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the Sinking Fund ( except the Reserve Account therein ) may be <br /> invested and reinvested only in Authorized Investments maturing not <br /> later than the date on which the moneys therein will be needed for <br /> the purposes of such funds and accounts . Moneys in the Reserve <br /> Account and in the Renewal and Replacement Fund may be invested and <br /> reinvested in Authorized Investments maturing not later than five <br /> ( 5 ) years from the date of purchase . - Any and all income received <br /> by the District from such investments -- shall ' be deposited into any <br /> rebate accounts hereunder to the extent required and the excess , if <br /> any , into the Revenue Account . <br /> D . OPERATION AND MAINTENANCE . The District will <br /> maintain the System and all parts thereof in good condition and <br /> will operate the -- same - in an efficient and . economical manner making <br /> such expenditures for equipment ' and ` - for renewals , repairs and <br /> replacements as may be proper for the economical operation and <br /> maintenance thereof . ' = '~ <br /> E . RATE COVENANT . In conjunction with the adoption of <br /> its annual budget and as otherwise required , the District shall <br /> fix , establish and maintain such special assessments , charges and <br /> fees for the System and shall collect the same and revise the same <br /> from time to time , whenever necessary , so as to always provide <br /> Gross Revenues in each Fiscal Year sufficient to pay ( 1 ) one <br /> hundred percent ( 100 % ) of all operating and maintenance costs of <br /> the System for such Fiscal Year , ( 2 ) one hundred percent ( 100 % ) of <br /> all required deposits into the Reserve Account and into the Renewal <br /> and Replacement Fund for such Fiscal Year , and ( 3 ) one hundred <br /> fifteen percent ( 115 % ) of the amount of principal and interest <br /> becoming due in such Fiscal Year on the Bonds and that such special <br /> assessments , charges and fees shall not be reduced so as to be <br /> insufficient to provide the aforesaid required revenues . <br /> F . BOOKS AND RECORDS . The District shall keep proper <br /> books , records and accounts , showing correct and complete entries <br /> of all transaction of the District . Registered Owners of the Bonds <br /> shall have the right at all reasonable times to inspect all books , <br /> records and accounts of the District . <br /> G . ANNUAL AUDIT . The District shall also , at least <br /> once a year , within 180 days after the close of its Fiscal Year , <br /> cause the books , records and accounts relating to the System to be <br /> audited by a independent firm of certified public accountants . A <br /> copy of such annual audits shall be furnished to any Registered <br /> Owner of the Bonds who shall have requested in writing that a copy <br /> of such audits be furnished him . . <br /> H . NO MORTGAGE OR SALE OF THE SYSTEM . The District <br /> will not sell , mortgage , pledge or otherwise encumber the System or <br /> any part hereof , or any Gross Revenues to be derived therefrom , <br /> except as herein provided , and will not sell , lease or otherwise <br /> dispose of any substantial portion of the System , except as <br /> 18 <br />