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• tornado, windstorm, 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 /> Liquor Enterprise. In the event of loss covered by said insurance policies or bonds, <br /> the proceeds shall be used to repair or restore the damage compensated thereby or to <br /> retire bonds payable from the Revenue Bond Account. The City will also procure <br /> and keep in force insurance protecting against liability of the City to any person <br /> under 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 Liquor Enterprise, and will by such insurance and by diligent <br /> enforcement of all provisions of law relating to the operation of the Liquor <br /> Enterprise, save the owners of all bonds payable from the Revenue Bond Account <br /> harmless from any and all such claims. <br /> 5.04. Application of Revenues. The gross revenues and Net Revenues <br /> of the Liquor Enterprise will be used and applied only as prescribed in Section 4 <br /> hereof and its subdivisions. The City will at all times maintain operating policies <br /> concerning the purchase and sale of merchandise and do and perform all other acts <br /> and things necessary to assure that the Net Revenues collected from time to time <br /> will always be sufficient to meet all payments of principal and interest on bonds <br /> • payable from the Revenue Bond Account as the same become due. <br /> 5.05. 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 /> 5.06. 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 Liquor Enterprise, which books shall show the <br /> segregation and application of revenues in accordance with the provisions of this <br /> resolution. It will cause said books to be audited for each fiscal year by an <br /> independent certified public accountant. Copies of such audit when available shall <br /> be mailed to the Purchaser and provided upon request to the owner of any bond <br /> payable from the Revenue Bond Account. <br /> 5.07. 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 /> • <br /> -18- <br />