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<br />-30- <br />The Successor Agency shall designate such amounts as being available only for the purpose of <br />paying amounts owed under the Development Agreement, and it will take no action to reduce the <br />amount so segregated below its gross monetary obligations under the Development Agreement.] <br /> <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 and records of the Successor Agency, which shall <br />be subject to inspection by the 2018 Reserve Insurer at all times during normal business hours <br />and upon reasonable notice by the 2018 Reserve Insurer to 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. The Successor <br />Agency agrees, consents and will cooperate in good faith to provide information reasonably <br />requested by the 2018 Reserve Insurer and will further provide appropriately designated <br />individuals and officers to discuss the affairs, finances and accounts of the Successor Agency or <br />any other matter as the 2018 Reserve Insurer may reasonably request. <br /> <br />Section 5.06. Protection of Security and Rights of Owners. The Successor Agency will <br />preserve and protect the security of the Bonds and the rights of the Owners. From and after the <br />Closing Date with respect to the 2018 Bonds, the 2018 Bonds shall be incontestable by the <br />Successor Agency. <br /> <br />Section 5.07. Payments of Taxes and Other Charges. Except as otherwise provided <br />herein, the Successor Agency will 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 Agency or the properties then owned by the Successor <br />Agency in the Project Area, or upon the revenues therefrom when the same shall become due. <br />Nothing herein contained shall require the Successor Agency to make any such payment so long <br />as the Successor Agency in good faith shall contest the validity of said taxes, assessments or <br />charges. The Successor Agency will duly observe and conform with all valid requirements of any <br />governmental authority relative to the Project Area or any part thereof. <br /> <br />Section 5.08. Compliance with the Law; Recognized Obligation Payment Schedules. <br /> <br />(a) General. The Successor Agency shall comply with all of the requirements of the <br />Law. Without limiting the generality of the foregoing, the Successor Agency covenants and agrees <br />to file all required statements and hold all public hearings required under the Dissolution Act to <br />assure compliance by the Successor Agency with its covenants hereunder. <br /> <br />Further, it will take all actions required under the Dissolution Act to include <br /> <br />(i) scheduled debt service on the 2018 Bonds, any Parity Debt and any <br />amount required under this Indenture or any Parity Debt Instrument to replenish <br />the Reserve Account established hereunder or the reserve account established <br />under any Parity Debt Instrument, <br /> <br />456