70-53 Automobile Parking System Revenue Bonds

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standing after the issuance of such propcsed additional installment or series thereofo Section ~So The .proceeds from all sales of the Improvement Bonds shall be allocated and are hereby appropriated to the following funds of the Parking System, .hereby establishedt (a) the portion representing agcrued interest, to the Parking petit Service Rind; (b) the portion, if any, representing premium, to the Parking Reserve Fund; (c} the entixe balance of such prgceedse to the Parking Gonstructien Fund, except that out cf such balance of proceeds of the Series A Improvement Bonds, the sum of 35,000 shall be retained by the pity and paid in to reimburse its other funds for the advance referred to in Section 1 hereof. ;ioneys in the Parking Construction Fund shall be maintained by the City in a deposit ecgount fully secured by bonds or notes of the United States and shall be used as required to acquire the real estate necessary for construction of that portion of the Project being financed by such series of Improvement Bonds and for the purpose of paying the costs of constructing the Project and all things necessary and incidental thereto, in~ludi~g all costs incurred in connection with the issuance, sale and delivery of the Improvement Bonds. Any moneys remaining in said Construction Fund after completign of thg Project shall be transferred tc the Parking Debt Service Fl?nd. The City shall by issuance of the Improvement Bonds agree with the hglders thereof that it will acquire marketable t}tle to the real estate necessary for the construction of the portion of the project being financed by the particular series of Improvement Bonds, the prooeeds of which are applied to acquisition of such real estates that such marketable title will be free from liens or encumbrances whioh would interi'ere with the full use and enjoyment thereof by the Gity for an off- street perking facilit3', that the real estate so acquired shall be the real estate for the acquisition of Which the particular series of Improvement Bonds have been issued and aha1.1 be in substantially the. same location and substantially: the same parking capacity as one of the lots 1, 2 and ~ described in the preambles heretox and that with respect tc such real estate so acquired the City will furnish title insurance or title guarantee issued by a title company satisfactory to the Trustee insuring or gµaranteeing the title to such real estate in the City subject only to sµch ~,iens or encumbrances or expeptigns as may be set forth in such title insurance polioy or title guarantee. Section s• The Gity shall have the right from time to time to issue 9ddi~ tional Bonds payable From the Parking Debt Service Fund and secured by lien upon the Pledged Revenues qn a parity with the Smprgvement Bonds, fer the purpose only o#' acquiring or eonstx^µcting additional revenue producing off-street parking facilities, provided that when any such Additional Bonds are sold - (A) The Gity sY}all not be in default in the performance of any of its covenants provided in this ordinance or in the Indenture, and shall be current in all payments theretofore required to be made by it, and that (H) Prior to delivery of such Additional Bonder the Gity shall first have furnished to the Indenture Trustee a certified copy of the ordinance of Council authorising such bonds, together with a statement signed by the Direc- tor of Finance setting forth his estimate of the prospective annual revenges of the parsing system facilities based upon meter rates in effect on the date of such statement (which rates shall be the same as those in effect a~ t}~ie time of issuance of the Additional Bonds) and his estimate of the