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The foregoing provision notwithstanding, the Issuer shall have and hereby reserves the right to sell, lease or <br />otherwise dispose of any of the property comprising a part of the Facilities hereafter determined in the manner <br />provided herein to be no longer necessary, or else to be no longer useful or else no longer profitable in the <br />operation thereof. <br />No sale or other disposition of said property, if the amount to be received therefor is not in excess of <br />$50,000, shall be made unless the general manager of the facilities shall make in writing the finding hereinabove <br />referred to. <br />No sale or other disposition of said property for a sum in excess of $50,000 but less than $100,000 shall be <br />made unless the general manager of the Facilities shall make in writing the finding hereinabove referred to and the <br />governing body of the Issuer shall, by resolution duly adopted, approve and concur in the finding of such general <br />manager, and authorize such sale or other disposition of said property. <br />No sale or other disposition of said property for a sum in excess of $100,000 but not more than 10% of the <br />value of fixed assets of the Facilities according to the most recent annual audit and operating report shall be made <br />unless the general manager and Consulting Engineers shall both make in writing the finding hereinabove referred <br />to, and the governing body of the Issuer shall by resolution duly adopted, approve and concur in the findings of <br />such general manager and the Consulting Engineers, and shall authorize such sale, or other disposition of said <br />property. <br />No sale or other disposition of said property for a sum in excess of 10% of the value of the fixed assets of <br />the Facilities according to the most recent annual audit and operating report shall be made unless the general <br />manager and the Consulting Engineers shall make in writing the finding hereinabove referred to, and that the <br />estimated annual average of Net Revenues to be derived by the Issuer from the Facilities in the sixty (60) <br />complete calendar months immediately succeeding the month in which the sale or other disposition of such <br />property is completed will be not less than 1.30 times. the maximum amount of principal and interest becoming <br />due on the Obligations in any ensuing Fiscal Year and the governing body of the Issuer shall by resolution duly <br />adopted, approve and concur in the finding of the general manager and the Consulting Engineers, and shall <br />authorize such sale or other disposition of said property. <br />If the proceeds derived from any such sale or other disposition of property are in excess of 10% of the value <br />of the fixed assets of the Facilities according to the most recent annual audit and operating report, such proceeds <br />shall be used for the retirement of outstanding Obligations. If the proceeds derived from any such sale or other <br />disposition of property are less than 10% of the value of the fixed assets of the Facilities according to the most <br />recent annual audit and operating report, such proceeds shall be placed in the Renewal and Replacement Fund or <br />used for the retirement of outstanding Obligations, in such proportions to be determined by the governing body <br />of the Issuer upon the recommendations of the general manager. The payment of such proceeds into the Renewal <br />and Replacement Fund shall not reduce the amounts required to be paid into such Fund by other provisions <br />herein. <br />J. INSURANCE. For so long as any of the Obligations are outstanding, the Issuer will carry adequate fire <br />and windstorm insurance on all buildings and structures of the works and properties of the Facilities which are <br />subject to loss through fire or windstorm, will carry adequate public liability insurance, and will otherwise carry <br />insurance of all kinds and in the amounts normally carried in the operation of similar facilities and properties in <br />Florida. Any such insurance shall be carried for the benefit of the holders of the Obligations. All moneys received <br />for losses under any of such insurance, except public liability, are hereby pledged by the Issuer as security for the <br />Obligations, until and unless such proceeds are used to remedy the loss or damage for which such proceeds are <br />received, with by repairing the property damaged or replacing the property destroyed within ninety (90) days <br />from the receipt of such proceeds. <br />K. NO FREE SERVICE. The Issuer will not render or cause to be rendered any free services of any nature <br />by its Facilities, nor will any preferential rates be established for users of the same class. In the event the Issuer, <br />including its departments, agencies and instrumentalities, shall avail itself of the services provided by the <br />Facilities, or any part thereof, the same rates, fees or charges applicable to other customers receiving like services <br />under similar circumstances shall be charged to the Issuer and any such department, agency or instrumentality. <br />Such charges shall be paid as they accrue, and the Issuer shall transfer from its general funds sufficient sums to <br />18 <br />3 JL .JO k6l <br />