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3 <br /> or superior to the lien of the Parity Bonds, or which might impair the security of the Parity <br /> Bonds. <br /> (f) Insurance. The City will keep the works, plants and facilities comprising the <br /> System insured, and will carry such other insurance, with responsible insurers, with policies <br /> payable to the City, against risks, accidents or casualties, at least to the extent that insurance is <br /> usually carried by private corporations operating like properties, or will implement a <br /> self-insurance program with reserves adequate, in the judgment of the Council, to protect the <br /> City and the holders of Parity Bonds against loss. In the event of any loss or damage, the City <br /> will promptly repair or replace the damaged portion of the insured property and apply the <br /> proceeds of any insurance policy for that purpose; or in the event the City should determine not <br /> to repair or reconstruct such damaged portion of the properties of the System, the proceeds of <br /> such insurance shall be paid into any Reserve Account to the extent that such transfer shall be <br /> necessary to make up any deficiency in said Reserve Account and the balance, if any, shall, at <br /> the option of the City, be used either for repairs, renewals, replacements, or capital additions to <br /> the System, for the redemption of Parity Bonds, or for deposit into the Revenue Bond Fund. <br /> (g) Books and Accounts. The City shall keep proper books of account in accordance <br /> with any applicable rules and regulations prescribed by the State of Washington. The City shall <br /> prepare, and any owner or holder of Parity Bonds may, upon written request, obtain copies of, <br /> balance sheets and profit and loss statements showing in reasonable detail the financial condition <br /> of the System as of the close of each year, and the income and expenses of such year, including <br /> the amounts paid into the Revenue Fund, the Revenue Bond Fund, and into any and all special <br /> funds or accounts created pursuant to the provisions of this ordinance, and the amounts expended <br /> for maintenance, renewals,replacements, and capital additions to the System. <br /> -39- P120287_CM\M20287_9RC 01/02/13 <br /> 46 <br />