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-32- <br />Section 5.05. Books and Accounts; Financial Statements. The Successor Agency shall <br />at all times keep, or cause to be kept, proper and current books and accounts in which accurate <br />entries are made of the financial transactions andrecords of the Successor Agency. Within one <br />hundred eighty (180) days after the close of each Fiscal Year an Independent Certified Public <br />Accountant shall prepare an audit of the financial transactions and records of the Successor <br />Agency for such Fiscal Year. To the extent permitted by law, such audit may be included within <br />the annual audited financial statements of the City. The Successor Agency shall furnish a copy <br />of such financial statements to any Owner upon reasonable request of such Owner and at the <br />expense of such Owner. The Trustee shall have no duty to review such audits <br />Section 5.06. Protection of Security and Rights of Owners. The Successor Agencywill <br />preserve and protect the security of the Bonds and the rights of the Owners. From and after the <br />Closing Datewith respect to the 2014 Bonds, the 2014 Bonds shall be incontestable by the <br />Successor Agency. <br />Section 5.07. Payments of Taxes and Other Charges. Except as otherwise provided <br />herein, the Successor Agencywill pay and discharge, or cause to be paid and discharged, all <br />taxes, service charges, assessments and other governmental charges which may hereafter be <br />lawfully imposed upon the Successor Agencyor the properties then owned by the Successor <br />Agencyin the Project Areas, or upon the revenues therefrom when the same shall become due. <br />Nothing herein contained shall require the Successor Agencyto make any such payment so <br />long as the Successor Agencyin good faith shall contest the validity of said taxes, assessments <br />or charges. The Successor Agencywill duly observe and conform with all valid requirements of <br />any governmental authority relative to the Project Areasor any part thereof. <br />Section 5.08. Compliance with the Law; Recognized Obligation Payment Schedules. <br />The Successor Agency shall comply with all of the requirements of the Law. Pursuant to <br />Section 34177 of the Law, not less than 90-days prior to each January 2and June 1, the <br />Successor Agency shall submit to the Oversight Boardand the State Department of Finance, a <br />Recognized Obligation Payment Schedule.The Successor Agency shalltake all actions <br />required under the Lawto include in theRecognized Obligation Payment Schedule for each <br />Semiannual Perioddebt service debt service on the Bonds, so as to enable the Alameda <br />County Auditor-Controller to distribute from the Redevelopment Property Tax Trust Fund for <br />deposit in theRedevelopment Obligation Retirement Fund on each January 2 and June 1, as <br />applicable,amounts required to enablethe Successor Agency to pay timely principal of, and <br />interest on, the Bonds coming due inthe applicableSemiannual Period, as such amounts of <br />debt service areset forth inthe Recognized Obligation Debt Service Schedule attached hereto <br />as Exhibit B and hereby made a part hereof, or as such Schedule may be hereafter amended. <br />Notwithstanding the foregoing, not fewer than 90 days prior to each January 2, commencing <br />January 2,2015, the Successor Agency shall submit an Oversight Board-approved Recognized <br />ObligationPayment Schedule to the State Department of Finance and to the Alameda County <br />Auditor-Controller which shall include the following: (i) all scheduled interest payments on all <br />Outstanding Bonds that are due and payable during the next calendar year, (ii) all scheduled <br />principal and mandatory sinking fund redemption payments on all Outstanding Bonds that are <br />due and payable during the next calendar year, and (iii) any amount required to cure any <br />deficiency in the Reserve Account pursuant to this Indenture (including any amounts required <br />due to a draw on the Qualified Reserve Account Credit Instrument. <br />In addition, the Successor Agency covenants that it shall, on or before December 1 of <br />each year, file a Notice of Insufficiency with the Alameda County Auditor-Controller if the <br />amount of Tax Revenues available to the Successor Agency from the Redevelopment Property