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(c) The City will keep and maintain proper and adequate books of records and <br />accounts separate from all other records of the City in which will be complete and correct <br />entries as to all transactions relating to the Utility System and which will be open to <br />inspection and copying by any bondholder, or the bondholder's agent or attorney, at any <br />reasonable time, and it will furnish certified transcripts therefrom upon request and upon <br />payment of a reasonable fee therefor, and said account will be audited at least annually by <br />a qualified public accountant and statements of such audit and report will be furnished to <br />all bondholders upon request. <br />(d) The City Council will cause persons handling revenues of the Utility <br />System to be bonded in reasonable amounts for the protection of the City 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 Deposit <br />Insurance Law. <br />(e) The Council will keep the Utility System insured at all times against loss by <br />fire, tornado and other risks customarily insured against with an insurer or insurers in good <br />standing, in such amounts as are customary for like plants, to protect the holders, from time <br />to time, of the Bonds and the City from any loss due to any such casualty and will apply <br />the proceeds of such insurance to make good any such loss. <br />(f) The City and each and all of its officers will punctually perform all duties <br />with reference to the Utility System as required by law. <br />(g) The City will impose and collect charges of the nature authorized by <br />Minnesota Statutes, Section 444.075 at the times and in the amounts required to produce <br />Net Revenues adequate to pay all principal and interest when due on the Bonds, and any <br />other bonds similarly authorized, and to create and maintain such reserves securing said <br />payments as may be provided in this resolution. <br />(h) The City Council will levy general ad valorem taxes on all taxable property <br />in the City, when required to meet any deficiency in pledged Net Revenues. <br />(i) The City hereby determines that the estimated collection of net revenues <br />herein pledged for the payment of principal and interest on the Bonds will produce at least <br />5% in excess of the amount needed to meet, when due, the principal and interest payments <br />on such portion of the Bonds. <br />4.04. Rej.6stration of Resolution. The City Administrator is authorized and directed to file <br />a certified copy of this resolution with the County Auditor of Ramsey County and to obtain the <br />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 of <br />the City will be and are hereby irrevocably pledged. If the balance in the Debt Service Fund is ever <br />insufficient to pay all principal and interest then due on the Bonds and any other bonds payable <br />MU210-280-685657.v2 8 <br />