RES 67055 - Laserfiche WebLink

33 part thereof, or upon any funds in the hands of the City, the Director of Finance or the Fiscal Agent prior or superior to the lien of the Bonds, or which might impair the' security of the Bonds. SECXtON 5.06. Insurance. (a) The City shall procure, and maintain at all times while any of the Bonds shall be outstanding, insurance on the Enter- prise against such risks (including accident to or destruction of the Enterprise) as are usually insurable in connection with similar enterprises. Such insurance shall be .adequate in amount and as to the risks insured against, and shall be maintained with responsible insurers. Any proceeds of any such insurance against accident to or destruction of the Enterprise collected by the City in the event of any loss or damage shall be deposited by the City with the Director of Finance. The City shall cause the Director of Finance to apply such proceeds to the repair or reconstruction or other improvement of the Enterprise. The City shall begin such work of repair, reconstruction or improvement promptly after such loss or damage shall occur and shall continue and properly complete the same as expeditiously as possible. The City shall pay out of the proceeds of such insurance, and from any other available funds, all costs and expenses in connection with such repair, recon- struction or improvements so that the same shall be completed and the Enterprise shall be free and clear of all liens and claims. If the proceeds received by reason of any such loss shall exceed the costs of such repair, reconstruction or improve- ment, the excess shall be transferred by the Director of Finance to the Fiscal Agent for deposit in the Revenue Fund and shall be used and withdrawn only as pro,~ided in Section 4.03. (b) The City shall secure and maintain adequate fidelity insurance or bonds on all officers and employees handling or responsible for any Revenues or funds of the Enterprise, such insurance or bonds to be in an aggregate amount at least equal to the maximum amount of such Revenues or fUnds at any one time in the custody of all such officers and employees. Such fidelity insurance or bonds may be maintained as a part of the City's comprehensive fidelity insurance and need not be separately provided for the purposes of this Re~olution. S£CTXON 5.07. Books and Accounts; Financial Statements. (a) The City will keep proper books of record and accounts of the Enterprise, se~Farate from all other records and accounts of the City, in which complete and correct entries shall be made of all transactions relating to the Enterprise. Such books of record and accounts shall at all times during business hours be subject to the inspection of the Fiscal Agent or of the holders of not less than ten per cent (10%) of the principal amount of the Bonds then outstanding or their representatives authorized in writing. (b)The City will prepare and file with the Fiscal Agent annually within sixty (60) days after the close of each fiscal year (commencing with the fiscal year ending June 30, 1968) so long as any of the Bonds are outstanding--