5.2b ERMUSR 04-13-2021 - Laserfiche WebLink

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TEMPLATE RESOLUTION consulting engineer have become unnecessary, 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) orbonds shall be used to make good such loss or to repair or restore theElectric 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 ofthe 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. Inaddition to whatever other matters are includedin the audit, each such audit shall include the following: (1)A statementin 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)Theaccountantscomments, if any, regarding the manner in which the Commission and the City have carriedout the requirements of this Resolution and their recommendations for any changes or improvements in the operation of the Electric System. (4)Thedisposition of any Bond proceeds during such Fiscal Year, and the amount of Outstanding Bonds at the end of eachFiscal Year. The Holders of the Outstanding Bonds shall have the right at all reasonable times to inspectthe Electric System and the books, records, accounts and data relating thereto. The Commission agrees to furnish copies of such audit to any Holder who holds Outstanding Bonds upon request not later than the date required under the Undertaking (as defined in Section 18hereof). (h)They willfaithfully and punctually perform all duties with respect to the Electric System required by the Constitution and laws of the State and this Resolution. Section 13.ProjectAccount. 13.01.There is hereby established within the Electric Fund aProject Account, into which the Commission shall deposit the proceeds of the Series 2021BBonds,plus available City 17 EL185-68-707442.v2 403