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windstorm, flood, theft and all other causes customarily insured against for like <br /> properties, in amounts sufficient to cover total loss thereof, and will procure and <br /> keep in force suitable fidelity bonds covering all employees handling moneys of the <br /> Store. In the event of loss covered by said insurance policies or bonds, the proceeds <br /> shall be used to repair or restore the damage compensated thereby or to retire bonds <br /> payable from the Revenue Bond Account. The City will also procure and keep in <br /> force insurance protecting against liability of the City to any person under <br /> Minnesota Statutes, Section 340A.801 and any laws amendatory thereof or <br /> supplemental thereto, in such amounts as are reasonably available and are <br /> reasonably determined by the Council to be adequate to protect against the <br /> contingency of any claim becoming a lien in any manner whatsoever upon the Net <br /> Revenues of the Store, and will by such insurance and by diligent enforcement of all <br /> provisions of law relating to the operation of the Store, save the owners of all bonds <br /> payable from the Revenue Bond Account harmless from any and all such claims. <br /> 4.04. A1212lication of Revenues. The gross revenues and Net Revenues <br /> of the Store will be used and applied only as prescribed in Section 3 hereof and its <br /> subdivisions. The City will at all times maintain operating policies concerning the <br /> purchase and sale of merchandise and do and perform all other acts and things <br /> necessary to assure that the Net Revenues collected form time to time will always be <br /> sufficient to meet all payments of principal and interest on bonds payable from the <br /> Revenue Bond Account as the same become due. <br /> 4.05. Application of Payments. In the event that moneys in the <br /> Revenue Bond Account shall at any time be insufficient to pay principal and <br /> interest then due on all obligations payable therefrom said moneys shall first be <br /> applied to pay the accrued interest on all such obligations then outstanding, and the <br /> balance shall be applied in payment of maturing principal in order.of maturities, <br /> and pro rata as to obligations of the same maturity. <br /> 4.06. Books of Account. The City shall at all times keep proper and <br /> adequate books of account showing all receipts and disbursements of moneys <br /> derived from the operation of the Store, which books shall show the segregation <br /> and application of revenues in accordance with the provisions of this resolution. It <br /> will cause said books to be audited for each fiscal year by an independent certified <br /> public accountant. Copies of such audit shall be provided upon request to the owner <br /> of any bond payable from the Revenue Bond Account. <br /> 4.07. Rights of Owners. The owner of any bond payable from the <br /> Revenue Bond Account may, either at law or in equity, by suit, action or other <br /> proceedings protect and enforce the rights of all owners of bonds, or enforce and <br /> compel the performance of any and all of the covenants and duties herein specified <br /> to be performed by the City or its officers and agents. <br /> 11-4 <br />