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<br />books, records and accounts shall at all times during normal business <br /> <br />hours be subject to the inspection of the Fiscal Agent, or of the <br /> <br />holders of not less than 10 percent of the principal amount of the <br /> <br />Bonds then outstanding or to their authorized representatives. <br /> <br />The City further covenants that so long as the Government <br /> <br />holds any of the Bonds, the City will furnish to the Government <br /> <br />periodic operating statements of the System in such form and <br /> <br />substance and for such peribds as may be required by the Government. <br /> <br />The City further covenants that on or before ninety (90) days after <br /> <br />the close of each fiscal year, the City will furnish to any Bond- <br /> <br />holder who shall request same in writing, and to the Government <br /> <br />so long as it holds any of the Bonds, copies of an annual audit <br /> <br />report prepared by an independent public accountant or a State <br /> <br />auditing official, covering the operation of the preceding fiscal <br /> <br />year. Said annual audit report will reflect in reasonable detail <br />} <br />the financial condition and record of operation of the City and <br /> <br />the System, including, but not limited to, the following information: <br /> <br />An evaluation of the manner in which the City has complied <br />with the coVenants of the Bond Ordinance, and the Loan <br />Agreement with the Government. <br /> <br />Statement of Operating Income and Expense. <br /> <br />Statement showing analysis of each fund including deposits, <br />withdrawals and beginning and ending balances. <br /> <br />General Balance Sheet. <br /> <br />A statement showing the schedule of rates 'charged for each <br />class of service as of the close of the fiscal year, the <br />gross revenues received and the number of connections. <br /> <br />I <br /> <br />I <br /> <br /> 1. <br /> 2. <br /> 3. <br /> 4. <br /> 5. <br /> 6. <br />I 7. <br /> 8. <br /> <br />Schedule of insurance policies and fidelity bonds in <br />force showing with respect to each policy and bond the <br />nature and amount of risk coVered, the expiration date <br />and the name of the insurer. <br /> <br />Names and titles of principal officers. <br /> <br />A general statement concerning any events or circumstances <br />which might possibly affect the financial status of the <br />project. <br /> <br />Expenses in making the audits above required are to be re- <br /> <br />garded as maintenance and operation expenses and paid as such. <br /> <br />- 20 - <br />