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<br />. <br /> <br />. <br /> <br />. <br /> <br />Municipal Liquor Stores or deposited into the Operation and Maintenance Account. No <br />such sale or sales shall be made at times or prices such as to imperil the prompt and full <br />payment of the Bonds. <br /> <br />( ) The City will procure and keep in force insurance on the Municipal Liquor <br />Stores and the equipment and furnishings thereof and all stocks of merchandise, <br />protecting against loss or damage by fire, tornado, windstorm, flood, theft and all other <br />causes customarily insured against for like properties. In the event of loss covered by <br />said insurance policies or bonds, the proceeds shall be used to repair or restore the <br />damage or to retire bonds payable from the revenues of the Municipal Liquor Stores. <br /> <br />( ) The City will further keep in force a liability insurance policy (covering its <br />operation of the Municipal Liquor Stores). Said policy shall specifically provide for the <br />payment by the insurance company on behalf of the insured of all sums which the City <br />shall be obligated to pay by reason of liability imposed upon it by law for injuries or <br />damage to persons, other than employees, including liability imposed by reason of <br />Minnesota Statutes, Section 340A.801. The City shall annually provide to each <br />bondholder certificates or other suitable documentary proofs showing that the insurance <br />coverages specified in (c) and (d) of this paragraph 9 are being maintained. <br /> <br />( ) The City will cause proper and adequate books and records of account to <br />be kept separate from all other records of the City, reflecting all receipts and <br />disbursements relating to the Municipal Liquor Stores and their operation. All of said <br />books and records shall be open to inspection and copying at all reasonable times by the <br />Owners of the Bonds, and the City will, without cost, furnish copies of any portions <br />thereof reasonably requested by any bondholder. The City will cause annual operating <br />statements to be prepared and an independent audit of the books of the Municipal Liquor <br />Stores to be made by a competent public accountant, and will furnish a copy thereof <br />without cost to each bondholder. <br /> <br />() The Gross and Net Revenues of the Municipal Liquor Stores will be used <br />and applied only as prescribed in this Resolution. The City will at all times maintain <br />operating policies concerning the purchase and sale of merchandise and do and perform <br />all other acts and things necessary to assure that the Net Revenues will be at least <br />sufficient to pay the principal and interest on the Bonds. <br /> <br />( ) Each and all of the foregoing provisions of this Resolution which in any <br />way tend to secure or assure prompt and full payment of the principal of and interest on <br />the Bonds will be promptly and faithfully performed and carried out by the City and its <br />officers and agents. <br /> <br />10. Additional Bonds. The City reserves the right to issue additional bonds payable <br />from the Debt Service Account and secured by the covenants set forth in this Resolution on the <br />terms and conditions specified in this paragraph. <br /> <br />() Purpose of Bonds: Net Revenues. Additional bonds may be issued only to <br />finance the acquisition and betterment of improvements or additions to the Municipal <br /> <br />10 <br />