70-53 Automobile Parking System Revenue Bonds

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o: .~_ {b) that it will permit the authorized representative of said trustee, of said original purchasers, or of any holder or holders of ten per centum of the amount of the Bends at the tame out- standing to inspect the Parking fiystem Facilities and all records, accounts and data thereof at all reasonable times; (G) that it will take proper steps with reasonable dispatch to acquire the necessary real estate and other property for construction of the facilities tc be financed wath the Improvement Bonds and will procae3 with the construction of Such facilities in an efficient and economical manner and that the facilities when completed will be free from any liens or encumbrances which would interfere with the £uh and cgntanuous use of the facilities for metered parking far the term of the Improvement Bgnds9 (d) that it will operate the Parking System Facilities in an efficient and economical manner and maintain the same in a good state of repair and operating efficiency, {e} that at will acquire and maintain good and marketable tit],e and right of possession in all off-street parking facilities included in i.ts Parking System Facilities and wall maintain the Same at all times free of all liens and encumbrances which would affect their full and con- tinuous use for metered ~ asking during the term of tkte Bonds from time to time outstandingg that it will not lease any off-street parking facility without first establishing to the satisfaction of the Tndenture trustee that the rental terms of such lease will not adversely affect the ability of the City to maintain Fledged Revenues in accordance with the provisions o~ Section 8 hereofg artd that it will not sell or otherwise dispose of any off-atreet parking facility without at the same time either (a) depositing in the Parking Reserve Fund toa~ redemption of Bonds a sum in cash sufficient tc retire in full on the next available redemption date, together with interest thereon to such date, Bonds at least equal in principal amount to the original cost to the City, as certified by the Bisector of Finance to the trustee, of acquiring and establishing such facility for metered parking, or (b} providing a similar facility or facilities having a value and revenue producing capacity at least equal to that of the facility so sold or disposed of, as shown by certificate signed by the 73ireCtor of Finance and by the Director of Law to be furnished to the trustee before any such facility' is sold or otherwise dis® pGaea af, (f} that it will, not create or suffer to be created any lien ar charge, except tq secure Additional Bonds issued as provided in Section s hereof, which would Constitute a lien prior to, on a parity with, or junior to, the lien upon the Pledged 73evernzes created by this ordinance to secure the Bonds, except that the City may, if Couaeil so determines, acquire additional meters for extension of its ai-Street parking facilities by lease-purchase agreement whereby the, meters so acquired may he paxd~ fqr out of the first receipts derived from the use of such meters as well as by outright purchase;