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maximum amount of principal and interest becoming due on the obliga- <br />tions in any ensuing Fiscal Year and the governing body of the <br />Issuer shall by resolution duly adopted, approve and concur in the <br />finding of the general manager and the Consulting Engineers, and <br />shall authorize such sale or other disposition of said property. <br />If the proceeds derived from any such sale or othez <br />disposition of property are in excess of 10% of the value of the <br />fixed assets of the Facilities according to the most recent annual. <br />audit and operating report, such proceeds shall be used for the <br />retirement of outstanding Obligations. If the proceeds derived <br />from any such sale or other disposition of property are less than <br />10% of the value of the fixed assets of the Facilities according <br />to the most recent annual audit and operating report, such proceeds <br />shall be placed in the Renewal and Replacement Fund or used for the <br />retirement of outstanding Obligations, in such proportions to be <br />determined by the governing body of the Issuer upon the recommendations <br />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 <br />into such Fund by other provisions herein. <br />J. INSURANCE. For so long as any of the Obligations are <br />outstanding, the Issuer will carry adequate fire and windstorm in- <br />surance on all buildings and structures of the works and properties <br />of the Facilities which are subject to loss through fire or windstorm, <br />will carry adequate public liability insurance, and will otherwise <br />carry insurance of all kinds and in the amounts normally carried in <br />the operation of similar facilities and properties in Florida. Any <br />such insurance shall be carried for the benefit of the holders of the <br />Obligations. All moneys received for losses under any of such in- <br />surance, except public liability, are hereby pledged by the Issuer as <br />security for the Obligations, until and unless such proceeds are used <br />to remedy the loss or damage for which such proceeds are received, <br />with by repairing the property damaged or replacing the property <br />destroyed within ninety (90) days from the receipt of such proceeds. <br />K. NO FREE SERVICE. The Issuer will not render or cause <br />to be rendered any free services of any nature by its Facilities, <br />-23- <br />