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statements and reports shall be kept on file in the office of the Controller. Any owner or owners <br />of the Bonds or BANS then outstanding shall have the right at all reasonable times to inspect the <br />works and all records, accounts and data of the City relating thereto. Such inspections may be <br />made by representatives duly authorized by written instrument. <br />If the Bonds or BANs are sold to the Bond Bank or the Authority, the City shall <br />establish and maintain the books and other financial records of the Project (including the <br />establishment of a separate account or subaccount for the Project) and the Sewage Works in <br />accordance with (i) generally accepted accounting standards for utilities, on an accrual basis, as <br />promulgated by the Government Accounting Standards Board, and (ii) the rules, regulations, and <br />guidance of the State Board of Accounts. <br />Section XVI. Rates and Charges. The City covenants and agrees that it will <br />establish and maintain just and equitable rates or charges for the use of and the services rendered <br />by said works, to be paid by the owner of each and every lot, parcel of real estate or building that <br />is connected with and uses said Sewage Works by or through any part of the sewage works <br />system of the City, or that in any way uses or is served by such sewage works, at a level adequate <br />to produce and maintain sufficient revenue (including user and other charges, fees, income, or <br />revenues available to the City) to provide for the proper Operation and Maintenance (as defined <br />in the Financial Assistance Agreement) of the works, to comply with and satisfy all covenants <br />contained in this Ordinance and the Financial Assistance Agreement, and for the payment of the <br />sums required to be paid into the Sewage Works Sinking Fund by the Act and this Ordinance; <br />and that such rates or charges shall be sufficient in each year to produce net revenues, as defined <br />in Section VI of this Ordinance, at least equal to 1.1 times the greater of the average annual debt <br />service on the Prior Bonds, the Bonds and all bonds on a parity therewith or the debt service <br />-37- <br />BDDBOI 5738468v1 <br />