the securities, if any, in which the Reserve Fund has been invested, and a statement of the manner in which money in the System Fund has been secured in such fiscal year. (f) The number of properties connected with the System. Expenses incurred in making the audits above referred to are to be regarded as maintenance and operating expenses of the System and paid as such. R:\San Marcos\WWSS.03\Docs\Ordinance\WS Ord Final.xvpd 26