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<br />15 <br />the Trustee may conclusively rely upon). Any statements of self-insurance shall be delivered to <br />the Trustee. Such certification, and the requirement that funds be held in a trust fund, shall not <br />be required unless the City is fully self-insured with respect to such coverage. <br /> <br />(f) The City shall pay or cause to be paid when due the premiums for all insurance <br />policies required hereby. <br /> <br />Section 5.11. Books and Accounts; Financial Statements. <br /> <br />(a) The City will keep proper books of record and accounts of the Enterprise, <br />separate from all other records and accounts of the City, in which complete and correct entries <br />shall be made of all transactions relating to the Enterprise. Such books of record and accounts <br />shall at all times during business hours be subject to the inspection of the Trustee or of the <br />Owners of not Less than ten percent (10%) of the principal amount of a series of Bonds then <br />Outstanding or their representatives authorized in writing. <br /> <br />(b) The City will annually prepare and file with the Trustee within two hundred <br />seventy (270) days after the close of each Fiscal Year so long as any of the Bonds are <br />Outstanding-- <br /> <br />(1) an audited financial statement for the City (prepared in accordance with <br />Generally Accepted Accounting Principles) for the preceding Fiscal Year, together with <br />an accountant’s report thereon and along with a certificate of the City to the effect that <br />no Event of Default has occurred, or if an Event of Default has occurred, specifying the <br />nature thereof and, if the City has a right to cure pursuant to Section 7.01 hereof, stating <br />in reasonable detail the measures, if any, being undertaken by the City to cure such <br />Event of Default; and <br /> <br />(2) a certified statement that all insurance required by this Agreement to be <br />carried by the City with respect to the Enterprise is in full force and effect and complies <br />with the terms hereof. <br /> <br />(c) The City will prepare annually not more than two hundred seventy (270) days <br />after the close of each Fiscal Year a summary statement showing the amount of the Gross <br />Revenues and the disbursements from the Gross Revenues, and the Maintenance and <br />Operation Costs, in reasonable detail, for the preceding Fiscal Year, and a general statement of <br />the financial and physical condition of the Enterprise. The City will furnish a copy of such <br />summary statement to the Authority, the Trustee and any Owner upon request. <br /> <br />(d) The Trustee shall not be required to review or inspect, and shall not be deemed <br />to have notice of, the contents of the books and records of the City, any financial statement or <br />statement of insurance coverage delivered to the Trustee under this Section 5.11, it being <br />expressly understood that the Trustee shall only receive and hold such documents as repository <br />for examination and copying by any owner at such Owner’s expense during business hours on <br />Business Days. <br /> <br />Section 5.12. Protection of Security and Rights of Authority. <br /> <br />The City will preserve and protect the security and the rights of the Authority to the <br />Installment Payments hereunder and will warrant and defend such rights against all claims and <br />8.C. - Page 177