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I <br />or superior to the lien of the Parity Bonds, or which might impair the security of the Parity <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 />42 <br />_Z o_ n-�nnoo� rnneennoo� nor n�rnono <br />