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at least once each year, and a copy of the audit shall be made <br /> available to any registered owner of the Bonds upon request. In <br /> the event that the County fails or refuses to make the audit, any <br /> owner of the Bonds may have the audit made, and the cost thereof <br /> shall be charged against the Solid Waste Fund. <br /> Article 18 . The County covenants and agrees that it will <br /> maintain the System in good condition and operate the same in an <br /> efficient manner and at reasonable cost. While any of the Bonds <br /> are outstanding, the County agrees that it will insure and at all <br /> times keep insured, in the amount of the actual value thereof , in <br /> a responsible insurance company or companies authorized and <br /> qualified under the laws of the State of Arkansas to assume the <br /> risk thereof, properties of the System, to the extent that such <br /> properties would be covered by insurance by private companies <br /> engaged in similar types of businesses against loss or damage <br /> thereto from fire and other perils included in extended coverage <br /> insurance in effect in Arkansas. In the event of loss, the <br /> proceeds of such insurance shall be applied solely toward the <br /> reconstruction, replacement or repair of the System, and in such <br /> event the County will , with reasonable promptness, cause to be <br /> commenced and completed the reconstruction, replacement and repair <br /> work. If such proceeds are more than sufficient for such <br /> purposes, the balance remaining shall be deposited to the credit of <br /> the Solid Waste Fund, and if such proceeds shall be insufficient <br /> for such purposes the deficiency shall be supplied first from <br /> moneys in the Depreciation Fund and second from surplus moneys in <br /> • the Solid Waste Fund. Nothing shall be construed as requiring the <br /> County to expend any moneys for operation and maintenance of the <br /> System or for premiums on its insurance which are derived from <br /> sources other than the operation of the System, but nothing shall <br /> be construed as preventing the County from doing so. <br /> It is further covenanted by the County with the holder or <br /> holders of the Bonds that the County will maintain public liability <br /> insurance covering the County' s ownership and operation of a motor <br /> vehicle or vehicles in connection with the System, with maximum <br /> liability limits of not less than $25 , 000 for personal injury or <br /> death of a single person, $50 , 000 for personal injury or death of <br /> more than one person in a single accident or occurrence and $15 , 000 <br /> for property damage arising from a single accident or occurrence . <br /> Article 19 . (a) The County covenants that it shall not <br /> take any action or suffer or permit any action to be taken or <br /> condition to exist which causes or may cause the interest payable <br /> on the Bonds to be subject to federal income taxation pursuant to <br /> existing laws on the date of issuance. Without limiting the <br /> generality of the foregoing, the County covenants that the proceeds <br /> of the Bonds and moneys that are deposited in the funds identified <br /> herein will not be used directly or indirectly in such manner as to <br /> cause the bonds to be treated as "arbitrage bonds" within the <br /> H.,M 1997 16 <br />