RE-BID ITB # 23-10-01 JOINT PROCUREMENT CENTRAL ISLAND

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accident to, loss of, or damage to such works or properties. The Borrower shall cause each Principal Project Party to obtain and maintain builders risk and casualty and liability insurance in accordance with the requirements of the applicable Principal Project Contract. (ii)The Borrower shall (by self-insuring or maintaining with responsible insurers or by a combination thereof) provide for workers’ compensation insurance for Borrower’s workers and insurance against public liability and property damage to the System (including the Project) to the extent reasonably necessary to protect the Borrower and the WIFIA Lender. (iii)Promptly upon request by the WIFIA Lender, the Borrower shall deliver to the WIFIA Lender copies of any underlying insurance policies obtained by or on behalf of the Borrower in respect of the Project. All such policies shall be available at all reasonable times for inspection by the WIFIA Lender, its agents and representatives. (iv)The Borrower shall comply with the insurance requirements of the Bond Authorization Documents and shall deliver to the WIFIA Lender within thirty (30) days after receipt thereof any certifications or opinions provided to the Borrower pursuant to the Bond Authorization Documents with respect to the Borrower’s program of insurance or self-insurance. (g)Maintain Legal Structure. The Borrower shall maintain its existence as a municipality organized and existing under its Organizational Documents and the laws of the State. (h)System Accounts; Permitted Investments. (i)The Borrower shall maintain the Revenue Fund and all other System Accounts, and shall apply System Revenues, in accordance with the terms hereof and the Master Resolution. All System Revenues received shall be deposited into the Revenue Fund when and as received in trust for the benefit of the Bondholders, subject to the application of System Revenues to Operating Expenses. (ii)Operating Expenses in respect of the administration of the System and the System Accounts shall not exceed the amount reasonably and properly allocated to actual administration costs in respect of the System and System Accounts in accordance with GAAP. Operating Expenses in respect of the Operation and Maintenance Contract shall not include amounts attributable to Repair and Replacement Expenses or Capital Expenditures, as each such term is defined in the Operation and Maintenance Contract. Such amounts shall be payable from System Revenues only from the Renewal and Replacement Fund. (iii)Amounts on deposit in the System Accounts shall be held uninvested or invested in Authorized Investments (as defined in the Master Resolution) in accordance with all requirements of State law applicable to the Borrower in respect of the investment of public funds. Permitted Investments must mature or be redeemable at the election of the holder at such times as may be necessary to ensure that funds will be available within the applicable account to be applied towards the purpose for which the applicable account has been established. 38