Res13 15263 - Laserfiche WebLink

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reserves are actuarially sound and are adequate to provide the necessary coverage and that such reserves are held in a separate trust fund by an independent trustee (which certi�cation the Trustee may conclusively rely upon). Any statements of self-insurance shall be delivered to the Trustee. Such certification, and the requirement that funds be held in a trust fund, shall not be required unless the City is fully self-insured with respect to such coverage. (fl The City shall pay or cause to be paid when due the premiums for all insurance policies required hereby. Section S.l 1. Books and Accounts• Financial Statements (a) The City will keep proper books of r�cord and accounts of the Enterprise, separate 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 Trustee or of the Owners of not less than ten percent (10%) of the principal amount of a series of Bonds then Outstanding or their representatives authorized in writing. (b) The City will annually prepare and file with the Trustee within two hundred seventy (270) days after the close of each Fiscal Year so long as any of the Bonds are Outstanding-- (1) an audited financial statement for the City (prepared in accordance with Generally Accepted Accounting Principles) for the preceding Fiscal Year, together with an accountanYs report thereon and along with a certificate of the City to the effect that no Event of Default has occurred, or if an Event of Default has occurred, specifying the nature thereof and, if the City has a ri,ght to cure pursuant to Section 7.01 hereof, stating in reasonable detail the measures, if any, being undertaken by the City to cure such Event of Default; and (2) a certified statement that all insurance required by this Agreement to be carried by the City with respect to the Enterprise is in full � force and effect and complies with the terms hereof. (c) The City will prepare annually not more than two hundred seventy (270) days after the close of each Fiscal Year a summary statement showing the amount of the Gross Revenues and the disbursements from the Gross Revenues, and the Maintenance and Operation Costs,in reasonable detail, for the preceding Fiscal Year,and a general statement of the financial and physical condition of the Enterprise. The City will furnish a copy of such summary statement to the Authority,the Trustee and any Owner upon request. (d) The Trustee shall not be required to review or inspect, and shall not be deemed to have notice of, the contents of the books and records of the City, any financial statement or statement of insurance coverage delivered to the Trustee under this Section 5.11, it 16 338529_I.DOC