Ordinance 713-80 - Laserfiche WebLink

• } the hands of the City, prior to or superior to the lien of Parity Bonds, or which might impair the security of Parity Bonds . F. The City will keep the works, plants and facilities comprising the System insured, and will carry such other insur- ance, with responsible insurers, with policies payable to the City, against risks, accidents or casualties, at least to the extent that insurance is usually carried by private corporations operating like properties, or will implement a self-insurance program with reserves adequate, in the judgment of the Council, to protect City and the holders of the Bonds against loss. In the event of any loss or damage, the City will promptly repair or replace the damaged portion of the insured property and apply the proceeds of any insurance policy, for that purpose; or in the event the City should determine not to repair or reconstruct such damaged portion of the properties of the System, the proceeds of such insurance shall be paid into the Reserve Account to the extent that such transfer shall be necessary to make up any deficiency in said Reserve Account and the balance, if any, shall at the option of the City, be used either for repairs, renewals, replacements, or capital additions to the System, for the redemp- tion of Parity Bonds, or for deposit into the Reserve Account. G. The City shall keep proper books of account which shall be kept in accordance with any applicable rules and regulations prescribed by the State of Washington. The City shall prepare, and any owner or holder of Parity Bonds may obtain copies of, balance sheets and profit and loss statements showing in reason- able detail the financial condition of the System as of the close of each year, and the income and expenses of such year, including the amounts paid into the Water and Sewer Revenue Fund, the Revenue Bond Fund, and into any and all special funds or accounts created pursuant to the provisions of this Ordinance, and the -18-