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in part in the form of participation in ajoint powers authority or other program providing pooled insurance; provided that such insurance may not be maintained by the Authority in the form of • self - insurance. The Net Proceeds of such insurance, if any, shall be paid to the Trustee and deposited in the Revenue Fund, and shall be credited towards the User Payments allocable to the insured improvements as the same become due and payable. (e) Insurance required to be maintained by subparagraphs (b) or (c) above may be effected under a legal self - insurance program so long as (i) the Authority shall certify to the • Trustee that the Authority has segregated amounts in a special insurance reserve meeting the • requirements of the applicable subparagraph (which segregated reserve may be held by any legal depository of Authority funds) and (ii) the Trustee receives a certificate of a nationally recognized Insurance Consultant that such reserve is actuarially sound, upon which certificate the Trustee may conclusively rely. All policies of insurance required to be maintained herein shall provide that the Trustee shall be given thirty (30) days' written notice of any intended .• cancellation thereof or reduction of coverage provided thereby, provided, however, the-Trustee shall not be responsible for the sufficiency of any insurance herein required. • Section 4.11. Books and Accounts; Statements. (a) 'The Authority will keep proper books of record and accounts of the Project, separate from all other records and accounts of the Authority, in which complete and correct entries shall be made of all transactions relating to the Project. Such books of record and • accounts shall at all times during business hours be subject to the inspection of the Users. (b) The Authority will prepare and file with the Trustee and the Counties annually within one hundred eighty (180) days after the close of each Fiscal Year during the term of this . Operating Agreement a certified statement that all insurance required by this Operating • Agreement to be carried by the Authority with respect to the Project is in full force and effect and complies with the terms hereof. (c) The Authority will cause to be prepared not more than two hundred ten (210) days after the close of each Fiscal Year financial statements of the Authority for such Fiscal Year prepared in accordance with Generally Accepted Accounting Principles, together with an Accountant's Report thereon prepared by an Independent Certified Public Accountant who examined such financial statements, and a general statement of the physical condition of the Project. The Authority will furnish a copy of such summary statement to the Users. Section 4.12. Pavinent of Taxes and Compliance with Governmental Regulations. The Authority will pay and discharge all taxes, assessments and other governmental charges, if any, which may hereafter be lawfully imposed upon the Project or any part thereof when the same shall become due. The Authority will duly observe and conform with all valid regulations and requirements of any governmental authority relative to the operation of the Project or any part thereof, but the Authority shall not be required to comply with any regulations or requirements so long as the validity or application thereof shall be contested in good faith. Section 4.13. Amount of Service and Operating Payments. - 13 - • Project Operating Agreement 082710