CCRes_72-11 - Laserfiche WebLink

Home Browse Search

capital assets for the dispensary or applied to pay principal of and. interest on bonds issued hereunder. No such sale or sales shall be made at times or prices such as to imperil the prompt and full payment of the bonds issued hereunder and the interest thereon. 11.3. The Village will procure and keep in force insurance on the dispensary building and the equipment and furnishings thereof and all stocks of merchandise, protecting against loss or damage by fire, tornado, windstorm, flood, theft and. all other causes customarily insured against for like properties, in amounts sufficient to cover total loss thereof, and will procure and keep in force suitable fidelity bonds covering all employees handling moneys of the dispen- sary. The bond of the liquor store manager, and bonds of other employees shall be in such amounts as the Council shall determine will be adequate to protect the Village and the holders of bonds .issued hereunder. In the event of loss covered by said insurance policies or bonds, the proceeds shall be used to repair or restore the damage or to retire bonds payable from the revenues of said dispen- sary . The Village will further keep in force a liability insurance policy (covering its operation of said dispensary). Said policy shall specifically provide for the payment by the insurance company on behalf of the insured of all sums which the Village shall be obligated to pay by reason of liability imposed upon it by law for injuries or damage to persons, other than employees, including liability imposed by reason of M.S.A. 340.95• 11.4. The Village shall continue its "Liquor Dispensary Fund" and establish and continue therein the accounts specified in paragraph 7 hereof and its subdi- visions, and will cause proper and adequate books and records of account to be kept separate from all other records of the Village, reflecting all receipts and dis- bursements relating to said dispensary and its operation. All of said books. and records shall be open to inspection and copying at all reasonable times by the holder of any of said bonds or his agent or attorney and the Village will, without .cost, furnish copies of any portions thereof rea- sonably requested by any bondholder. The Village will cause annual operating statements to be prepared and an independent audit of the books of the dispensary to be made by a competent public accountant, within ninety days after the close of such fiscal year, and will furnish a copy thereof without cost, upon request, to any bondholder. -14-