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(d) The City Council will cause persons handling revenues of the water system to be bonded in reasonable amounts for the protection of the City and the bondholders and will cause the funds collected on account of the operations of the water system to be deposited in a bank whose deposits are guaranteed under the Federal Deposit Insurance Law. (e) The Council will keep the water system insured at all times against loss by fire. tornado and other risks customarily insured against with an insurer or insurers in good standing. in such amounts as are customary for like plants. to protect the holders, from time to time, of the Bonds and the City from any loss due to any such casualty and will apply the proceeds of such insurance to make good any such loss. (f) The City and each and all of its officers will punctually perform all duties with reference to the water system as required by law. (g) The City will impose and collect charges of the nature authorized by Minnesota Statutes, section 444.075 at the times and in the amounts required to produce. net revenues adequate to pay all principal and interest when due on the Bonds and to create and maintain such reserves securing said payments as may be provided in this resolution. (h) The City Council will levy general ad valorem taxes on all taxable property in the City. when required to meet any deficiency in net revenues. 4.03. It is hereby determined that the estimated collection of net revenues for the payment of principal and interest on the Bonds will produce at least five percent in excess of the amount needed to meet, when due. the princi- pal and interest payments on the Bonds and that no tax levy is needed at this time. 4.04. The City Clerk-Treasurer is authorized and directed to file a certi- fied copy of this resolution with the County Auditor and to obtain the certifi- cate required by Minnesota Statutes. Section 475.63. Section 5. Authentication of Transcript. 5.01. The officers of the City are authorized and directed to prepare and furnish to the Purchaser and to the attorneys approving the Bonds. certified copies of proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City. and such other certificates. affidavits and transcripts as may be required to show the fac ts within their knowledge or as shown by the books and records in their custody and under their control. relating to the validity and marketability of the Bonds and such instruments. including any heretofore furpished, shall be deemed representations of the City 'as to the facts state.d therein. 5.02. "The Mayor. City Manager and City Clerk-Treasurer are authorized and directed to cert~fy that they have examined the Official Statement prepared and circulated in connect~on with the issuance and sale of the Bonds and that to the