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J <br /> invested (directly or indirectly) in federally insured deposits or <br /> accounts . Nothing in this Section shall prohibit investments in <br /> obligations issued by the United States Treasury. <br /> (e) The City covenants that it will submit to the <br /> Secretary of the Treasury of the United States, not later than the <br /> 15th day of the second calendar month after the close of the <br /> calendar quarter in which the Series 2001 Bonds are issued, the <br /> statement required by Section 149 (e) of the Code . <br /> Section 15 . The Series 2001 Bonds shall be subject to <br /> redemption prior to maturity in accordance with the terms set out <br /> in the bond form, hereinabove . <br /> Section 16 . The City will keep proper books of accounts <br /> and records (separate from all other records and accounts) in which <br /> complete and correct entries shall be made of all transactions <br /> relating to the operation of the System, and such books shall be <br /> available for inspection by the holder of any of the Bonds at <br /> reasonable times and under reasonable circumstances . The City <br /> agrees to have these records audited by an independent certified <br /> public accountant at least once each year. A copy of the audit <br /> shall be delivered to the Trustee not later than 180 days after the <br /> end of each fiscal year and shall be made available to any <br /> bondholder making request therefor. In the event that the City <br /> fails or refuses to make the audit, the Trustee, or any holder of <br /> a Bond, may have the audit made, and the cost thereof shall be <br /> charged against the Operation and Maintenance Fund. <br /> Section 17 . The City covenants that it will maintain the <br /> System in good condition and operate the same in an efficient <br /> manner and at reasonable cost . While any of the Bonds are <br /> outstanding, the City agrees that, to the extent that comparable <br /> protection is not otherwise provided to the satisfaction of the <br /> Trustee, it will insure and at all times keep insured, in the <br /> amount of the full insurable value thereof, in a responsible <br /> insurance company or companies authorized and qualified under the <br /> laws of the State of Arkansas to assume the risk thereof, <br /> properties of the System, to the extent that such properties would <br /> be covered by insurance by private companies engaged in similar <br /> types of businesses (but in any event in such amounts as will avoid <br /> co-insurance responsibilities) , against loss or damage thereto from <br /> fire and other perils included in extended coverage insurance in <br /> effect in Arkansas . The insurance policies are to be taken with <br /> companies approved by the Trustee, are to carry a clause making <br /> them payable to the Trustee as its interest may appear, and are <br /> either to be placed in the custody of the Trustee or satisfactory <br /> evidence of said insurance shall be filed with the Trustee . In the <br /> event of loss, the proceeds of such insurance shall be applied <br /> solely toward the reconstruction, replacement or repair of the <br /> System, and in such event the City will, with reasonable <br /> promptness, cause to be commenced and completed the reconstruction, <br /> 18 <br />