09-23-1987 Meeting - Laserfiche WebLink

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• 5.0~I Water Quality The potable water to be delivered hereunder shall meet the minimum water quality standards and all laws of the Texas Department of Health and any other federal or state agency having jurisdiction. 5..05 Insurance Houston shall carry fire and extended coverage insurance on the Project in an amount at least equal to the replacement cost of such portion of the Project which is located above ground, provided Houston may elect to carry a one million dollar deductible for such insurance - policy. Premiums for the insurance policy shall be included in the Production and Pumping 0 & M Expenses and paid pro rata by the Authority as provided elsewhere herein. (In the event of casualt loss, Houston will bill the Authorit for Y, or uninsured loss as a "Major Replacement" aspprovidedfelsewherecherein~) If the Project shall be damaged or destroyed by fire~or other casualty, Houston shall apply the proceeds from any fire and extended coverage insurance either (i) to repair such damage or destruction so as to restore the Project as nearly as possible to the condition thereof immediately prior to such damage or destruction, or {ii) to • construct, install, or otherwise add to the project improvements substantially equal in value to the portion of the Project which was^ - damaged or destroyed, and of usefulness comparable to that destroyed or damaged such that the Production Capacity and the Pumping Capacity - specified elsewhere herein are._maintained. 5.06 _Houston to Keep Books; Annual Audits Houston shall keep books, records, and all other documents relating to the costs of operating the Project for at least five (5) years, and said books, records, and other documents shal~be available ~'~. faFr-inspection by the Authority at reasonable times reasonable notice. , places and u'.> ,.. Houston shall keep a list of all project participants, together With their current Demand and Pumping Allocation Factors, and shall make said list available to the Authority upon-request. Houston will furnish a copy of its Comprehensive Annual Financial Report, on an annual basis, to the Authority for its review, as well as any other information, records, and books relating to the Project. The Authority may, at the Authority"s expense or in cooperation with other participants, cause a detailed audit of the Project as a cost center. 5.07 Assignments This Contract shall bind and benefit the respective parties and their legal successors, but shall not otherwise be assignable, in whole or in part, by either party without first obtaining written consent of the other. 17