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the payment of obligations incurred therefor, and shall <br /> make such records available for inspection at all <br /> reasonable times by the registered owner of any bonds <br /> payable from the Debt Service Account or by the <br /> registered owner's agent or attorney, and said books <br /> and records shall be audited with respect to each <br /> Fiscal Year by a certified public accountant, and the <br /> City shall furnish the report of each such audit <br /> without cost to the initial purchaser of each series of <br /> bonds payable from the Debt Service Account issued <br /> under the provisions hereof and shall make the report <br /> available for inspection, upon request, by the <br /> registered owner of any such bond. <br /> (e) Insurance. The City shall procure and keep <br /> in force at all times insurance on all buildings, <br /> structures, improvements, and equipment constituting at <br /> any time a part of the Golf Course, exclusive of <br /> foundations and excavations, against all perils covered <br /> under "all risk" insurance and in such amounts as like <br /> properties are customarily insured for by prudent <br /> owners thereof, and shall maintain public liability <br /> insurance at all times in amounts not less than the <br /> amounts in excess of which the City is immune from tort <br /> liability under the laws of the State of Minnesota, for <br /> all acts and omissions of its officers and employees <br /> concerned with the operation and maintenance of the <br /> Golf Course, and shall procure and keep in force surety <br /> company bonds covering all officers and employees <br /> handling Golf Course funds, in amounts sufficient to <br /> cover at all times the funds in their hands. In the <br /> event of loss or damage compensated by any such <br /> insurance or bonds, or by a condemnation award, the <br /> proceeds thereof shall be used to repair and restore <br /> the damage compensated. Insurance proceeds or <br /> condemnation proceeds not needed for this purpose shall <br /> be used in the same manner as provided for sale <br /> proceeds under paragraph 17 (c) . <br /> (f) Certain Acquisition Costs. In order to <br /> complete the Golf Course, the City will acquire a <br /> certain Lot 16 in Blaine's North Star Industrial Park <br /> Addition for a purchase price estimated at $204,500, <br /> and the City will not use proceeds of the Bonds to pay <br /> (or to reimburse the City for payment of) such <br /> acquisition costs unless, and then only to the extent <br /> that, the City shall have awarded bids for the <br /> construction and completion of the Golf Course and the <br /> proceeds of the Bonds available for such purposes are, <br /> 244882 <br /> 24 <br />