O-2017-3666 Certificate of Obligation, Series 2017

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Section 9.4: Annual Audit. So long as any Certificates are held by the TWDB, the City will annually submit to the TWDB's Executive Administrator, within 180 days of the end of the City's fiscal year, a copy of its annual audited financial statements prepared in accordance with generally acceptable auditing standards by a certified public accountant. Section 9.5: Investment of Proceeds. Proceeds from the sale of the Certificates shall be held at a designated state depository institution or other properly chartered and authorized institution in accordance with the Public Funds Investment Act, Government Code, Chapter 2256, and the Public Funds Collateral Act, Government Code, Chapter 2257. Section 9.6: Surplus Proceeds. Any proceeds of the Certificates that are determined to be remaining unused funds unspent after the original approved project described in Section 3.1 hereof is completed shall be used for enhancements to the original project that are explicitly approved by the Executive Administrator. If no enhancements are authorized by the Executive Administrator, the City shall submit a final accounting and disposition of any unused funds. Proceeds of the Certificates determined to be surplus funds remaining after completion of the projects described in Section 3.1 hereof and completion of a fmal accounting shall be used for the following purposes as approved by the Executive Administrator of the TWDB: (1)to redeem, in inverse annual order, the Certificates owned by the TWDB, (2) deposit into the Interest and Sinking Fund for the payment of interest or principal on the Certificates owned by the TWDB, or (3) deposit into a reserve fund. Section 9.7: Insurance. The City will maintain insurance on the projects financed with the proceeds of the Certificates in amounts adequate to protect the TWDB's interest. Section 9.8: Water Conservation Program. The City has implemented or will implement an approved water conservation program required by the TWDB for so long as the Certificates are outstanding. Section 9.9: TWDB Remedies. The TWDB may exercise all remedies available to it in law or equity, and any provision of the Certificates that restricts or limits the TWDB's full exercise of these remedies shall be of no force and effect. Section 9.10: Environmental Determination. The City will comply with any special conditions specified by the TWDB's environmental determination until all financial obligations to the TWDB have been discharged. Section 9.11: Environmental Indemnification. Proceeds of the Certificates shall not be used by the City when sampling, testing, removing or disposing of contaminated soils and/or media at the project site. The City shall indemnify, hold harmless and protect the TWDB from any and all claims, causes of action or damages to the person or property of third parties arising from the sampling, analysis, transport, storage, treatment and disposition of any contaminated sewage sludge, contaminated sediments and/or contaminated media that may be generated by the City, its contractors, consultants, agents, officials and employees as a result of activities relating to the project,to the extent permitted by law. Section 9.12: Compliance with Davis-Bacon. All laborers and mechanics employed by contractors and subcontractors for projects be paid wages at rates not less than those 20 HOU:3746876.1