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-15- <br />Livermore and the District shall have the right, during reasonable business hours (and in emergencies at all times) to inspect LAVWMA’s records maintained pursuant to this Section in the manner agreed by the Livermore, the District and LAVWMA. Section 3.05. Contract with EBDA. LAVWMA shall comply with all terms, covenants and provisions, express and implied, of the EBDA Master Agreement, and shall promptly and diligently enforce all its rights thereunder. LAVWMA shall not amend or terminate the EBDA Master Agreement in any way that would adversely affect the ability of LAVWMA to comply with any of the provisions of this Contract. Section 3.06. Insurance. LAVWMA shall procure and maintain at all times during the term of this Contract such insurance as is required by Section 5.07 of the Indenture. Section 3.07. Annual Budget. At least ninety (90) days before the first day of each Fiscal Year, LAVWMA shall prepare and submit to each Member a draft budget setting forth the Budgeted Fixed Costs and the Budgeted Variable LAVWMA Maintenance and Operation Costs for such Fiscal Year. Each such budget shall separately set forth Variable LAVWMA Maintenance and Operation Costs for the Joint Use Facilities, for the EBDA facilities, for the Sole Use Facilities used by Livermore and for the Dual Use Facilities used by the District and Pleasanton. Once LAVWMA’s Board has adopted a budget for the coming Fiscal Year, LAVWMA shall send each Member a copy of such adopted budget. Such budget shall be updated quarterly or as needed to reflect any material differences between actual interim results and budgeted results. Section 3.08. Books and Accounts; Financial Statements. (a) LAVWMA shall keep proper books of record and accounts of the Enterprise, separate from all other records and accounts of LAVWMA, 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 any Member or any such Member’s representative authorized in writing in the manner agreed by the Members and LAVWMA. (b) LAVWMA shall prepare and submit to each Member annually within one hundred and twenty (120) days after the close of each Fiscal Year: (1) an audited statement (prepared in accordance with generally accepted accounting principles, as prescribed by the American Institute of Certified Public Accountants or its successor) for the preceding Fiscal Year of: (A) Actual Fixed Costs for such Fiscal Year, and (B) separately for the Joint Use Facilities, for the Sole Use Facilities used by Livermore and for the Dual Use Facilities used by Pleasanton and the District, Actual Variable LAVWMA Maintenance and Operation Costs for such Fiscal Year, and