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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 />(h) No Free Service. The City will not furnish or supply or permit the furnishing or <br />supplying of any commodity, service or facility furnished by or in connection with the operation <br />of the System, free of charge to any person, firm or corporation, public or private, so long as any <br />Bonds are outstanding and unpaid. <br />(i) Additions and Improvements. The City will not expend any of the revenues <br />derived by it from the operation of the System or the proceeds of any indebtedness payable from <br />the Revenue of the System for any extensions, betterments or improvements to the System that <br />-41- PA20287 CMWM20287 B32 09/09/15 <br />