Laserfiche WebLink
<br />16 <br />(f) Record Retention. The City will retain its records of all accounting and monitoring <br />it carries out with respect to the Bonds for at least 3 years after the Bonds mature or are <br />redeemed (whichever is earlier); however, if the Bonds are redeemed and refunded, the City will <br />retain its records of accounting and monitoring at least 3 years after the earlier of the maturity or <br />redemption of the obligations that refunded the Bonds. <br /> <br />(g) Compliance with Tax Certificate. The City will comply with the provisions of the <br />Certificate as to Arbitrage and the Use of Proceeds Certificate with respect to the Bonds, which <br />are incorporated herein as if fully set forth herein. The covenants of this Section will survive <br />payment in full or defeasance of the Bonds. <br /> <br />Section 5.06. Prompt Acquisition. <br /> <br />The City will Acquire the Project with all practicable dispatch and such Acquisition will be <br />made in an expeditious manner and in conformity with law so as to complete the same as soon <br />as possible. <br /> <br />Section 5.07. Maintenance and Operation of the Enterprise; Budgets. <br /> <br />The City will maintain and preserve the Enterprise in good repair and working order at all <br />times and will operate the Enterprise in an efficient and economical manner and will pay all <br />Maintenance and Operation Costs of the Enterprise as they become due and payable. On or <br />before the first day of each Fiscal Year, the City will file with the Trustee a budget setting forth <br />the estimated Maintenance and Operation Costs of the Enterprise for such Fiscal Year. The <br />Trustee shall not be required to review, and shall not be deemed to have knowledge of, the <br />contents of such budget, it being understood that the Trustee shall receive and hold such <br />budget as repository for examination and copying by any Owner at such Owner’s expense. <br /> <br />Section 5.08. Payment of Claims. <br /> <br />The City will pay and discharge any and all lawful claims for labor, materials or supplies <br />which, if unpaid, might become a lien on the Net Revenues or any part thereof or on any funds <br />in the control of the City or the Trustee prior or superior to the lien of the Installment Payments <br />or which might impair the security of the Installment Payments. <br /> <br />Section 5.09. Compliance with Contracts. <br /> <br />The City will comply with, keep, observe and perform all agreements, conditions, <br />covenants and terms, expressed or implied, required to be performed by it contained in all <br />contracts for the use of the Enterprise and all other contracts affecting or involving the <br />Enterprise to the extent that the City is a party thereto. <br /> <br />Section 5.10. Insurance. <br /> <br />(a) The City will procure and maintain insurance on the Enterprise with commercial <br />insurers or through participation in a joint powers insurance authority, in such amounts, with <br />such deductibles and against such risks (including accident to or destruction of the Enterprise) <br />as are usually insurable in connection with similar enterprises in the region. <br /> <br />In the event of any damage to or destruction of the Enterprise caused by the perils <br />covered by such insurance, the Net Proceeds of such insurance shall be deposited by the City <br />8.A. - Page 184 of 255 <br />812