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part thereof, or upon any funds in the hands of the City, prior <br /> to or superior to the lien of the Parity Bonds, or which might <br /> impair the security of the Parity Bonds . <br /> F. Insurance . The City will keep the works, plants <br /> and facilities comprising the System insured, and will carry such <br /> other insurance, with. responsible insurers, with policies payable <br /> to the City, against risks, accidents or casualties, at least to <br /> the extent that insurance is usually carried by private corpora- <br /> tions operating like properties, or will implement a <br /> self-insurance program with reserves adequate, in the judgment of <br /> the Council, to protect the City and the holders of the Bonds <br /> against loss . In the event of any loss or damage, the City will <br /> promptly repair or replace the damaged portion of the insured <br /> property and apply the proceeds of any insurance policy for that <br /> purpose; or in the event the City should determine not to repair <br /> or reconstruct such damaged portion of the properties of the <br /> System, the proceeds of such insurance shall be paid into any <br /> Reserve Account to the extent that such transfer shall be <br /> necessary to make up any deficiency in said Reserve Account and <br /> the balance, if any, shall, at the option of the City, be used <br /> either for repairs, renewals, replacements, or capital additions <br /> to the System, for the redemption of Parity Bonds, or for deposit <br /> into the Revenue Bond Fund. <br /> G. Books and Accounts . The City shall keep proper <br /> books of account in accordance with any applicable rules and <br /> regulations prescribed by the State of Washington. The City <br /> 42 FwwoO3 DOC 92/09/21 <br />