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will be open to inspection and copying by any bondholder, or the bondholder's agent or <br /> attorney, at any reasonable time, and it will furnish certified transcripts therefrom upon <br /> request and upon payment of a reasonable fee therefor, and said account will be audited <br /> at least annually by a qualified public accountant and statements of such audit and report <br /> will be furnished to all bondholders upon request. <br /> (d) The Commission will cause persons handling revenues of the Utility <br /> System to be bonded in reasonable amounts for the protection of the Commission and the <br /> bondholders and will cause the funds collected on account of the operations of the Utility <br /> System to be deposited in a bank whose deposits are guaranteed under the Federal <br /> Deposit Insurance Law. <br /> (e) The Commission will keep the Utility System insured at all times against <br /> loss by fire, tornado and other risks customarily insured against with an insurer or <br /> insurers in good standing, in such amounts as are customary for like plants, to protect the <br /> holders, from time to time, of the Bonds and the Commission from any loss due to any <br /> such casualty and will apply the proceeds of such insurance to make good any such loss. <br /> (f) The Commission and each and all of its officers will punctually perform <br /> all duties with reference to the Utility System as required by law. <br /> (g) The Commission will impose and collect charges of the nature authorized <br /> by Minnesota Statutes, Section 444.075 at the times and in the amounts required to <br /> produce Net Revenues adequate to pay all principal and interest when due on the Bonds, <br /> and any other bonds similarly authorized, and to create and maintain such reserves <br /> securing said payments as may be provided in this resolution. <br /> (h) The Council has covenanted to levy general ad valorem taxes on all <br /> taxable property in the City, when required to meet any deficiency in pledged Net <br /> Revenues. <br /> (i) The Commission hereby determines that the estimated collection of Net <br /> Revenues herein pledged for the payment of principal and interest on the Bonds will <br /> produce at least 5% in excess of the amount needed to meet, when due, the principal and <br /> interest payments on the Bonds. <br /> 4.04. County Auditors' Certificates as to Registration. The Finance Manager is authorized <br /> and directed to file a certified copy of this resolution with the County Auditor of Sherburne County <br /> and to obtain the certificate required by Minnesota Statutes, Section 475.63. <br /> 4.05. General Obligation Pledge. For the prompt and full payment of the principal of and <br /> interest on the Bonds, as the same respectively become due, the full faith, credit and taxing powers <br /> of the City will be and are hereby irrevocably pledged. If the balance in the Debt Service Fund is <br /> ever insufficient to pay all principal and interest then due on the Bonds and any other bonds payable <br /> therefrom, the deficiency will be promptly paid out of monies in the general fund of the City which <br /> EL185-69-713323 v2 9 <br />