Ordinance No. 19551 - Laserfiche WebLink

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5.2.9.2. The City shall cause such hooks, records and accounts to be audited in accordance with generally accepted accounting principles by an independent certified ublic accountant r ~ ~ p o a firm of independent certified public accountants of recognized standing fan "Accountant"~, employed by the Cit but who is in fact rode ender y p t and not under the control of the City. Such Accountant shall be selected with special reference to general knowledge, skill and experience in auditing books and accounts. Such audit, shall be made annually and shall be completed ~wi.thin one hundred.. eighty ~ 180 ~. da s after the close of each Fis 1 ~ ~ ~ y~ ca Year, Each such audit shall certify as to the correctness of the schedules contained in the audit report. A copy of each such annual audit shall be filed with the Trustee and shall be open for public inspection, and shall be mailed to the Airport Consultant and any owner of Bonds filing with the City a request for same. 5.2.9.3. Each .audit report, in addition to whatever matters may be thought proper by the Accountant to be included therein, shall include the following: ~a} a statement of the income and expenditures pertaining to the Airport far the audit period, including but not limited to a statement of the amounts of Revenues, operation and Maintenance Expenses, Net Revenues, and capital expenditures; and ~b~ a statement as to whether the provisions of Section 5.1 hereof have been complied with during the audit period. 5.2.10. No Superior Lien Bonds; Subordinate obligations Permitted. 5.2.10.1. Except for the obligations described in Section 2.6 hereof, the City has not issued obligations which have a lien superior to the lien of the Bonds on the Net Revenues and other money pledged hereunder. The City covenants with Bondowners that it will not issue obligations in the future which have a lien superior to the lien of the Bonds on the Net Revenues and other money pledged hereunder. 5.2.10.2. The City covenants with Bondowners that it will issue obligations having a lien equal to the lien of the Bonds on the Net Revenues and other money pledged hereunder only as provided in Section 6 hereof. 5.2.10.3. The City may issue obligations which have a lien inferior to the lien of the Bonds on the Net Revenues and other money pledged hereunder for any purpose related to the Airport but only under the condition that no payment on such obligations may be made from money deposited in or credited to Page 36 - Ordinance