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