Ordinance 3633 - Laserfiche WebLink

of the System have been paid but before depreciation. (b ) That it will at all times keep and maintain the System in good repair, working order and condition, and will at all times operate the System and the business in connection therewith in an efficient manner and at a reasonable cost . (c ) That it will not sell or otherwise dispose of any of the properties of the System (unless the same are no longer used, useful or necessary in the operation thereof) unless provision is made for payment into the Bond Redemption Fund of a sum sufficient to redeem and retire all of the Bonds and any Parity Revenue Bonds then outstanding in accordance with the terms thereof . (d) That it will keep proper and separate accounts and records in which complete and separate entries will be made of all transactions relating to the System and its operation, and it will furnish to the original purchasers of the Bonds and to any subsequent holder or holders of the Bonds at the written request thereof that portion of the audits made of the city by the Department of Municipal Accounting of the State Auditor's office relating to the operation of the System. That within ninety days after December thirty-first of each year commencing with the year 1957 it will prepare complete operating and income statements of the System in reasonable detail for each calendar year, which shall also be furnished to such purchasers of the Bonds and to any subsequent holder or holders thereof upon the written request therefor. (e ) That it will at all times carry fire and extended coverage and such other forms of insurance on such of the buildings, equipment, facilities and properties of the System as under good practice are ordinarily carried on such buildings, equipment, facilities and properties by privately owned utilities engaged in the operation of -13-