70-53 Automobile Parking System Revenue Bonds

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.ordinance annual, expenses of operation and maintenance of the System as defined in in Section 7 hereof and therein disclosing that such revenues after such expenses will, after completion of the facilities to be financed by such Additional Bonds, be at least equal to 130 of the maximum amount required to be paid in$q the Parking Debt Service Fund in any Subsequent calendar year to pay the interest on and to retire at their respective maturities all Bonds to be qutstanding after the issuance of such Additional Bonds, prpvided, however, that in no event shall the estimated revenues for the facilities to be acquired and constructed from the Additional Bonds be included in such certificate on the basis of revenues per square foot of such new facilities in excess of the revenues per square foot then being received on existing off-street parking facilities acquired or constructed from the proceeds of the Bonds,. (C) The ordinance authorizing such Additional Bonds shall contain such provisions as to Fund deposits and other covenants as shall be consistent with the terms of this ordinance relating to all Bonds, and shall nqt permit redemption o~ such Additional Bonds earlier than the redemption dates of Bonds then outstanding, and that (D) Copied of the ordinance mentioned in paragraph (C) certified by the Clerk of Cgyncil, and statements Se'~ting fgFth in detail the .revenue, expense &nd other data demons+.xati~g compliance with paragraphs (A) and (B) certified by the Itrector of Finance, shall have been filed with the Indenture trustee. Section 6. The Bonds shall be desi,$nated "Automobile Parking System Revenue Bonds~~, the Additional Bonds to bear such added designation as may be necessary to distinguish them from the several series of Improvement Bonds oz~ from other Addi- tional Bonds having different provisions; shall be payable in lawful money of the United States; shall be in coupon form but registrable as to principal only at the offge of the Indenture trustee; shall be negotiable instruments; and shall express upon their face the purpose for which they are issued. The Bonds shall be signed by the t'~ayor and Director of Finance and sealed with the corporate seal of the City, and the interest coupons thereto attached shall bear the fapsimile signature of the. Director of Finance. Aiay right of redemption of Bonds shall be exercised by notice, specifying by number the Bonds to be called, to be published by the Indenture trustee on behalf of the City once a week for two consecutive weeks in a daily newspaper published and of general circulation in the City of Cleveland, the first publi- cation to be not more than forty (40) nor less than thirty {30) days prior to the date of redemption, upon which date (unless default shall be made, upon presenta- tion~ in the .payment of the redemption price) all interest upon the Bonds so called shill cease. The Ho~}ds shall not constitute general obligations or indebtedness of the city but shall be payable solely from the Pledged Revenues and shall be secured only, but equally and ratably without priority of one over another by reason of number or of date of bond, sale, execution qr delivery, by the Indenture con- stituting a lien upon and pledge of said Revenues, after provision only for the reasonable operation a{id maintenance expenses of the Parking System as defined in Section 7. Section 7. So long as dray Bonds remain outstanding, all revenues from the operation of t}{e Parking System Facilities, as now constituted or hereafter ex- tended, shall be deposited as received into the ~~Parking Meter Fund^ heretofore established. Out of said Fund the followine payments only shall be made and in