5.3. SR 08-02-2004 - Laserfiche WebLink

Home Browse Search

uneconomical or inexpedient to use in connection with the Electric System, provided suitable facilities are obtained in place thereof and any cash balance from the transaction is deposited in the Electric Fund. (f) They will procure and keep in force insurance upon the properties of the Electric System of a kind and in an amount which would normally be carried by private companies in a like business, including public liability insurance, with an insurer or insurers in good standing, and will keep in full force and effect fiduciary bonds On employees in charge of the Electric System. In the event of any loss, the proceeds from such insurance (including liability insurance) or bonds shall be used to make good such loss or to repair or restore the Electric System. Insurance premiums shall be paid as a cost of operation, The proceeds of insurance, except the proceeds of public liability insurance, received by the Commission or the City, shall be placed in the Electric Fund. (g) The Commission, on behalf of the City, shall cause to be kept proper books, records and accounts adapted to the Electric System, separate from other accounts of the City and shall cause such books, records and accounts to be audited at the end of each Fiscal Year by a qualified firm of public accountants. The expense of preparing such audit shall be paid as a current operating expense of the Electric System. In addition to whatever other matters are included in the audit, each such audit shall include the following: (1) A statement in detail of the income and expenditures of the Electric System and the component systems thereof for each such Fiscal Year. (2) A balance sheet as of the end of each such Fiscal Year. (3) The accountants' comments, if any, regarding the manner in which the Commission and the City have carried out the requirements of this Resolution and their recommendations for any changes or improvements in the operation of the Electric System. (4) The disposition of any Bond proceeds during such Fiscal Year, and the amount of Bonds Outstanding at the end of each Fiscal Year. The Holders of the Bonds from time to time shall have the right at all reasonable times to inspect the Electric System and the books, records, accounts and data relating thereto. The Commission agrees to furnish copies of such audit to any Person who holds Outstanding Bonds upon request within 90 days after the close of each Fiscal Year. (h) They will faithfully and punctually perform all duties with respect to the Electric System required by the Constitution and laws of the State of Minnesota and this Resolution. Section 13. Construction Account. 13.01. There is hereby established within the Electric Fund a Construction Account, into which the Commission shall deposit the proceeds of the Series 2004A Bonds, net of amounts 1670578vl 23