70-53 Automobile Parking System Revenue Bonds

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finance by paragraph Third of Section 7 to be on hand therein with respect to Bonds not to be so retired, the trustee shall make available out of said Fund the amount required, together with the other moneys provided, to accomplish such retirement. !Section 8. The City hereby covenants with the holders of the Bonds that it will permit no free parking in its off-street parking facilities and that it will at all Mmes prescribe and. charge such rates for the use of its pff-street parking facilities and will maintain reasonable meter rates on its on-street parking facilities, and will so restrict the expenditures as defined in Section 7 hereof for the operation and maintenance of the Parking System Facilities., as shall result in Pledged Revenues at least adequate, after meeting the reasonable costs of operation and maintenance as so defined, to provide for the payments spec}tied by the provisions of paragraphs Second a~sd Third of Section 7 hereof; but nothing herein contained shall be deemed to limit, impair or affect the control by the City under its police power of the lpaation of its on-street parking facilities, as to which the City reserves the right to take any action at any time which it might lawfully take regardless of any provisions of this Ordinance. Section 9. In order to secure the payment of the principal of and interest on the Bonds as the same shall become due and payable, the Maypr and Director of Finance are hereby authorized and directed fir} the name of and on behalf of the City to make, execute, acknowledge and deliver to The Cleveland Trust Company, Cleveland, Ohio, to be designated as Trustee, or to its successors, in trust for the purchasers and subsequent holders of such Bonds, a good and sufficient instrument or Indenture constituting a prior and exq~.usive pledge of and lien upon the Pledged Revenues (subject tQ and as provided in Section 7 above) for so long as any of such Bonds shall remai,q outstanding and unpaid, in such form and containing such terms, covenants and conditions not inconsistent with this ordinance as shall be approved by the original purchasers of the Improvement Bonds and by the Director of Law. Said Indenture shall contain customary covenants and provisions as to remedies of the Indenture trustee and bondholders, and shall provide for the appointment of a receiver with powers customary in general equity cases to operat8 all that portion of the Parking System ~`acilities which may iawfully be so operated and to apply the revenues thereof to the payment of the Bonds and interest thereon, in accordance with this resolution and the prgvisions of the Indenture, in event of default by the City in performance of the terms and conditions of this ordinance or of the Indenture. Section 10. 'the Indenture shall include covenants - (a) that the City will segregate the Pledged Revenues from all other funds of the City, will keep proper books of record and account in such manner as to show the complete financial, results of i.ts operation of the Parking System Facilities, the revenues and Feceipts thereof and expenses of operation and maintenance, all capital expenditures for replacements or betterments thereto, and the amounts deposited under the prgvisions of Section 7 hereof, and will furnish to the Indenture trustee and to the original purchasers of the Bonds semi-annual reports covering the operation and income of said Parking System Facilities and an anneal report of the books, accounts and operations thereof, prepared and certified by the Director of Finance;