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• the issuance of such additional obligations or unless the Net Revenues of the Liquor <br /> Enterprise in the last complete fiscal year immediately preceding the issuance of <br /> such additional obligations shall have been at least equal to 125% of the maximum <br /> amount of principal and interest to come due in any future fiscal year, during the <br /> remaining term of the outstanding bonds, on all of the outstanding bonds and on <br /> the additional obligations then proposed to be issued. Notwithstanding the above <br /> provisions, nothing in this resolution shall be construed to preclude the City from <br /> issuing additional bonds, whether constituting a general obligation of the City or <br /> payable solely from liquor enterprise revenues, for construction, reconstruction or <br /> improvement of the Liquor Enterprise, provided such additional bonds are <br /> expressly made a lien and charge on the Net Revenues of the Liquor Enterprise <br /> subordinate and junior to that of the bonds payable from the Revenue Bond <br /> Account. <br /> Section 5. Covenants. The City hereby certifies and represents to and <br /> covenants and agrees with the purchaser and holder from time to time of each bond <br /> payable from the Revenue Bond Account as follows: <br /> 5.01. Ownership and Operation. As long as any bonds payable from the <br /> Revenue Bond Account are outstanding, the City will continue its ownership and <br /> operation of the Liquor Enterprise as a revenue-producing utility and convenience, <br /> in the manner authorized and subject to the restrictions imposed by the statutes and <br /> • laws of the State of Minnesota. The City will maintain the buildings, furnishings, <br /> equipment and merchandise constituting the Liquor Enterprise in good condition, <br /> and free from all liens, provided that purchase money liens may be created on <br /> merchandise acquired for resale, or such merchandise may be acquired subject to <br /> liens existing at the time of acquisition. The City will not authorize the <br /> establishment or operation of any other facility within the City for the off-sale of <br /> intoxicating liquors at retail, except as may be required by law. The City reserve the <br /> right to issue licenses for the establishment and operation of one or more facilities <br /> within the City for the on-sale of intoxicating liquors at retail. <br /> 5.02. Disposition of Propel If any properties constituting capital <br /> assets of the Liquor Enterprise shall be sold and disposed of, it shall be only at their <br /> fair market value, and the proceeds of such sale or disposition shall be used either to <br /> procure other equivalent capital assets or deposited in the Revenue Bond Account <br /> and applied to pay principal of and interest on bonds payable therefrom. No such <br /> sale or sales shall be made at times or prices such as the imperil the prompt and full <br /> payment of bonds payable from the Revenue Bond Account and the interest <br /> thereon. <br /> 5.03. Insurance. The City will procure and keep in force insurance on <br /> all buildings constituting the Liquor Enterprise and the equipment and furnishings <br /> • thereof and all stocks of merchandise, protecting against loss or damage by fire, <br /> -17- <br />