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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) pertain 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 />z~ss2 <br />24 <br />