70-53 Automobile Parking System Revenue Bonds

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e Ordinance to contain the. same informationnrgvided above an the case of an invitation for bids under Frocedux'e {a~ above with such other information or material not inconsistent herewith as the Director cf Finance shall deem advisable, Upon the gpeni.ng of bids received either pursuant to invitation as aforesaid or pursuant to the afgresaid advertisement, the Director of Finance shall super- vise the opening of the same and by written r~ertificate award the particular in- stallment of Improvement Bpnd~ in aocardance with this ordinance and in his term of}sate shall specify such information as he shall deem advisable butt in ary event shall specify the price to be paid 'by the suceessiul bidder and the interest rate of the respective bonds included in the installment being solde ~ection ~, the Series A lmprovement Bgnds shall be dated December 19 1953, shall be o£ the denomination of ;319GOQ each; shall be numbered from. A-1 to A-175 and sr'.all bear interest at such rate or rates as may be specified in the pertifi- oate rf tl~e Director o£ Finance making the award thereofo Interest on said bends shall be pzyable semiannually on June. 1 and pecember ~ of eaoh year beginning June i, 195 until the principal sum is paida Said Series A lmprovement Bonds shall mature annually art Depembex 1 in their consecutive numerical order aS ~"olloavs: ~15,G0o per year, December 1, 195lt to ecember 1, 1953, inclusive; ~pIG~OQO per year, December ],; 7;Q59 to December 1, 1963, inclusive, Section 3. bvith respect to all series off' Improvement Sends, principal aril interest therspn shz11 be payable at the principal ofi'iee of the Indenture trustees ~:mgrp~rement Sonde maturing after ,Octobgr 1, 1960 shall be oallable in whole or in part pn any interest payment data pn std after Ober 1, 1960 at a redemp- tiara price of 10lt~ of par, and acprued interest to the'date fixed for redemptipne If less than the entxe unmatured por~tign of said bonds is called for redemption at any time or from time to time, they sha11 be called in the inverse order of maturity o£ those outptanding9 and if less than all outstanding bonds of one maturity are tp be called, the seleption of bonds- of such maturity to be called shall be made by lot cpndupted by the Indenture trusteed Prier to delivery q~ each subsectuent installment or series of the Improvement Bonds, the Oity will fixat furnish to the Ind@nture trustee a oertifed popy of the ordinance pf Oouncil authorizing such bonds, together with a statement signed by The mirectpr pf Finance aett~.r}g forth his estimate of the prospective annual revenues of the ~'arking System Facilities based upon meter rates in effect on the date of spch statement and his estimate of the annual expenses of operation and maintenanoe of the System as defined in Seotion 7 hereof, in both eases after completion of the portion of the Project to be financed by such series of Im- provement Bonds and therein d}selosing that such revenues after such expenses will be at least equal to 130 of the average annual amount whigh will be re- quired to tie paid irate the !'asking Debt SerViae Fund pursuant tq Section Seven hereof to meet interest a}id principal maturities of all Improvement E3onds to be out-